Government releases volume one of Public Accounts for 2019-2020 fiscal year
The Province today released Volume one of the 2019-2020 Public Accounts that show the audited financial results for government from the 2019-2020 fiscal year, including a surplus of $22 million.
Public Accounts is an annual summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General.
"These numbers today continue to tell to the story of how strong our economy was, as a result of the hard work of Islanders. While we anticipate deficits in the near future because of spending required to support Islanders in response to COVID-19, I am confident that we will return to previous levels as we continue to regrow our economy, together."
- Finance Minister Darlene Compton
This surplus results from higher than anticipated revenues due to stronger than expected provincial sources and Federal Government transfers, along with lower than expected expenses due to delays in infrastructure projects under the Investing in Canada Plan and the New Build Canada Fund. This surplus helps offset government's COVID-19 response investments, which include increased levels of spending on supports and programs for businesses and individuals impacted by the pandemic.
Volumes two and three of the Public Accounts will be released within the coming weeks. Through an amendment to the Financial Administration Act last fall, a one-time extension was granted, due to COVID-19, to release Public Accounts by January 31, 2021.
“Our government continues to be responsive and responsible to the needs of Islanders. We know these results will be of great interest to Islanders and the financial community, who expect sound fiscal management from government to maintain our strong credit ratings and to benefit our people and province now and for generations to come,” said Minister Compton.
Department of Finance