The Public Accounts for 2023-24, the audited financial statements of the Government of Newfoundland and Labrador for the fiscal year ended March 31, 2024, have been released and tabled with the House of Assembly. The public accounts were independently audited by the Auditor General and were issued with an unqualified (clean) audit opinion.
As announced in Budget 2024, the deficit for the 2023-24 fiscal year was revised and has now been confirmed at $459.0 million through public accounts.
Compared to the original estimate, the revised deficit confirmed in public accounts reflects a decrease in revenues of $59.1 million, primarily due to lower than anticipated federal revenues, federal corporate income tax adjustment, and offshore royalties; and an increase in expenses of $240 million, mainly attributed to higher interest rates, investments in health care community supports and mental health and addictions, and recruitment and retention of health care professionals.
The public accounts are prepared in accordance with the standards established for governments by the Public Sector Accounting Board. Copies of the Public Accounts and the related reports for 2023-24 are available here.
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“Public accounts highlight the fiscal health of the province. Continued focus and diligence are required as we implement our strategic plan for strong financial management, continued transformation and modernization, and effective treasury management. This, together with an increased population and economic growth, will ensure Newfoundland and Labrador has a vibrant future.”
Honourable Siobhan Coady
President of Treasury Board
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Public Accounts for 2023-24
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