Today, Minister of Finance Sandy Silver tabled the 2022–23 Public Accounts in the Yukon Legislative Assembly. The Public Accounts report the actual audited financial results for the prior fiscal year and the financial position at the end of that fiscal year.
The Office of the Auditor General of Canada is responsible for verifying that the consolidated financial statements fairly represent its financial results in accordance with Canadian public sector accounting standards.
The Public Accounts report that the non-consolidated surplus for the 2022–23 fiscal year was $105 million. This non-consolidated amount only covers government departments. The Main Estimates for the 2022–23 budget forecast a $39.5 million surplus. This means the surplus is $65.5 million greater than what was forecast.
The annual surplus is based on:
- total non-consolidated year-end revenues of $1.86 billion;
- expenses of $1.76 billion; and
- $3.8 million in prior years’ expense recoveries.
Non-consolidated net debt on March 31, 2023, was $259 million. This is $51.5 million less than what was forecast in the Main Estimates.
The Auditor General of Canada has issued an unqualified opinion on the Government of Yukon’s consolidated financial statements and a qualified opinion on the 2022–23 Public Accounts with respect to compliance with section 8(2) of the Financial Administration Act which requires that the Public Accounts be tabled by October 31.
In 2022–23, the Government of Yukon adopted new accounting procedures, requiring more detailed accounting and disclosure. This increased the amount of work required to complete the 2022–23 Public Accounts. The last time the Yukon government tabled the Public Accounts following the deadline was in 2008–09.
An unqualified audit opinion means that the public accounts fairly represent the financial position of the government, in compliance with public sector accounting standards and relevant legislation in the Yukon, including the Yukon Act and the Financial Administration Act.
Additionally, the Yukon retained its "AA Stable" credit rating from S&P Global Ratings in July 2023, recognizing the Yukon’s predictable and supportive institutional framework and sound financial management.
The Public Accounts are the final reflection of the government’s financial activity throughout the fiscal year. The 2022–23 Public Accounts show that we are delivering on our financial plan and investing in health care, services and infrastructure that Yukoners need while still being in a surplus position, speaking to sound management of the territory’s finances.
Minister of Finance Sandy Silver
The Public Accounts report the actual financial results for the prior fiscal year and the financial position at the end of that fiscal year.
On a non-consolidated basis, expenses were greater than those forecast in the Main Estimates by $18.9 million. Of this increase, $14.7 million came from greater than anticipated costs associated with delivering health and social services.
However, an $80.5 million increase in non-consolidated revenue exceeded this growth in expenses. Revenues were higher than the estimates largely because of $52.7 million in additional grants from the Government of Canada. There was also $25.4 million more in income tax revenue than expected.
On a consolidated basis, which includes all entities under the Government of Yukon such as public corporations, the annual surplus for 2022–23 was $122.9 million. This amount is based on revenues of $1.91 billion and expenses of $1.79 billion. Government financial assets totalling $836.6 million are greater than liabilities of $825.9 million, leading to net financial assets of $10.7 million on March 31, 2023. The consolidated debt resulting from borrowing, primarily within the corporations, was $233.5 million for 2022–23.
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.