The 2020-21 Public Accounts, the audited financial statements of the province for the fiscal year ended March 31, 2021, have been released and tabled with the House of Assembly. The deficit for 2020-21 is confirmed at $1.5 billion, which reflects a $346.3 million decrease as compared with the original estimated deficit of $1.8 billion.
The decrease in deficit is primarily due to an increase in federal revenues and higher than anticipated taxation revenues. In addition, expenses of $8.8 billion were lower than the original estimate of $9.0 billion, primarily due to the timing in which various grant expenses were anticipated to be incurred.
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.
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“To ensure the future financial health of the province, it is necessary that we continue to manage our fiscal situation while still focusing on delivery of valuable programs and services, achieving better outcomes for our investments, creating an environment that supports economic development and job creation, and creating opportunities for residents.”
Honourable Siobhan Coady
President of Treasury Board
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Victoria Barbour
Treasury Board Secretariat
709-729-4087
victoriabarbour@gov.nl.ca