Premier and Minister of Finance Sandy Silver tabled the 2018–19 Public Accounts today in the Legislative Assembly. As anticipated, the non-consolidated public accounts had a small deficit.
The non-consolidated annual deficit for 2018–19 was $5.8 million. On a consolidated basis, including all entities within the Government of Yukon’s control, the annual surplus for 2018–19 was $2.3 million.
During 2018–19, non-consolidated net financial assets decreased from $37.2 million to a $0.4 million net financial debt primarily due to continued investment in the development of buildings, infrastructure and other tangible capital assets.
The 2018–19 Public Accounts have been audited by the Auditor General of Canada and have received an unqualified audit opinion.
The Government of Yukon continues to invest in the development of buildings, infrastructure and other capital projects to build a strong future for Yukoners. We will continue to practice responsible financial management as we work towards a balanced budget.
Minister of Finance Sandy Silver
Public Accounts are the actual spending totals at the end of fiscal year.
The government’s non-consolidated figures do not include the financial results for Yukon College, Yukon Hospital Corporation, Yukon Housing Corporation, Yukon Development Corporation or Yukon Liquor Corporation.
The non-consolidated deficit for 2018–19 was $5.8 million. This is in comparison with the budgeted deficit of $4.5 million. The change resulted primarily from higher than estimated revenues of $32.3 million and higher than anticipated expenses of $33.6 million.
The consolidated surplus for 2018–19 was $2.3 million. This is in comparison with a budgeted surplus of $10.7 million. The variance is due to increased revenues of $4.5 million offset by increased expenses of $12.9 million.
The consolidated net financial assets as of March 31, 2019 decreased to $218.5 million, from $247.6 million in 2018.
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.
Yukon received an AA credit rating from Standard and Poor’s in 2019, tied for the second highest rating in Canada.