P.E.I. deficit for 2014-2015 was $20.3M

The P.E.I. provincial government deficit for 2014-2015, as reported in audited statements released Wednesday morning, was $20.3M.

That is a significant improvement on the original budget figures tabled by former finance minister Wes Sheridan in the spring of 2014. Sheridan predicted a $39.7-million deficit. The government said in June there would be a slight improvement on that.

The audited figures released late Wednesday morning show that projected deficit cut almost in half.

The lower deficit comes almost equally from higher revenues and lower spending than what was in the original budget.

Revenues were $9.9 million higher, and expenses down $9.8 million. The biggest savings were in Agriculture and Forestry, Health and Wellness, and Innovation in Advanced Learning. Those savings made up for higher spending in Tourism and Culture and Transportation and Infrastructure Renewal.

"I think you can go to pretty well all the departments and to the individuals in the department and you've got to give credit to them, they did some yeoman work in ensuring that we reduced our expenditures," said Finance Minister Allen Roach.

Opposition finance critic Darlene Compton says the province received an unexpected cash windfall last year from the federal government in exchange for P.E.I. joining a national capital markets regulatory system.

"It's a one-time payment that goes on the books this year, so $35 million goes a long way in bringing down that deficit."

Roach says government will continue looking at ways to reduce spending.

He also says government remains on target for tabling a balanced budget in the spring.

See a chart of changes in budgeted spending here.

This most recent deficit puts the province's net debt at $2.13 billion. The government notes the province's net debt to GDP ratio is the lowest in the Maritimes.

Deficit for 2015-16 is a projection.

See a chart of annual deficits here.