P.E.I. reports $83.8-million surplus for 2021-22 fiscal year
CHARLOTTETOWN, P.E.I. — The P.E.I. authorities is reporting an $83.8-million surplus for the 2021-22 fiscal yr.
The determine was highlighted within the province’s audited monetary statements that had been launched Monday. The provincial Division of Finance attributed the excess to larger than anticipated revenues from provincial taxes and federal authorities transfers.
Moreover, finance officers stated private and company revenue taxes had been higher than anticipated from the province’s third-quarter forecast. Tax returns for 2021 confirmed a transition off COVID assist applications as public well being measures eased in 2021.
The province’s authentic projected deficit for the fiscal yr was forecasted at $26.5 million in February 2022. The development within the last outcomes was attributed to a further $79.5 million in revenues that the Canada Income Company reported after the fiscal yr ended.
P.E.I. Finance Minister Mark McLane stated the figures present a pattern throughout the nation displaying a powerful fiscal and financial place.
“As we proceed to remain aware of the worldwide challenges which have offered themselves in rising inflation and rising rates of interest, we’re happy to be in a optimistic place the place we will give attention to elevated investments in areas of want and additional improvement for our provinces,” stated McLane.
