The 2019-20 Public Accounts, the audited financial statements of the province for the fiscal year ended March 31, 2020, have been released and tabled with the House of Assembly. The surplus for 2019-20 is confirmed at $1.1 billion, a slight increase of $3.3 million as compared to the 2019-20 revised estimate released during Budget 2020.

The final surplus number for 2019-20 was primarily achieved as a result of the significant, guaranteed revenues to be received from the Federal Government in relation to the Atlantic Accord. The agreement entered into during April 2019 will see the province receive $2.5 billion.

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 2019-20 are available at www.gov.nl.ca/fin/public-accounts/.

Government’s approach to strong fiscal management is evident as expense growth has remained at a minimum. Government remains committed to managing its fiscal pressures as it navigates the uncertain and challenging times ahead.

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“While 2019-20 saw the realization of a surplus as a result of the renewal of the Atlantic Accord with the Federal Government, the road ahead is much more challenging with the economic pressures of the global pandemic. Despite these pressures, government is committed to effectively managing its resources and prudently managing spending. As we look to broaden our economy and strengthen recovery, we will manage our way through these difficult and unprecedented times for a more sustainable tomorrow.”
Honourable Steve Crocker
President of Treasury Board

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Chrysta Collins
Treasury Board Secretariat
709-729-4839, 730-1568
chrystacollins@gov.nl.ca