Archived News Releases

News Release - Manitoba

September 10, 2009

Public Accounts Released for 2008-09 Fiscal Year

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$463-million Average Summary Net Income Reported in Accordance with Balanced Budget Legislation: Wowchuk

Manitoba’s public accounts for 2008-09 indicate the province complied with balanced budget legislation and achieved an average summary net income of $463 million.  In addition, the province increased the Fiscal Stabilization Account to $864 million, Agriculture, Food and Rural Initiatives Minister Rosann Wowchuk, acting minister of finance, announced today.
 
The minister said the province received a clean audit opinion from the Manitoba auditor general.
 
Wowchuk said key results for 2008-09 include:
·         summary net income of $470 million for the year ending March 31,
·         a stable net-debt-to-GDP ratio of 22.4 per cent,
·         an investment of $978 million in tangible new capital assets, and
·         an additional $350 million to address Manitoba’s unfunded pension liability.
 
“Manitoba’s economy continued to thrive last year under sound fiscal management, but we are not immune to the economic downturn,” said Wowchuk.  “This strong performance better positions us to meet the serious challenges that lie ahead.” 

Wowchuk also released the province’s financial report for the first quarter of the 2009-10 fiscal year. She said Manitoba continues to outperform the national average on a number of key economic indicators, but costs related to severe flooding on the Red River this past spring and a potentially unprecedented H1N1 flu epidemic this fall will need to be managed.  A special warrant has been issued to provide for these unexpected expenditures.
 
In addition, the minister released Financial Management Strategy 2008/09, Report on Outcomes.
 
More complete information on expenditure and revenue projections, which will provide the basis for a revised year end result, will be available in the second quarter report.
 
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