PEI 2024-2025 Public Accounts show continued investments in healthcare, education

Today, the Government of PEI released all three volumes of the 2024-2025 Public Accounts showing its audited financial results for the fiscal year ending March 31, 2025.

During this period, the province spent to improve access to healthcare including reducing wait times for MRIs and cataract surgeries, and to increase the number of long-term care beds. Government brought wage parity to front line staff in public and private long-term care through increased per diem rates to stabilize care as well as invested in collective agreements to provide healthcare workers competitive wages. Government also made significant investments to ensure youth have access to modern learning environments by building new, net-zero ready schools and revitalizing existing ones, and that they are supported by additional frontline staff in both education and early years programs. Government also ensured students have access to the most comprehensive school lunch program in the country. Historic investments in housing and creating safer communities were also investment priorities.

“Today’s Public Accounts reflect how we’ve responded to the pressures that have built over time in our aging infrastructure, population growth, climate change, and the need to keep pace with technology. We’ve invested and continue to strategically invest in healthcare, education, and in taking care of our more vulnerable Islanders.  We do so because these responsibilities are not optional, they are essential. By putting our strong economy to work for Islanders, we’re building the systems and infrastructure our province needs to thrive today and into the future.”

— Minister of Finance Jill Burridge

Revenues for the fiscal year ending March 31, 2025 reached $3,123.5 million. This was $107.6 million more than in 2023-24 and $33.1 million above the spring 2025 forecast. The increase was mainly due to the $67.3 million in revenue recognized from the Tobacco Agreement, which helped offset higher spending in Health and Wellness, Education and Early Years and Environment, Energy and Climate Change.  

Revenues were partially reduced by $38.3 million in lower-than-expected tax income, due to weaker sales tax revenue of $49.5 million, partially due to the HST tax holiday, and corporate income tax of $12.6 million, partially offset by higher than forecasted personal income tax revenue of $17.3 million.

Key areas of expenditure include:

• $1.2 billion in Health and Wellness
• $459.6 million in Education and Early Years
• $223.0 million in Transportation and Infrastructure
• $212.2 million in Social Development and Seniors
• $172.6 million in Workforce, Advanced Learning and Population

The province’s consolidated financial statements show a $163.9 million deficit for the year ending March 31, 2025, slightly below the third quarter forecast, which was included in the spring budget estimates. 

Net debt for the fiscal year was $3,027.8 million, or 28.8 per cent of GDP, reflecting strong ongoing investments in tangible capital assets. 

Public Accounts is an annual financial summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General. 

For more information on public accounts, visit Public Accounts | Government of Prince Edward Island. 

Media contact:
Janice Fogarty
Department of Finance
jefogarty@gov.pe.ca