Home » czndomaoc » Province Posts 200203 Surplus

Province Posts 200203 Surplus

first_imgFinance Minister Peter Christie said today, Nov. 13, the provincerecorded a surplus of $31.6 million for the fiscal year endingMarch 31, 2003. The minister tabled the province’s financialstatements today with the clerk of the House of Assembly. “Getting the books into the black for the first time in decadesis a significant achievement and one that should make all NovaScotians proud,” said Mr. Christie. “Discipline, hard work andgood management practices brought us to this point. Nova Scotianssupported the difficult choices that helped move us from adeficit to a surplus position.” The $31.6 million has been applied directly against theprovincial debt, as required by legislation. Revenues fromprovincial sources were up significantly in 2002-03, increasingby more than $100 million. Federal revenues, however, decreasedby $144 million, reducing total revenues by $42 million. Departmental spending was 1.2 per cent ($55 million) higher thanestimated. Debt-servicing costs decreased by $43 million, orabout half of one per cent. “When you look back on the year, our forecasts were conservative,but reasonably accurate,” said the minister. “We managed ourfiscal plan extremely well and it paid off with this surplus andpayment to our debt.” Mr. Christie said the challenge now is in managing the seriouschallenges with the 2003-04 budget. “There is no question we arefacing a difficult budget year,” he said. “But our focus is firmin protecting patient care and public education. We will findsavings in other areas of government and from the third-partyentities we fund.” Nova Scotia completed a four-year program towards greatertransparency and accountability in financial reporting byimplementing accounting changes in compliance with generallyaccepted accounting principles (GAAP). The auditor generalprovided his unqualified audit opinion, confirming the province’sfinancial statements are in order and in full compliance withGAAP.last_img