Premier Sandy Silver at Yukon Legislative Assembly in Whitehorse on Oct. 1. Silver tabled documents at the assembly Oct. 31, that show the Liberal government had a non-consolidated annual surplus of $18.7 million last year. (Crystal Schick/Yukon News file)

Yukon public accounts show $18.7 million surplus for 2017-2018

The non-consolidated surplus is almost triple what the Liberals had predicted

The Yukon government ran a non-consolidated annual surplus of more than $18 million in the 2017-2018 fiscal year, according to public accounts released this week.

The documents, which Premier and Finance Minister Sandy Silver tabled in the Yukon Legislative Assembly Oct. 31, show that the Liberal government had a non-consolidated annual surplus of $18.7 million last year, which is almost three times the $6.5 million-surplus it projected when it tabled its first budget in April 2017.

“Non-consolidated” means the figure does not take into account the finances of corporations like Yukon College, the Yukon Hospital Corporation or Yukon Liquor Corporation.

The larger-than-forecasted surplus, according to an Oct. 31 press release, can be attributed mainly to higher-than-estimated revenues and lower-than-estimated expenses.

On the consolidated side, there was annual surplus of $53 million — $20 million more than the planned surplus of $33 million. That surplus can be attributed to the fact that while revenues were lower than expected, they were offset by lower-than-expected expenses, according to a financial statement discussion and analysis.

The public accounts also show a drop in the Yukon government’s non-consolidated net financial assets in 2017-2018. While it started the fiscal year with $88 million, that figure decreased by $51 million, leaving the Liberals with $37 million by the end.

The press release attributes the decrease to “continued investment in the development of buildings, infrastructure and other tangible capital assets,” with other documents noting the construction of the Whistlebend Continuing Care Facility and Whitehorse General Hospital expansion as examples.

The documents also show an increase in expenses compared to the previous fiscal year for the Yukon Legislative Assembly, the Child and Youth Advocate Office, the French Language Services Directorate, and the departments of community services, education, health and social services and justice, among others.

The Yukon government’s consolidated net financial assets were $248 million at the end of the fiscal year, down from $274 million at the beginning.

The press release says that the Yukon government is taking a “three-pronged approach” to establish a “more strategic and sustainable method of fiscal planning,” which include a “comprehensive review of programs and services delivered by the Department of Health and Social Services” and “a review of internal efficiencies.”

The government ran a $5.4 million deficit in 2016-2017. It has previously projected deficits for the 2018-2019 and 2019-2020 fiscal years before seeing a small surplus in 2020-2021.

Contact Jackie Hong at jackie.hong@yukon-news.com

budgetFinancesSandy SilversurplusYukon

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Dr. Brendan Hanley, Yukon’s chief medical officer of health, speaks to media at a press conference about COVID-19 in Whitehorse on March 30. The Yukon government announced three new cases of COVID-19 in Watson Lake on Oct. 23. (Crystal Schick/Yukon News file)
Three new COVID-19 cases identified in Watson Lake

The Yukon government has identified three locations in town where public exposure may have occurred

Indigenous lobster boats head from the harbour in Saulnierville, N.S. on Oct. 21. Elected officials in the Yukon, including all 19 members of the legislature, are backing the right of Mi’kmaq fishers on the East Coast to launch a moderate livelihood fishery. (Andrew Vaughan/CP)
Yukon legislature passes motion to support Mi’kmaw fishery

“It’s not easy, but it’s also necessary for us to have these very difficult conversations”

A pedestrian passes by an offsales sandwich board along Fourth Avenue in Whitehorse on Oct. 22. NDP MLA Liz Hanson raised concerns Oct. 21 in the legislature about increased hospitalizations due to alcohol consumption that correlate with an extension in the hours alcohol can be sold in the territory. (Crystal Schick/Yukon News)
Alcohol-related hospitalizations rise after off-sales hours extended

Reduced hours for off-sale liquor establishments likely part of Liquor Act spring reforms

Tourism and Culture Minister Jeanie McLean (formerly Dendys) speaks during legislative assembly in Whitehorse on Nov. 27, 2017. The Yukon government has announced $2.8 million in tourism relief funding aimed at businesses in the accommodation sector that have already maxed out existing funds. (Crystal Schick/Yukon News file)
Tourism relief funding offers $2.8 million to hotels and overnight accommodations

$15 million in relief funding is planned for the tourism sector over the next three years

The Whitehorse sewage lagoons photographed in 2011. With new regulations for wastewater anticipated to be introduced by the federal government within the next decade, the City of Whitehorse may soon be doing some prep work by looking at exactly what type of pollutants are making their way into the city’s wastewater. (Ian Stewart/Yukon News file)
Pondering pollutants

City could spend $70,000 looking at what contaminents are in waste water

The Yukon government is asking for all claims in a lawsuit over the Takhini elk herd be struck by the court. (Mike Thomas/Yukon News file)
Yukon government asks for Takhini elk lawsuit to be struck

The Yukon government is asking for all claims in a lawsuit over… Continue reading

The Yukon government has filed a reply to an outfitter’s petition challenging the reduction of its caribou quota to zero. (Yukon News file)
YG replies to outfitter’s legal challenge over caribou quota

The Yukon government has filed a reply to an outfitter’s petition challenging… Continue reading

The Yukon government is encouraging people to get the flu vaccine this year, saying that with COVID-19, it’s “more important than ever.” (Black Press file)
Get flu vaccine, Yukon government urges

The Yukon government is encouraging people to get the flu vaccine this… Continue reading

Benjamin Munn, 12, watches the HPV vaccine in 2013. Beginning Jan. 1, 2021, the Human Papillomavirus (HPV) vaccine will be available to all Yukoners up to, and including, age 26. Currently the program is only available to girls ages nine to 18 and boys ages nine to 14. (Dan Bates/Black Press file)
HPV vaccine will be available to Yukoners up to, including, age 26

Beginning Jan. 1, 2021, the Human Papillomavirus (HPV) vaccine will be available… Continue reading

Whitehorse City Hall. (Joel Krahn/Yukon News file)
City hall, briefly

A look at decisions made by Whitehorse city council this week

asdf
COMMENTARY: Me and systemic racism

The view from a place of privilege

asdf
Today’s mailbox: Electricity and air travel

Letters to the editor published Oct. 23, 2020

Yukonomist Keith Halliday
Yukonomist: Irony versus Climate

Lately it seems like Irony has taken over as Editor-in-Chief at media… Continue reading

Most Read