News Release

FREDERICTON (GNB) – Auditor general Paul Martin tabled a report today in the legislative assembly on his office’s financial statement audit of the provincial government for the 2022-23 fiscal year and other key findings.

“Overall, the province’s financial condition continued to improve in 2023. This is mostly due to this year’s surplus and a continued decrease to the province’s net debt,” said Martin.

The province’s surplus of $1 billion was its sixth consecutive surplus, and net debt is at its lowest point since 2015. Martin said this year’s surplus was partly driven by increases in harmonized sales tax, personal income tax and corporate income tax revenues. Net debt has also decreased for the fourth year in a row and now stands at $12.4 billion.

The report includes chapters on the province’s financial condition and findings from financial audits of the government and its Crown agencies.

“I am pleased to report we issued unqualified, or clean, audit opinions on the province’s financial statements and the financial statements of each Crown agency we audited,” said Martin.

The report also includes the auditor general’s concerns relating to NB Power’s ability to sustain its operations.

“I am concerned how NB Power will continue to manage its debt without imposing significant rate increases, receiving funding from the province, or reducing its expenses,” said Martin. “NB Power has over $5 billion in debt, has a recent history of not being profitable and faces significant challenges in the future with items such as refurbishing the Mactaquac dam.”

All chapters on the financial audit can be found in Volume III of the 2023 auditor general’s report, which is available online.