Provincial government releases 2010-11 audited financial statements

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Finance Minister Tom Marshall. — Telegram file photo

Finance Minister Tom Marshall released audited financial statements this afternoon for the fiscal year ending March 31, 2011, showing a surplus of more than $500 million.

Unlike the annual budget which is a forecast and lays out government’s plan for the coming year, Marshall said the public accounts represent the actual consolidated financial results of government and all organizations controlled by it. Once the fiscal year is over the public accounts are audited by the Auditor General.

The 2010-11 public accounts show a surplus of $597.9 million compared to the originally budgeted deficit of $194.3 million.

Marshall said this is the fifth surplus for the province in the past six fiscal years. Net debt has decreased by $94 million to $8.1 billion and lower borrowing levels led to a reduction in debt servicing costs of $53.4 million.

“Newfoundland and Labrador saw significant economic growth in 2010-11 resulting in increased corporate and personal income taxes as well as higher revenues from our oil and mining industries,” said Marshall. “We once again lowered the province’s net debt while continuing our commitment to maintaining a competitive tax regime. However, even with lower debt servicing costs, our total debt expenses were still $837 million. We must continue to live within our means to ensure that we can build on the progress that has been made to date.”

 

The Public Accounts and related reports for 2010-11 are available online at www.gov.nl.ca/fin/public_accounts/index.html

Organizations: Public Accounts

Geographic location: Newfoundland and Labrador

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  • Scott
    January 06, 2012 - 14:17

    Mr Marshall...what surplus are you talking about? Because it would take more then 500 million to clean up Grand Fall' s paper mill...Because ever sense the mill became a provperty of the provine...we have been running a deficits.

  • brett
    January 06, 2012 - 13:48

    Knocking down the debt further would be a great thing, especially when we look forward and see declining oil revenues + projected future deficits. Consider it putting money aside for future projects (ie. Muskrat Falls). The best thing we can do for union guys is build a better province and stronger economy. That also means NOT paying ourselves NOW, but saving for the future.

  • Go Figure
    January 06, 2012 - 13:34

    While i am a gov't employee, I certainly would love to have a 21.5% increase, but realistically, I won't get that. I'm not about to go into a 'take now' mode to make my children suffer when they get out into the workforce. I strongly believe that NL and Lab does have to curb spending as our oil revenues will not be as high in a few decades, and my wish is that my children, grandchildren won't have to pay for that greed today. Plus, I'm still peeved, as the greedy doctors already escalated their share, However, knowing that the bulk of the provincial labour contracts are due up for renewal soon, I'm totally on edge as to what the different unions are proposing and how it will all play out with the fiscal responsibilities of the government.

  • KD
    January 06, 2012 - 13:13

    Mr Marshall please keep quite on those surplus issues I can now see Forward,Lucas.and Furlong rubbing their hands contract time is here a time for another 21% increase while joe taxpayer struggles on to meet his daily living requirements.The only hope we have this time around Ms. Dunderdale knows the people who vote pc are the people making real money in the private sector