The Public Accounts for 2024-25, the audited financial statements of the Government of Newfoundland and Labrador for the fiscal year ended March 31, 2025, have been released and tabled with the House of Assembly almost two months ahead of time – the earliest in the province’s history.
The 2024-25 Public Accounts were independently audited by the Auditor General and were issued with an unqualified (clean) audit opinion. The deficit confirmed for 2024-25 is $296.6 million. Compared to the original estimate, the deficit in the public accounts reflects an increase in revenues of $68.8 million, primarily due to higher than anticipated taxation revenue, and an increase in expenses of $213.5 million, mainly attributed to health care costs. The upfront revenue pertaining to the tobacco settlement is being recognized in 2024-25, and the remainder will be determined in 2025-26.
The Provincial Government is focused on strategic treasury management which includes a Future Fund, a European borrowing program, and a focus on repayment of debt maturities. Liquidity has been strengthened, to ensure cash reserves meet requirements. Sinking funds are now attached to bonds to ensure the funds are available when the principal comes due.
The bond rating agencies – DBRS Morningstar, S&P Global Ratings, and Moody’s – have confirmed the rating at A/A1, with a stable outlook, which was improved in 2022 and 2023, and maintained in 2024 and 2025.
Newfoundland and Labrador’s economy is strong and resilient, showing growth in key economic indicators including real gross domestic product and employment since 2024.
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 2024-25 are available here.
The release of Public Accounts is guided by the requirements of the Financial Administration Act, Section 60 in advance of a general election.
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“We are pleased to advise that we are presenting the 2024-25 Public Accounts much earlier than last year to enable tabling with the House of Assembly in advance of the upcoming provincial election. We would like to thank the public accounts’ teams at the Office of the Comptroller General and the Office of the Auditor General for their ongoing efforts and cooperation to ensure the accounts were completed in a timely manner. All efforts are towards a stronger, smarter, self-sufficient, sustainable province.”
Honourable Siobhan Coady
Deputy Premier, Minister of Finance and President of Treasury Board
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Public Accounts for 2024-25
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