27 September 2023
FREDERICTON (GNB) – The provincial government has released consolidated financial statements for the fiscal year ending March 31, 2023.
“This year’s financial results are reflective of a growing population and strong economic recovery,” said Finance and Treasury Board Minister Ernie Steeves. “We will continue to take a responsible and disciplined approach in managing the province’s finances, along with being prudent with taxpayers’ money, while focusing on areas of greatest need.”
Steeves said unprecedented revenue improvements combined with strong population and income growth in recent years have contributed to a surplus of $1 billion for the 2022-23 fiscal year; this is $150 million higher than the surplus projected at third quarter.
Total revenues were $38 million higher than third-quarter projections while expenses were $112 million lower.
New Brunswick’s net debt was $12.4 billion as of March 31, a decrease of $359.2 compared to the previous year; the net debt-to-GDP ratio decreased to 26.8 per cent from 30.0 per cent. The province’s net debt now includes $422 million in estimated asset retirement costs due to the adoption of a new accounting standard.
“The annual surplus is a key measure used in evaluating performance at a point in time,” said Steeves. “It indicates that annual revenues were sufficient to cover the year’s operating costs and helps to support investments in capital infrastructure. While the surplus does not represent cash on hand, it reduces deficits accumulated in previous years when operations were financed through borrowings, provides for added financial flexibility on a go-forward basis, and informs the discussion on future tax and spending decisions.”
The consolidated financial statements were prepared by the Office of the Comptroller and comprise government departments, as well as other organizations such as NB Power, school districts, health authorities and not-for-profit nursing homes.
The statements were independently audited by the Office of the Auditor General, who provided an unmodified opinion for the fiscal year.
The 2022-23 consolidated financial statements are available online.