Today, Premier Sandy Silver tabled the 2021–22 Public Accounts in the Yukon Legislative Assembly.
For the 2021–22 fiscal year, the Public Accounts report that the annual, non-consolidated surplus was $8.9 million. This represents a $15.5 million change from the $6.6 million deficit forecast in the 2021–22 Main Estimates. The annual surplus is based on total non-consolidated year-end revenues of $1.712 billion and expenses of $1.707 billion.
The change from the forecast deficit in the 2021–22 Main Estimates to the annual surplus is primarily the result of higher than expected revenues, including an increase of $62.7 million as part of the formula financing grant from the Government of Canada and $34.7 million in additional income tax revenues. The revised surplus from the 2021–22 Second Supplementary Estimates also demonstrates the government’s commitment to environmental remediation as it took on environmental liabilities related to the Wolverine and Wellgreen mine sites.
On a consolidated basis, including all entities within the Government of Yukon’s control, the annual surplus for 2021–22 was $55.1 million based on revenues of $1.768 billion and expenses of $1.713 billion net of prior years’ expense recoveries.
On a consolidated basis, government assets totaling $829 million exceed liabilities of $665.4 resulting in net financial assets of $163.5 million at the end of the year. The Yukon and Nunavut continue to be the only two Canadian jurisdictions to be in this positive position.
The increase in non-financial assets is primarily related to continued investment in tangible capital assets, which includes infrastructure like the Dempster Fibre project, the Old Crow Health Centre, the Pelly Crossing Pool Facility, the 47-unit mixed-use housing project at 4th Avenue and Jeckell Street in Whitehorse and new triplex housing units in Watson Lake, Mayo and Whitehorse. Also in 2021–22, the government added assets through the construction and improvement of various roads, highways and bridges.
The 2021–22 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 2021–22 Public Accounts confirm a surplus on both a consolidated and non-consolidated basis, demonstrating our government’s enduring commitment to responsible management of the territory’s finances while continuing to invest in the necessary infrastructure which benefits Yukoners in every community. We continue to make investments to expand housing options and access to healthcare, address an historical infrastructure deficit, and create economic opportunities to move the territory forward.
Premier and 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 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 2022 owing to the Yukon’s strong history of financial management in producing solid and stable financial results for the territory. The assessment also shows that the Yukon’s strong relationship with the federal government will allow the Yukon government to continue its robust capital plan to invest in the territory’s transportation infrastructure, land development, social development, education and health.
The Government of Yukon also received the second highest grade of all provinces and territories in the latest C.D. Howe Institute’s assessment on fiscal transparency of budget materials and financial statements.