The Public Accounts for 2022-23, the audited financial statements of the province for the fiscal year that ended March 31, 2023, have been released and tabled with the House of Assembly. The surplus for 2022-23 is confirmed at $323.1 million, a $674.5 million improvement compared to the original estimated deficit of $351.4 million.
This surplus is primarily related to an increase in revenues of $1.1 billion compared to the original estimate, mainly due to higher than anticipated taxation revenue and offshore royalties. This was offset by an increase in expenses of $445.5 million compared to the original estimate.
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 Public Accounts for 2022-23 were prepared using the accrual basis of accounting, similar to statements provided in Budget 2022.
Copies of the Public Accounts and the related reports for 2022-23 are available here.
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“Public Accounts highlight the fiscal health of the province and provide the financial statements which received an unqualified audit opinion from the Auditor General. We will continue to deliver on our strategic plan for financial improvement, which ensures prudent fiscal governance and responsible debt management – all towards a stronger, smarter, self-sufficient, sustainable Newfoundland and Labrador.”
Honourable Siobhan Coady
President of Treasury Board
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Learn more
Public Accounts for 2022-23
Report on the Program Expenditures and Revenues of the Consolidated Revenue Fund
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