Today, Premier and Minister of Finance Sandy Silver tabled the 2019–20 Public Accounts in the Legislative Assembly.
The 2019–20 Public Accounts have been audited by the Auditor General of Canada and have received an unqualified audit opinion, which indicates that the government’s financial statements are fairly and appropriately presented without any identified exceptions.
As anticipated in the 2019–20 Main Estimates, the non-consolidated annual deficit for 2019–20 was $2.9 million based on revenues of $1.446 billion, expenses of $1.450 billion and prior years’ expense recoveries of $1.5 million.
On a consolidated basis, including all entities within the Government of Yukon’s control, the annual deficit for 2019–20 was $2.6 million based on revenues of $1.476 billion, expenses of $1.480 billion and prior years’ expense recoveries of $1.6 million.
At the end of the fiscal year, non-consolidated net debt was $47.4 million with the government holding financial assets worth $381.6 million and liabilities of $429.0 million. On a consolidated basis, net financial assets were $171.9 million based on financial assets of $667.5 million and liabilities of $495.6 million. The increase in net debt is primarily the result of the government’s continued investment in tangible capital assets, which includes infrastructure like buildings and vehicles. On a consolidated level, Yukon continues to be one of only two Canadian jurisdictions in a net financial asset position.
Despite the impact of COVID-19 late in the fiscal year, Yukon continues to demonstrate strong financial leadership and responsiveness by investing in the future of the territory. The Public Accounts show that the Government of Yukon is closing the gap between the Main Estimates forecast at the beginning of the year and actual spending.
Minister of Finance Sandy Silver
The Public Accounts reports the actual financial results for the prior fiscal year and the financial position at the end of that fiscal year.
The government’s non-consolidated reports do not include the financial results for Yukon University, formerly Yukon College, Yukon Hospital Corporation, Yukon Housing Corporation, Yukon Development Corporation or Yukon Liquor Corporation.
The non-consolidated deficit for 2019–20 of $2.9 million differs only slightly with the budgeted deficit of $5.9 million. The change resulted primarily from higher than estimated revenues of $15.9 million, higher than anticipated expenses of $14.4 million and a recovery of prior years’ expenses of $1.5 million.
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 2020, tied for the second highest rating in Canada.