The 2021-22 Public Accounts, the audited financial statements of the province for the fiscal year that ended March 31, 2022, have been released and tabled with the House of Assembly. The deficit for 2021-22 is confirmed at $271.9 million, which reflects a $553.6 million decrease as compared with the original estimated deficit of $825.5 million.
The decrease in deficit is primarily related to expenses of $8.9 billion being lower than the original estimate of $9.3 billion, largely due to the timing in which federal cost shared programs, such as the oil and gas industry recovery assistance fund, were anticipated to be incurred.
The Public Accounts are prepared in accordance with the standards established for governments by the Public Sector Accounting Board. The Consolidated Summary Financial Statements were independently audited by the Auditor General and were issued with an unqualified audit opinion.
The 2021-22 Public Accounts were prepared using the accrual basis of accounting, similar to statements provided at 2021-22 Budget.
Copies of the Public Accounts and the related reports for 2021-22 are available at www.gov.nl.ca/exec/tbs/working-with-us/publications/public-accounts/
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“The 2021-22 Public Accounts provides financial statements that received an unqualified audit opinion from the Auditor General. To achieve a stronger, more sustainable Newfoundland and Labrador, we will continue with our strategic plan that is focused on a return to balanced budgets, lower cost of borrowing and decreased debt, including the establishment of the Future Fund.”
Honourable Siobhan Coady
President of Treasury Board
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Learn more
2021-22 Public Accounts
Report on the Program Expenditures and Revenues of the Consolidated Revenue Fund
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