Today, Premier and Minister of Finance Sandy Silver tabled the 2020–21 Public Accounts in the Legislative Assembly.
As forecast in the 2020–21 Main Estimates, the non-consolidated financial statements show a return to surplus for the 2020–21 fiscal year. The Public Accounts report that the annual surplus for 2020–21 was $19.3. million, an increase of $15.2 million from the $4.1 million surplus forecast at the start of the fiscal year. This surplus is based on total non-consolidated year-end revenues of $1.610 billion and expenses of $1.591 billion.
The 2020–21 Public Accounts have been audited by the Auditor General of Canada and have received an unqualified audit opinion, which indicates that the government’s consolidated financial statements are fairly and appropriately presented without any identified exceptions.
The increased surplus is the result of the Yukon’s responsible fiscal management and positive relationship with the federal government as the territory navigated the challenges associated with COVID-19. Over the last year, the Yukon government has been able to leverage significant federal recoveries to ensure that Yukon individuals and businesses remain supported through the most difficult phases of the pandemic while also reducing the financial impact to the government’s bottom line.
On a consolidated basis, including all entities within the Government of Yukon’s control, the annual surplus for 2020–21 was $42.4 million based on revenues of $1.653 billion, expenses of $1.611 billion net of prior years’ expense recoveries.
At the end of the fiscal year, non-consolidated net debt was $47.6 million, a change of just $241,000 over 2019–20, with government holding financial assets worth $451.6 million and liabilities of $499.2 million. On a consolidated basis, government assets also exceeded government liabilities with net financial assets of $182.7 million based on $749.7 million in government assets and $567 million in liabilities. The Yukon and Nunavut are the only two Canadian jurisdictions to have this positive position.
The increase in assets is primarily related to continued investment in tangible capital assets, which includes infrastructure like the new Paul-Émile Mercier Secondary School Community Centre, a heavy baggage system at the Whitehorse airport, the Carmacks grader station, the F.H. Collins track and field complex, and the Stewart Crossing Living Complex. The government also added assets through the construction and improvement of various roads, highways and bridges in 2020–21.
As we continue to support Yukoners and businesses, the government remains committed to responsible fiscal management, even in the face of COVID-19. The Public Accounts for this year show the government delivering on its fiscal plan of returning to surplus while doing what is needed to keep Yukoners healthy, secure and supported financially.
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 surplus for 2020–21 of $19.3 million is an improvement over the forecast surplus of $4.1 million. The change resulted primarily from revenues that were $83.7 million higher than estimated, which were offset by higher than anticipated expenses of $68.5 million net of recovery of prior years’ expenses.
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.
The Yukon retained its ‘AA Stable’ credit rating from Standard and Poor’s in July 2021 owing to the agency’s expectation that revenue and expenditure impacts attributed to the COVID-19 pandemic would largely be temporary and that they expect the Yukon to maintain relatively stable fiscal performance.
Renee Francoeur
Cabinet Communications
867-334-9194
renee.francoeur@yukon.ca
Eric Clement
Communications, Finance
867-393-6482
eric.clementl@gov.yk.ca