FREDERICTON (GNB) – In her latest report tabled today in the legislative assembly, Auditor General Kim Adair-MacPherson commented on the province’s 31 March 2020 financial audit completed in October 2020 and other key findings. It is important to note that most of the year under audit was prior to the pandemic’s arrival in March 2020, the last month of the fiscal year.

On a positive note, the province posted a third consecutive small surplus of $49 million in 2020. The province also saw its first decrease in net debt since 2007, with a decrease of $37 million in 2020. Also, for the first time, multi-year net debt reduction targets were set as recommended in previous reports of the auditor general. However, the report also highlights that although net debt had a slight decrease, the last 10 years of spending has led to a $4.3 billion increase in net debt for the province. Net debt now stands at $13.9 billion.

“The trend in small annual surpluses and a reduction in net debt was positive for New Brunswick,” said Adair-MacPherson.

Other information regarding the audit of the province’s financial statements

The report released today also includes chapters on the province’s financial condition, results of financial audits of the Province of New Brunswick and its Crown corporations and agencies, financial relief programs implemented as a result of the Covid-19 global pandemic, risk of radon contamination in public housing units, and the financial audit of property tax assessments.

The chapters on the financial audit can be found in Volume III of the 2020 Auditor General Report and are available online.