PEI releases Public Accounts for 2021-2022 fiscal year

Today, the Government of PEI released all three volumes of Public Accounts which include the audited financial results for government from the 2021-2022 fiscal year and report a surplus of $83.8 million.
  
Public Accounts is an annual financial summary and accountability report of the Government of Prince Edward Island, audited by the Auditor General.

“These positive figures released today follow a trend across the country and showcase the strong fiscal and economic position that we have worked hard with local businesses and communities to regain following the initial impacts of COVID-19. As we continue to stay mindful of the global challenges that have presented themselves in growing inflation and rising interest rates, we are pleased to be in a positive position where we can focus on increased investments in areas of need and further development for our Province.”

-  Finance Minister Mark McLane

This surplus results from higher than anticipated revenues due to stronger than expected revenue from provincial taxes and Federal Government transfers. Personal and corporate income taxes were better than anticipated at the time of the third quarter forecast, as 2021 tax returns are showing a much more successful transition off of the large COVID support programs as the public health measures eased in 2021. The Province’s original projected deficit for the year ending March 31, 2022 was forecasted at $26.5 million in February 2022 and the improvement in the final results are primarily due to an additional $79.5 million in revenues that was reported by Canada Revenue Agency after the fiscal year concluded. 

Media contact:
Kip Ready
Department of Finance
kjready@gov.pe.ca