NB 962
Oct. 1, 2001
FREDERICTON
(CNB) - The audited financial statements for 2000-2001 indicate a surplus for
fiscal policy purposes of $81.8 million for the fiscal year ending March 31,
2001, an increase of $48.7 million over revised projections contained in the
2001-2002 budget.
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For the 2000-2001 fiscal year, the Province's net debt - the difference between its financial assets and liabilities - has declined to $6.625 billion, a reduction of $181.8 million compared to 1999-2000. This represents the largest reduction in net debt in New Brunswick's history.
"We are very pleased to present these positive financial statements to New Brunswickers," Finance Minister Norman Betts said today. "We remain committed to our balanced approach and are proud of the results this approach has produced. Our balanced approach includes: record levels of funding for key priorities of health care and education, reduced corporate and personal income taxes, and the establishment of the $100 million Fiscal Stabilization Fund."
"This fiscal discipline has put us on more solid footing as we face the economic and fiscal challenges before us," Betts said. "The global economic uncertainty we are facing today underscores the importance of continued prudence in managing the Province's finances."
Betts was also pleased to report that the 2000-2001 audited statements mark the third consecutive year in which the auditor general has given the Province a clean audit opinion.
The statements for 2000-2001 reveal revenues of $4.901 billion, an increase of $62.8 million compared to final results for 1999-2000. Expenditures for 2000-2001, including the transfer to the Fiscal Stabilization Fund, were $4.819 billion, a reduction of $10.9 million over 1999-2000.
Copies of the 2000-2001 financial statements can be found at www.gnb.ca/ooc/pubacct.htm.
01/10/01
MEDIA CONTACT: Marie-Josée Groulx, communications, Finance, 506-453-2451.
01/10/01