The Honourable Craig Pardy, Minister of Finance and President of Treasury Board, today released the Government of Newfoundland and Labrador’s Public Accounts for the fiscal year ended March 31, 2026.
The Public Accounts, which have been independently audited by the Auditor General, received a clean, unqualified audit opinion, confirming that the Provincial Government’s financial statements fairly present its financial position in accordance with Canadian public sector accounting standards.
This year’s Public Accounts are being tabled in advance of the statutory November 1 deadline, reflecting the Provincial Government’s commitment to transparency and timely financial reporting.
In 2025-26, Newfoundland and Labrador’s economy continued to show strength, which helped support investments in the services and infrastructure that residents of the province rely on every day.
The accounts note a deficit of $377.6 million for 2025-26, $5.8 million higher than originally budgeted. Revenue was $420.8 million higher than budget, driven primarily by higher taxation revenues, offshore royalties and federal revenues. Offshore royalties reached $1.7 billion, approximately $350 million higher than the previous year, reflecting increased production from major offshore projects.
The Provincial Government continued to invest in key priorities throughout the year, including health care, education, public infrastructure, affordability measures and wildfire response. Health care remained a central focus, with increased spending supporting recruitment and retention initiatives, physician services and growing demands across the province’s health care system.
Approximately $774 million was invested in capital acquisitions during the year, supporting transportation assets, health care facilities, schools and other public infrastructure projects throughout Newfoundland and Labrador.
The Provincial Government also continued to strengthen its long-term financial position through active debt management and strategic treasury initiatives. Net debt at year-end was approximately $434 million lower than originally budgeted, while cash and temporary investments increased to approximately $3 billion. The Provincial Government’s unfunded pension liability declined by approximately $483 million during the year.
Copies of the 2025-26 Public Accounts and related financial reports can be found here.
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“Our government remains focused on making responsible decisions that support Newfoundlanders and Labradorians today and position our province for continued success in the years ahead. The 2025-26 Public Accounts reflect a balanced approach, investing in the priorities that matter most to residents while strengthening Newfoundland and Labrador’s long-term financial outlook. We remain committed to transparency, accountability, and responsible stewardship of public resources.”
Honourable Craig Pardy
Minister of Finance and President of Treasury Board
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