Manitoba Government Releases Last Quarter Report and Public Accounts for the 2023-24 Fiscal Year

September 27, 2024

The Manitoba government released its last quarter report and public accounts for the 2023-24 fiscal year, noting substantial financial challenges inherited from the previous government, Finance Minister Adrien Sala announced today.

“Our government has inherited a fiscal mess from the previous government, which is why we brought in an outside firm to do an audit,” said Sala. “Over the past year, we’ve done a lot of work to put Manitoba back on track. The path ahead to recover from the previous government’s reckless spending and mismanagement will be challenging but we are committed to stabilizing the province’s finances.”

The province’s summary financial position as of March 31, 2024, is a deficit of $1.97 billion, in line with the third quarter update and an increase of $1.6 billion from the projected 2023-24 budget deficit of $363 million.

The Post Election Financial Accountability Review conducted by MNP and released in February reported, “From the release of the 2023-24 budget to Oct. 3, 2023, budgetary decisions were made that collectively represent high budgetary risk.” The report concluded, “It is reasonable to expect the government to have understood that all the unique circumstances that led to significantly higher revenues in 2022-2023 would not likely repeat in immediately subsequent years”.

Manitoba’s economy showed moderate growth in 2023-24. Record population growth helped to increase the service-producing sectors, particularly in the arts, entertainment, recreation and air travel industries, going above Budget 2023 expectations.

“We are continuing to launch financial reviews to ensure the province’s fiscal performance aligns with the needs of Manitobans,” said Sala. “Our government will continue to invest in the services Manitobans rely on and supports to our communities, while being fiscally responsible.”

The province also released its first quarter forecast for 2024-25, which provides a forecast to the fiscal year end as of June 30. The forecast for fiscal year 2024-25 is a net loss of $796 million, representing no change from Budget 2024. Total revenue is forecast at $23.3 billion while total expenses are forecast at $24.1 billion.

The Annual Report and Public Accounts for the year ended March 31 is available at www.gov.mb.ca/government/finances/annualreports-publicaccounts.html.

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For more information:

• Public information, contact Manitoba Government Inquiry: 1-866-626-4862 or 204-945-3744.
• Media requests for general information, contact Communications and Engagement: newsroom@gov.mb.ca.
• Media requests for ministerial comment, contact Cabinet Communications: cabcom@manitoba.ca.

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