Public Accounts for 2023-24

Press Release

September 16 , 2024

FREDERICTON – The government has released consolidated financial statements for the fiscal year ending March 31, 2024.

“A strong economy and continued growth in New Brunswick’s population proved to be significant drivers in the year-end numbers,” said Finance and Treasury Board Minister Ernie Steeves. “We 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, like health care, education and social services.”

Increased revenue, supported by strong population and income growth in recent years, contributed to a surplus of $500.8 million for the 2023-24 fiscal year; this is $253.4 million higher than the surplus projected at the third quarter.

Revenues were $307.2 million higher than projected at the end of the third quarter. The increase is attributed primarily to increased harmonized sales tax, corporate and personal income tax, and sales of goods and services.

Expenses were $53.8 million higher than projected at the end of the third quarter, largely due to accounting adjustments related to the liability for injured workers within central government.

Net debt decreased by over $505 million during the fiscal year, to $11.8 billion, which is 12 per cent lower than it was a decade ago.

“We saw great improvement in the level of net debt, but we must maintain a steady focus to ensure it is managed responsibly going forward for future generations,” said Steeves.

Steeves said the annual surplus is a key measure of financial performance. It indicates that annual revenues were sufficient to cover the year’s operating costs and helps to support capital investments, such as the $801.8 million invested in public infrastructure during the 2023-24 fiscal year. While the surplus does not represent cash on hand, it reduces deficits accumulated in the past when operations were financed through borrowings, and provides added financial flexibility in making 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 2023-24 consolidated financial statements are available online.

16-09-24

Media Contact(s)

Alycia Bartlett, communications, Department of Finance and Treasury Board, alycia.bartlett@gnb.ca.

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