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Annual Reports and Public Accounts
Annual Reports and Public Accounts
2024/2025
The government's summary financial position, as at March 31, 2025, is a deficit of $1,149 million, which reflects an $822 million or 42 per cent year-over-year improvement in comparison to the previous year's deficit of $1,971 million. The deficit increased by $353 million relative to Budget 2024/25.
As of the 2024/25 fiscal year-end, the Annual Report and Public Accounts shows the following summary of the government's financial position:
The government balances over $24 billion of revenue, including own-source revenue and federal transfers that flow to departments and other reporting entities.
Provincial revenue flows from 13 different sources to departments, their agencies and entities funded by government. This year, expenses exceed revenue by over $1 billion. Health care accounts for approximately 36 per cent (or $9 billion) of the total expenses.
The provincial net debt, which is a measure of total liabilities less financial assets, is $35.3 billion in 2024/25. The annual debt servicing costs are $2.3 billion.
