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January 26, 2009
For immediate release

Public Accounts Reveal Province’s Finances for 2007/2008 Better than Anticipated

Provincial Treasury

Public Accounts for the fiscal year 2007/2008 are complete, and they indicate the books for 2007/2008 are more favorable than initially expected.

The 2008 estimates had the province facing a deficit of more than $42 million. The actual deficit figure now stands at just under $3.6 million, which represents 0.3 percent of the total operating costs for the Government of Prince Edward Island.

“Our diligence in managing the Province’s finances has truly made an impact,” said Provincial Treasurer Wes Sheridan. “Our revenue went up as our expenditures went down, which resulted in a much better financial picture for PEI.”

Last week, the bond rating firm Moody’s gave the Island a credit rating of Aa2 (stable), citing strong governance and management characteristics. The expectation surrounding the Public Accounts was a factor in assigning the stable rating.

“As the Premier has said in the past, when we face challenges in the global economy, it is important that Islanders know their Government will continue to be there for them, investing in stimulus projects,” said Minister Sheridan. “This is evident in our support of the primary industries over the past several months and also shown by the fact that we have increased our capital program spending for 2009-2010 by 43.8 percent over the current year spending.”

Copies of Public Accounts Volume One are available by contacting Island Information Service at (902) 368-4000 or 1-800-236-5196.

Media Contact: Jennifer MacDonald-Donovan
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