As anticipated during the Spring 2017 Budget speech, the Government of Yukon’s non-consolidated public accounts for 2017–18 show a surplus.
The non-consolidated annual surplus for the year was $18.7 million in comparison to the budgeted surplus of $6.5 million. The change in the surplus resulted primarily from higher-than-estimated revenues of $1.1 million, and lower-than-anticipated expenses of $10.2 million – a variance of less than one per cent.
On a non-consolidated basis, revenues increased by $40 million from 2016–17 to 2017–18, mainly as a result of increases in the formula financing, and other grants, contributions and service agreements with the Government of Canada.
At the start of the 2017–18 fiscal year, the Government of Yukon had net financial assets totalling $88 million. During 2017–18, net financial assets decreased by $51 million to $37 million, primarily due to continued investment in the development of buildings, infrastructure and other tangible capital assets.
The Government of Yukon is taking a three-pronged approach towards establishing a more strategic and sustainable method of fiscal planning. This includes a comprehensive review of programs and services delivered by the Department of Health and Social Services, a review of internal efficiencies, and a commitment to explore opportunities for government to get out of the business of doing business.
The public accounts are audited by the Auditor General of Canada and have received an unqualified audit opinion.
Our government has taken significant steps in the last two years to ensure that we close the gap between our annual forecast in the Main Estimates and the Actuals tabled through the Public Accounts. We are pleased with the progress made to date and will continue to strive for further accuracy as we go forward.
Minister of Finance Sandy Silver
The consolidated annual surplus for the 2017–18 fiscal year was $53 million and net financial assets were $248 million.
The Government of Yukon’s most recent supplementary estimates forecasts a $4.9 million annual deficit in 2018–19 followed by a projected deficit in the interim fiscal and economic update of $6.9 million in 2019–20 before returning to a small surplus of $1.8 million in 2020–21.
The government’s non-consolidated results are the figures do not include the financial results for Yukon College, Yukon Hospital Corporation, Yukon Housing Corporation, Yukon Development Corporation or Yukon Liquor Corporation.
The Office of the Auditor General of Canada is responsible for verifying that the consolidated financial statements of a jurisdiction fairly present its financial results in accordance with Canadian public sector accounting standards. The audit is not an opinion on the status of the jurisdiction’s finances.