Government of Yukon introduces 2023–24 Public Accounts to the Legislative Assembly

Press Release

October 24, 2024

Today the 2023–24 Public Accounts was tabled in the Yukon Legislative Assembly. The Public Accounts present the Government of Yukon’s financial statements and reflect the government’s finances for the previous fiscal year. The 2023–24 Public Accounts show the government’s financial position on March 31, 2024.

The Auditor General of Canada has audited the 2023–24 Public Accounts and issued an unqualified audit opinion. This opinion demonstrates that the Government of Yukon represented its fiscal position fairly in the Public Accounts and complied with Canadian public sector accounting standards as well as Yukon legislation.

For the 2023–24 fiscal year, the Public Accounts report a non-consolidated annual deficit of $42.7 million. This is a $90.9 million decrease from the $48.2 million surplus forecast in the Main Estimates for 2023–24 or a $44.4 million variance from the surplus of $1.7 million forecast as part of the 2023–24 Supplementary Estimates No. 2.

The non-consolidated change from the forecast is largely the result of:

• increased expenses in the areas of natural resources to address environmental liabilities, including remediation of the Minto Mine and in response to fires and floods;
• supporting the delivery of health care services; and
• increased funding related to the new collective agreement between the Government of Yukon and the Yukon Employees’ Union.

On March 31, the Yukon’s non-consolidated net financial debt was $495.5 million, or an increase of $120.7 million over the $374.8 million projected in the Main Estimates. This represents a $51 million change from the $444.5 million forecast as part of the 2023–24 Supplementary Estimates No. 2.

Net financial debt reflects the difference between the government’s total financial assets and its liabilities, which include long-term obligations such as environmental remediation and the retirement of government assets at the end of their useful life. It does not represent how much the government has borrowed or needs to borrow.

The increase in net financial debt is mainly the result of the Government of Yukon’s proactive approach to addressing environmental liabilities in the territory. By recognizing these liabilities and accounting for sites in need of remediation, the government is taking the necessary steps to ensure these areas are properly identified, restored and made safe for future generations of Yukoners.

We remain dedicated to investing in critical infrastructure, education, health care and other essential services that support the Yukon’s growing communities. At the same time, we are prioritizing environmental stewardship and maintaining a disciplined approach to financial management. While the 2023–24 Public Accounts show a deficit, this outcome reflects our commitment to meeting the needs of Yukoners through necessary and strategic spending. As we move forward, we are ensuring that our financial health remains strong as we invest in the Yukon’s future.

Minister of Finance Sandy Silver

Backgrounder

Non-consolidated statements

• The Public Accounts reports actual revenues and spending for the prior fiscal year.
• The government’s non-consolidated statements do not include the financial results for Yukon University, Yukon Hospital Corporation, Yukon Housing Corporation, Yukon Development Corporation or Yukon Liquor Corporation.
• The non-consolidated annual deficit for 2023–24 was $42.7 million. This amount is based on total non-consolidated year-end revenues of $1.952 billion and expenses of $2.006 billion, as well as $11.3 million in prior years’ expense recoveries.
• On a non-consolidated basis, expenses in 2022–23 were $183 million higher than the forecast in the Main Estimates.
• The growth in expenses was partly offset by an $80.9 million increase in non-consolidated revenues. The largest portion of this increase came in the form of additional grants from the Government of Canada.
• On March 31, the Yukon’s non-consolidated net financial debt was $495.5 million, or an increase of $120.7 million over the $374.8 million projected in the Main Estimates.
• The Yukon received an “AA Stable” credit rating from S&P Global Ratings in July 2024, recognizing the Yukon’s strong financial management practices and predictable funding relationship with the Government of Canada.

Consolidated statements

• The government’s consolidated statements include the financial results for Yukon University, Yukon Hospital Corporation, Yukon Housing Corporation, Yukon Development Corporation or Yukon Liquor Corporation.
• On a consolidated basis, which includes public corporations and other entities under the Government of Yukon, the annual deficit was $3.2 million in 2023–24. This amount is based on expenses of $2.007 billion and revenues of $2.003 billion.
• The consolidated net financial debt was $196.1 million as of March 31, 2024, consisting of net financial assets of $818.5 million and liabilities of $1.015 billion.
• The consolidated debt from borrowing in 2023–24 was $375 million, which mainly resides within the government’s corporations and as part of the Government of Yukon’s line of credit.

Media contact

Laura Seeley
Cabinet Communications
867-332-7627
laura.seeley@yukon.ca

Eric Clement
Communications, Finance
867-393-6482
eric.clement@yukon.ca

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