Public Accounts for 2013-14 Fiscal Year

Press Release –

September 30, 2014

2013-14 Public Accounts Show Final Summary Financial Results Consistent with Budget

Manitoba’s year-end financial results are on track compared to budget, Finance Minister Jennifer Howard announced today as the public accounts for the 2013-14 fiscal year were released.

The minister also announced that, once again, the province received a clean audit opinion from the Manitoba auditor general.  This year’s results showed a deficit of $522 million, within less than one per cent of the $518 million deficit presented in the budget.

“Despite unanticipated cost pressures from the flood settlement provision, Manitoba Public Insurance losses due to the extreme winter and new costs to protect water near abandoned mines, Manitoba has managed to keep the budget on track,” said Minister Howard.  “We have managed to stay on track by focusing our resources on jobs, infrastructure, and the health and education services that families count on.”

Minister Howard said key results from the 2013-14 reports include several unanticipated cost pressures that had to be accommodated in the fiscal year including:

• $100 million provision in core government to settle decades-old flooding issues with four First Nations near Lake Manitoba and Lake St. Martin;
• $63 million less than budgeted in net income from Manitoba Public Insurance due to unusually high accident losses during the extreme winter of 2013-14; and
• an additional $30 million to remediate the Ruttan mine site near Leaf Rapids to prevent acidic tailings from causing long-term environmental damage.

Manitoba’s debt-servicing costs have been reduced to 5.8 cents on the dollar, the lowest in 10 years and $18 million less than the previous year, and Manitoba’s deficit to GDP ratio is the fifth lowest in Canada, Minister Howard added.

The minister noted that expenditures came in below budget in 13 of 18 departments.  Despite cost pressures in health, family services, justice, and agriculture, budgets in these departments came in with only a modest over-expenditure.

The first quarter financial report was also released today.  Both public accounts and the first Quarterly Financial Report can be viewed at www.gov.mb.ca/finance/financialreports.html.

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