The provincial deficit for the last fiscal year is $13.1 million, a $6.8 million improvement from the original budget.
The numbers are contained in the 2015-16 Public Accounts – or “blue books” – which were tabled today in the legislature by Finance Minister Allan Roach. The Public Accounts is an annual financial summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General.
“The Public Accounts clearly point to a much stronger financial position for the province,” said Minister Roach. “This is the result of strong economic performance and sound financial management as we continue to work towards a balanced budget in the next fiscal year.”
The Public Accounts report on a number of key indicators. Net debt as a percentage of GDP is declining, revenue is growing at a rate consistent with GDP growth, and program expenditures as a percentage of GDP have steadily dropped since 2012. The dependence on federal revenues has also declined since 2012.
The provincial government maintains a system of internal accounting and administrative controls to provide reasonable assurance that transactions are appropriately authorized, assets are safeguarded, and financial records are properly maintained.
For more information, visit Public Accounts.