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Provincial and territorial government finance: Assets and liabilities
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On March 31, 2006, the net financial debt (defined as the excess of liabilities over financial assets) of provincial and territorial general governments reached $253 billion, down $6 billion or 2.3% compared with March 31, 2005. Financial assets were up 7.5% to $333.8 billion, and total liabilities were up 3.0% to $586.8 billion.
While Quebec and Ontario posted a combined increase in net financial debt of $5.5 billion between 2005 and 2006, Alberta, British Columbia and Saskatchewan lowered their combined total provincial and territorial general government net financial debt by $11.6 billion. The financial assets of Alberta, Northwest Territories and Yukon continued to exceed their liabilities in 2006.
As a percentage of the gross domestic product, the net financial debt of provincial and territorial general governments reached a 15-year low at 17.7% in 2006, down from 19.4% in 2005 and well below the peak of 28.8% recorded in 1996.
The per capita net financial debt of provincial and territorial general governments decreased from $8,042 in 2005 to $7,776 in 2006. It is the lowest per capita net financial debt in the last 11 years. Although Newfoundland and Labrador posted a decrease of 4.1% in its net financial debt in 2006, the per capita net financial debt was still the highest in Canada at $18,787, down from $19,439 in 2005. Quebec, at $13,549, and Nova Scotia, at $12,594, had the second and third highest net financial debts per capita.
Note: These statistics are based on the actual data released in the provincial and territorial governments' public accounts dated March 31, 2006 and converted to Statistics Canada's Financial Management System.
The Financial Management System (FMS) provides a standardized presentation of government accounting for the federal, provincial and local governments in Canada. The individual governments' accounting systems are not directly comparable because the policies and structure of governments differ.
The FMS adjusts data from governments' public accounts and other records to provide detailed data that permit inter-government comparisons as well as compatible national aggregates that are consistent over time. As a result, FMS statistics may not accord with the figures published in government financial statements. A reconciliation statement between the public accounts and the FMS is available on CANSIM.
This release is the second in a series of four data products related to government balance sheets (reference date March 31, 2006) in Canada. The federal government balance sheet was released on December 21, 2006 and the local government and consolidated government balance sheet will be released in April 2008.
Available on CANSIM: tables 385-0014, 385-0018, 385-0019, 385-0025, 385-0026 and 385-0029.
Definitions, data sources and methods: survey number 1709.
Data tables on the provincial and territorial government finance: Assets and liabilities are also available online in the National economic accounts module on our website.
For more information or to order data, contact Client Services (613-951-0767; fe-pid-dipinfo@statcan.gc.ca). To enquire about the concepts, methods or quality of this release, contact Philippe Samborski (613-951-7101; philippe.samborski@statcan.gc.ca), Public Institutions Division.
Table(s).
