Manitoba’s public accounts for 2009-10 show Manitoba performed far better than many jurisdictions during the worldwide economic downturn, reducing the 2009-10 deficit to $201 million from a $555-million projected loss in the third quarter, Finance Minister Rosann Wowchuk announced.
“Manitoba is not immune to the global recession but we have managed to weather the financial storm relatively well. Our government and the people of Manitoba have been working very diligently despite the challenges of struggling economies worldwide,” said Wowchuk. “Manitoba continues to protect our reputation for fiscal responsibility by maintaining a high credit rating.”
The minister noted the province received a clean audit opinion from the Manitoba auditor general and complied with balanced budget legislation. The 2009-10 Financial Management Strategy Report on Outcomes was also released today.
Key results from these 2009-10 reports include:
• an increased investment of $310 million toward a total of $1.2 billion in infrastructure to help create jobs and stimulate the economy;
• a decrease in debt-servicing costs of over 50 per cent to six cents per dollar in 2009-10, down from 13.2 cents per dollar in 1999-2000;
• a net debt to GDP ratio of 23.5 per cent compared to 31.7 per cent in 1999-2000; and
• an average summary net income of $319 million for the four years ending March 31, according to balanced budget legislation.
“Every government in this country has a plan to balance the books over a number of years, the federal government plans to do it in six. Our better-than-projected performance keeps our five-year economic plan on track to eliminate the deficit and return to balance by Budget 2014,” said Wowchuk.
The minister said the government’s five-year economic plan includes:
• investing in vital front-line services including health care, education, training and support for families;
• stimulating economic growth by continuing to build and upgrade needed infrastructure to create jobs and invest in innovation;
• managing government spending;
• restoring balance by returning to surplus by 2014; and
• keeping Manitoba as one of the most affordable places to live, work and raise a family.
Wowchuk also released the First Quarter Financial Report for 2010-11.
“Manitoba has shown its strength when times are tough and, despite the challenges of the economic turbulence, our province still continues to perform well on a number of key economic indicators,” said Wowchuk.
The minister also noted a special warrant has been issued for costs related to forest-fire suppression, the impact of excess moisture on agricultural land and disaster financial assistance as a result of severe weather this spring and summer.
More complete information on expenditure and revenue projections, which will provide the basis for a revised year-end forecast, will be available with the second quarter report.
More information can be found at www.gov.mb.ca/finance.
