PEI releases Public Accounts for 2022-2023 fiscal year
Today, the Government of PEI released all three volumes of Public Accounts which include the audited financial results for government from the 2022-2023 fiscal year and report a surplus of $14.4 million.
Public Accounts is an annual financial summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General.
“Releasing public accounts is a way for Government to demonstrate our strong fiscal management through a transparent process. These positive numbers released today show that despite a few challenging years, with much unpredictability, our economy continues to grow, allowing us to focus on investing on priorities that are important to Islanders.”
- Finance Minister Jill Burridge
The Province’s consolidated financial statements show an annual surplus for the year ending March 31, 2023, of $14.4 million, which is a decrease of $67.8 million from the surplus reported in 2021-22. Net debt for the 2022-23 fiscal year is $2,450.8 million or 27.2 per cent of GDP.
This surplus results from higher than anticipated revenues due to primarily stronger than expected revenue from provincial taxes. Estimates of personal, corporate income and sales taxes continued to improve through the year and since the third quarter forecast was tabled in May. The main drivers of improved revenues were expanded population, increased employment, increased manufacturing, and strong recovery from the pandemic.
The Province’s budget forecast deficit for the year ending March 31, 2023 was $66.2 million in spring 2023. The 2023 year end revenues were better than what was anticipated in the third quarter forecast due to $28.3 million additional provincial tax revenues and $11.1 million additional Government of Canada revenues. Expenditures were lower than forecasted due to lower than anticipated spending in a few Departments and Crown corporations, which was partly offset by higher than anticipated expenditures being recorded in the 2023 fiscal year for Fiona response and recovery efforts.
Media contact:
Hillary Proctor
Department of Finance
hproctor@gov.pe.ca