$882.8-M surplus in latest audited financial statements

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Tom Marshall, minister of finance and president of Treasury Board. — Telegram file photo

Higher offshore oil royalties and increases in personal income and sales taxes are being credited for a surplus of $882.8 million in the latest audited financial statements released for the province of Newfoundland and Labrador.

Finance Minister and Treasury Board president Tom Marshall released audited financial statements today for the fiscal year ending March 31, 2012.

Marshall said this surplus is significantly higher than the original budgeted surplus of $59.1 million, but is more closely aligned with the revised surplus of $776.4 million that was projected at budget time in April 2012.

The province says it has also significantly reduced the provincial net debt by $2.4 billion since 2008. Net debt per capita has declined substantially from $20,120 to $15,264 over that same period which means that Newfoundland and Labrador no longer has the highest net debt per capita in Canada.

 “The fact that offshore oil royalties increased by almost $590 million over budget shows just how volatile our revenue streams can be,” said Marshall. “In the past few years, oil prices have contributed positively to the province’s bottom line. However, in the current fiscal year, the continued slowdown of the global economy has resulted in a reduced demand for oil and minerals and the volatility has shifted in the opposite direction to produce a negative result for the province as was reported in the 2012 mid-year fiscal update. Accordingly, as we move forward we must ensure that our level of spending is sustainable and in line with the lower projected revenues.”

The public accounts are prepared in accordance with the standards established for governments by the Canadian Institute of Chartered Accountants. The consolidated summary, as well as the financial statements of the Consolidated Revenue Fund, were independently audited by the Auditor General, who confirmed the financial results reported for March 31, 2012.

 The public accounts and related reports for 2011-12 are available online at www.gov.nl.ca/fin/public_accounts/index.html.

Organizations: Newfoundland and Labrador.Finance Minister and Treasury Board, Canadian Institute, Consolidated Revenue Fund

Geographic location: Newfoundland and Labrador, Canada

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Recent comments

  • Al Stacey
    February 01, 2013 - 22:16

    Why was Tom Marshall reporting a surplus for 2011/2112 on January 16, 2013.We are nine months into fiscal 2012/2113 and Finance is in such bad shape for that period we could be looking at a billion dollar deficit because of the bungling in that portfolio( ie baseing the budget on $124.00 per barrel oil revenuesfor fiscal2012/2013".No wonder he is no longer anywhere near that portfolio. Just imagine a finance minister not seeing a 882.8 million dollar surplus coming one and worse again, not seeing and preparing a budget for a troublesome deficit one year later. absolutely astounding

  • shame
    January 16, 2013 - 19:07

    OIL is non renewable and nothing is being done or planned that i can see for when the oil runs out. no leadership means no future. i pity the kids of today for they will be the adults of tomorrow.

  • Chris
    January 16, 2013 - 17:42

    Lets kick the 50000 people on welfare off of welfare or make them work for their money--do the math and see how much the surplus would be then

  • Steve Smith
    January 16, 2013 - 15:44

    I am sure they will share with you ... as soon as you all pay off your share of the outstanding debt ... entitled dumb-a$$es

  • david
    January 16, 2013 - 15:25

    Sure. Marshal. Proven to be incompetent at Finance, a lame duck MHA to boot, already napping in his office and ready for a lucrative retirement ----- give him sometinhjng easy and unimportant like.... oh I don't know, say.... Natural Resources.....after all, what could go wrong? And how could the PC's have Kennedy get fully spitshined for becoming premier without his own competely unqualified kick at the (very mangy!) Finance cat ?! It's all about public service, folks....duty, sacrifice and the greater good. Bwa ha ha ha ha.

  • MBC
    January 16, 2013 - 15:15

    Tom you're FIRED!!!!!!!

  • rebates
    January 16, 2013 - 14:20

    so when should we expect our rebate cheques in the mail?

  • Go Figure
    January 16, 2013 - 11:38

    Yep! Can see it happening! Unions will be going on Strike cuz the government don't have the sense to bargain in good faith. Nape has been out of a contract for 10 mths now. Guess for every strike day that the government doesn't pay in salary, then will turn it around and add it up for our increase again like they did in the past. So the Unions won't have to touch the millions in surplus money, but the doctors will.

  • empty billfold
    January 16, 2013 - 11:31

    Nearly 883 million dollar surplus? One word for that: SHARE!

    • Go Figure
      January 16, 2013 - 11:58

      Be careful when you say "Share". The only people who the government SHOULD BE but they WON'T share it with is the OWNERS of that money, the TAXPAYERS..

  • Marie
    January 16, 2013 - 11:17

    How can you estimate the surplus so badly? Such a high surplus why isn't more going to pay off the debt? It seems that they were lowering the surplus due to cotract talks with nape and the public workers.

  • Scott Free
    January 16, 2013 - 11:09

    When can we see the last of this Minister of the Clown? His projections are so far off that he has less accuracy than the Mayan Calendar. The Blunderfest administration has zero credibility.

    • hate Free
      January 16, 2013 - 11:44

      Wow, someone really has the hate on.

    • Eli
      January 16, 2013 - 15:44

      HATE FREE, Are you for real? Marshall, Kennedy and Premier Dundee have no more idea how to run a government than the mayors of St. John's, Paradise, or CBS. All they see are dollar signs and how they can throw 'em away. We the taxpayer are left holding the bag. That's not hate, that's just plain being pissed off!

  • concerned citizen
    January 16, 2013 - 10:51

    I wonder what surprise is in store next year after the unions sign their contracts. First we have nothing ,next thing we are a have province again. Its very convenient for the government to play the poor mouth . Next year they will have lots of money again and act surprised. How stupid do they think we all are? Deceit at its best !!!

  • Jack
    January 16, 2013 - 10:29

    Good thing Tom Marshall might be removed as Finance Minister and replaced with Jerome Kennedy. I don't like Jerome Kennedy too much, but due to his reputation for mental toughness, he will be a perfect fit if a cabinet shuffle happens.

    • Eli
      January 16, 2013 - 18:03

      Reputation for mental toughness? You gotta be kiddin' . If Judge Hughes was alive he'd diffrer.