Legislative Assembly

PUBLIC ACCOUNTS For the fiscal year ended March 31, 1966

Mr. Speaker, 1 shall now proceed to summarize the final figures for the fiscal year which ended on March 31, 1966.

The Public Accounts have been tabled, and provide the Members of this As- sembly and the public generally, with full details of all the various phases of the Government’s administration. It is, therefore, unnecessary for me to deal with them in anything other than a summary fashion at this time.

Total current revenues for the fiscal year 1965-66 were $30,433,275. Ex di- tures on ordinary account for the same period amounted to $28,477,593, lea a surplus on current account of $1,955,682, after providing $1,229,120 for sinking fund purposes. Capital e enditures amounted to $12,142,718. had offsetting capital re- ceipts of $3,095,241, t us leaving a net capital expenditure of $9,047,477.

Operations for the fiscal year ended March 31, 1966 on ordinary and ea ital

accounts show an increase in debt of some $5,313,146. The following anal is submitted for the information of Honourable Members: Net Capital Expenditure (Page 9) ......................................................... $ 9,047,477. Deduct Surplus on Ordinary Account .. .. $ 1,955.682. (Consolidated Revenue Fund) Net deficit on Agencies’ Accounts . —120,546. $ 1,835,136.

Amount of Sinking Fund Appropriation $1,229,120;

and earnings received transferred to Sinking

Fund Account $317,647. .................................................... . 1,546,767. Adjustments made to reserve for doubtful accounts,

previous years’ surplus, and increases in deferred

revenue and unamortized bonds discount ...................... 352,428. — $ -3,734,331. Increase in Net Debt (Page 7 of Public Accounts .. ., , . . .. , $ 5,313,146.

STATEMENT OF NET DEBT AS AT MARCH 31, 1966

(With comparative figures as at March 31, 1965) 1965 1966 Increases Total debt per balance sheet .. . .....,$56,148,891. $65,393,286. $ 9,244,395. Total realizable assets per balance sheet .......... 11,791,668. 15,722,917. 3,931,249. Net Debt .............................................. $44,357,223. $49,670,369. $ 5,313,146. Rep resented by: Capital Assets .. . . ............ .. $67,233,188. $75,674,273. $ 8,441,085. Unamortized bond discount .. , .. ............... 456,614. 613,780. 157,166. Le $67,689,802. $76,288,053. $ 8,598,251. ss:

Surplus (including sinking fund reserves $23,332,579. $26,265,084. $ 2,932,505. Deferred revenue .............................................. — 352,600. 352,600. $23,332,579. $26,617,684. $ 3,285,105. $44,357,223. $49,670,369. $ 5,313,146.

From the above statement, and the Consolidated Balance Sheet, page 3 of the Publiic 1misccgunts, we find that the total debt of the Province as at March 31, 1966 cons s o :

Funded Debt less sinking fund assets ............................................... $85,404,680. Bank Advances .................................................................................................... 9,427,032. Treasury Notes ..................................................................................... 11,850,000. Deposit Receipts ................................................................................................. 4,843,588. Accounts Payable and accrued liabilities .................................................... 2,295,613.

——382—