October 24, 2019
Provincial Government Releases 2018-19 Public Accounts
The 2018-19 Public Accounts, the audited financial statements of the province for the fiscal year ended March 31, 2019, have been released and tabled with the House of Assembly. The deficit for 2018-19 has been revised to $552.1 million, a $30.6 million change from the 2018-19 revised estimate released during Budget 2019, which represents a change of less-than-half of a per cent from the overall budget. This marks an improvement of $130.8 million from the original Budget 2018 projection.
The final deficit number for 2018-19 is revised based on slightly higher than anticipated revenues of $7.83 billion (from a revised projection of $7.75 billion), based on higher-than anticipated offshore revenues, investment revenues, as well as various other revenue sources. In addition, expenses of $8.38 billion were slightly higher than anticipated (from a revised projection of $8.27 billion), which is primarily attributable to actuarial adjustments.
The Public Accounts are prepared in accordance with the standards established for governments by the Chartered Professional Accountants of Canada. The Consolidated Summary Financial Statements were independently audited by the Auditor General and were issued with an unqualified audit opinion.
Copies of the Public Accounts and the related reports for 2018-19 are available at www.gov.nl.ca/fin/public-accounts/.
Government remains committed to its balanced approach to fiscal management, with a focus on cost-reductions that grow over time, more efficient and effective operations and maintaining services that are important to the people of Newfoundland and Labrador.
“Despite facing significant external and internal pressures over the past four years, we have maintained a steady course of deficit reduction and have met our fiscal targets each year. The 2018-19 public accounts show a variance of less than half of a per cent from the overall budget. We remain more than 99 per cent on track – a positive outcome for any budget projection – and we remain committed to staying the course toward economic prosperity.”
Honourable Tom Osborne
Minister of Finance and President of Treasury Board
Public Accounts and Other Financial Reports
2019 10 24 11:30 a.m.