Province reports $22-million surplus
First of three volumes of audited financial statements released Friday
Prince Edward Island recorded a $22-million surplus in audited financial accounts released Friday.
The document is the first of three volumes of the 2019-20 public accounts, an annual summary and accountability report of the government of Prince Edward Island, audited by the P.E.I. auditor general.
Volume 1 can be found online at www.PrinceEdwardIsland.ca/publicaccounts. The Guardian will have more on the contents in the coming days.
"These numbers today continue to tell the story of how strong our economy was, as a result of the hard work of Islanders," said Finance Minister Darlene Compton in a news release accompanying the link to the report.
"While we anticipate deficits in the near future because of spending required to support Islanders in response to COVID-19, I am confident that we will return to previous levels as we continue to regrow our economy, together."
Compton says the surplus results from higher than anticipated revenues due to stronger than expected provincial sources and federal government transfers, along with expenses that were lower than expected due to delays in infrastructure projects under the Investing in Canada Plan and the New Build Canada Fund.
This surplus helps offset government's COVID-19 response investments, which include increased levels of spending on supports and programs for businesses and individuals impacted by the pandemic.
The province says volumes two and three of the public accounts will be released within the coming weeks.
Through an amendment to the Financial Administration Act last fall, a one-time extension was granted, due to COVID-19, to release public accounts by Jan. 31.
“Our government continues to be responsive and responsible to the needs of Islanders, "said Compton.
"We know these results will be of great interest to Islanders and the financial community, who expect sound fiscal management from government to maintain our strong credit ratings and to benefit our people and province now and for generations to come,” said Compton.