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Budget against actual, 2024-25
The budget for 2024-25 planned $11.01 billion of spending by government departments1Source 1 . They spent $10.64 billion2Source 2 , $368 million under the plan. Across the whole government the year ended with a deficit of $297 million3Source 3 and net debt of $18.44 billion4Source 4 .
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| Line | Budgeted | Spent | Over (under) |
|---|---|---|---|
| Current account | $10.06 billion | $9.85 billion | ($211 million) |
| Capital account | $955 million | $798 million | ($158 million) |
| Spending by departments | $11.01 billion | $10.64 billion | ($368 million) |
| Revenue tied to that spending | $1.06 billion | $993 million | ($63 million) |
| Other provincial and federal revenue | $7.90 billion | $7.67 billion | ($233 million) |
| Cash requirement | $2.06 billion | $1.98 billion | ($72.8 million) |
Modified cash basis, government departments only: the basis the House of Assembly votes on. Budgeted: Budget, Statements and Schedules 2024-25, p. 22. Spent: Report on the Program Expenditures and Revenues of the Consolidated Revenue Fund 2024-25, p. 9.
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| Line | Budget | Actual | Difference |
|---|---|---|---|
| Revenue | $10.30 billion | $10.37 billion | $68.9 million |
| Expense | $10.45 billion | $10.66 billion | $214 million |
| Surplus or (deficit) | ($152 million) | ($297 million) | ($145 million) |
| Net debt at 31 March 20255Source 5 | $17.82 billion | $18.44 billion | $618 million |
Accrual basis, audited: departments together with Crown corporations, boards and authorities. Public Accounts, Consolidated Summary Financial Statements, p. 68 and p. 66. The budget column is the Original Budget the statements print, unaudited. Net debt for each person in the province, as the province works it out: $33,7996Source 6 .
Two ways of counting, side by side
The first statement counts cash paid by government departments, which is what the House of Assembly votes on. The second is the audited result for the whole government: it adds Newfoundland and Labrador Health Services, Memorial University, Newfoundland and Labrador Hydro and the other public bodies the province controls, and records costs when they are incurred, not when they are paid. The province publishes both. A figure from one cannot be added to or subtracted from a figure in the other. How they line up.
By department, largest differences first
What each department was budgeted in the spring of 2024, what it spent by 31 March 2025, and the difference.
- Spent over the budget
- Budget not spent
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Gross spending, before the revenue departments collect against their own spending. Budgeted is the department's total in the Estimates given to the House with the budget (Budget source); spent is its total in the Report's summary statements (Actual source). Amounts in parentheses are spending below the budget. A department can be given more, or less, during the year; those amended estimates are on each department's page.
Year by year
Each year as its own documents printed it. The two newest budgets have no published results yet.
- Spent
- Budgeted
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| Fiscal year | Budgeted | Spent | Over (under) |
|---|---|---|---|
| 2019-20Budget sourceActual source | $8.65 billion | $8.21 billion | ($440 million) |
| 2020-21Budget sourceActual source | $8.51 billion | $7.93 billion | ($586 million) |
| 2021-22Budget sourceActual source | $9.10 billion | $8.88 billion | ($223 million) |
| 2022-23Budget sourceActual source | $9.09 billion | $9.11 billion | $23.2 million |
| 2023-24Budget sourceActual source | $9.91 billion | $9.57 billion | ($340 million) |
| 2024-25Budget sourceActual source | $11.01 billion | $10.64 billion | ($368 million) |
| 2025-26Budget source | $12.06 billion | not yet published | |
| 2026-27Budget source | $12.93 billion | not yet published |
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| Fiscal year | Budget | Actual | Net debt at year end |
|---|---|---|---|
| 2019-20Accounts sourceNet debt source | $1.92 billion | $1.12 billion | $14.43 billion |
| 2020-21Accounts sourceNet debt source | ($1.84 billion) | ($1.49 billion) | $16.02 billion |
| 2021-22Accounts sourceNet debt source | ($825 million) | ($272 million) | $16.37 billion |
| 2022-23Accounts sourceNet debt source | ($351 million) | $323 million | $16.51 billion |
| 2023-24Accounts sourceNet debt source | ($160 million) | ($459 million) | $17.67 billion |
| 2024-25Accounts sourceNet debt source | ($152 million) | ($297 million) | $18.44 billion |
| 2025-26Budget sourceNet debt budget source | ($372 million) | not yet published | $19.45 billion |
| 2026-27Budget sourceNet debt budget source | ($689 million) | not yet published | $20.84 billion |
A surplus is printed plain and a deficit in parentheses. The 2019-20 Public Accounts put that year's surplus down "in large part" to the Atlantic Accord (2019) (source). Later accounts restated some of these figures: 2021-22 deficit to $277 million (p. 62) and net debt to $16.92 billion (p. 60); 2022-23 surplus to $321 million (p. 66) and net debt to $16.50 billion (p. 64). The table shows each year as first published.
How these figures were checked
Every figure here is read by a script from the province's own documents, then added up and compared with what those documents print. How the budget and the accounts line up.
Where a check does not hold, the province's documents disagree with each other:
- Executive Council, 2020-21: the Report's Original column adds to $250,118,900; the Estimates say $252,162,100. The Estimates' figure is used.
- Labrador Affairs, 2024-25: the Report's Original column adds to nothing, because it prints no detail for the department; the Estimates say $18,124,300. The Estimates' figure is used.
- Subtotals of the Report's cash statement that recompute
- 48 of 48
- Years the departments add to the Report's total
- 6 of 6
- Years the departments add to the Estimates' total
- 8 of 8
- Budget figures the same in the Report and the budget
- 36 of 36
- Department budgets the same in the Report and the Estimates
- 112 of 114
- Public Accounts totals that recompute
- 24 of 24
Notes
- Budget, Statements and Schedules 2024-25, Summary of Cash Requirements (Statement I): gross expenditure, current account $10,057,872,000 and capital account $955,464,000. Open the source
- Report on the Program Expenditures and Revenues of the Consolidated Revenue Fund 2024-25, Statement of Budgetary Contribution: gross expenditure, current account $9,847,235,000 and capital account $797,617,000 (Actuals); the Original Estimates column beside them reprints the budget's figures. Open the source
- Public Accounts, Consolidated Summary Financial Statements for the year ended 31 March 2025, Consolidated Statement of Operations: total revenue $10,365,302,000, total expense $10,661,939,000, annual deficit $296,637,000 (Actuals); $10,296,444,000, $10,448,393,000 and $151,949,000 (Original Budget, unaudited). Open the source
- Public Accounts, Consolidated Summary Financial Statements for the year ended 31 March 2025, Consolidated Statement of Financial Position: net debt $18,435,914,000 at 31 March 2025. Open the source
- Public Accounts, Consolidated Summary Financial Statements for the year ended 31 March 2025, Consolidated Statement of Change in Net Debt: net debt at the end of the period $17,817,633,000 (Original Budget). Open the source
- Public Accounts, Consolidated Summary Financial Statements for the year ended 31 March 2025, financial statement discussion and analysis: net debt per capita $33,799. Open the source