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

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.