PEI 2023-2024 Public Accounts show continued growth

Today, the Government of PEI released all three volumes of Public Accounts which include the audited financial results for government from the 2023-2024 fiscal year and report a deficit of $14.8 million.

The 2023-2024 fiscal year deficit is less than the $97.6 million budgeted deficit released in spring 2023, partly due to revenues being $47.2 million higher than budgeted combined with expenditures being nearly $35.6 million lower than budgeted, mainly relating to unavoidable program implementation delays and a change in the pension valuation. 

“Today's Public Accounts show how we have invested in the areas that matter to Islanders, including healthcare, education, and housing. Our strong economy has allowed us to build the infrastructure and systems to support our growing population despite challenges such as climate change and the recent spell of high inflation. When we invest in our people and communities, we become stronger as a province.”

- Minister of Finance, Jill Burridge. 

The Province’s consolidated financial statements show an annual deficit for the year ending March 31, 2024, of $14.8 million, a change of $28.9 million from the surplus reported in 2022-23. Net debt for the 2023-24 fiscal year is $2,647.7 million or 27.6 per cent of GDP.

In early spring 2024, the Province’s forecasted deficit for the year ending March 31, 2024 was $85.5 million. The 2024 year end revenues reported in the audited results were higher than what was anticipated in the third quarter forecast by $30.2 million. This was due to $30.7 million additional provincial tax revenues (a 2.1 per cent increase compared to the total forecasted tax revenues) and $24.8 million in other income and sales and was partially offset by Government of Canada revenues being $23.7 million lower than expected. Expenditures were lower than forecasted by $40.4 million due to lower than anticipated spending in a few departments and Crown corporations.

Key areas of expenditure include:

• $1 billion in Health and Wellness
• $407.9 million in Education and Early Years
• $177 million in Social Development and Seniors
• $173.4 million in Workforce, Advanced Learning and Population
• $103.6 million in Housing, Land and Communities

Public Accounts is an annual financial summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General.

Media contact:
Janice Fogarty
Department of Finance
jefogarty@gov.pe.ca