Winnipeg Free Press - ONLINE EDITION

Province incurs close to $1B deficit: report

  • Print

Finance Minister Stan Struthers released his final report on the province’s books for the 2011-2012 fiscal year today, and the results, while grim, are better than earlier projected.

The government incurred a deficit of $999 million for the year ending March 31, 2012 – an improvement of $121 million over its last forecast in spring.

"Last year was unlike any other in Manitoba's history," Struthers said in a release. "We faced a flood of unprecedented scale, saw growing pressures in the frontlines of child welfare and corrections, all in the midst of a sluggish global economic recovery, and we came through it a little better than expected. These challenges are still with us, but this is a modest improvement."

The $999 million summary deficit, which includes the performance of Crown corporations, is an all-time record for the province.

Struthers will release the first quarterly financial report for the current fiscal year on Monday.

The province also announced today that the legislature will resume sitting on Nov. 19. The session will begin with the reading of the speech from the throne.

Volume 1 of the province’s financial report released today can be found here.

In his year-end economic report, Struthers said strong population growth and stronger consumer spending, including activity related to the return of the Winnipeg Jets, boosted spending in Manitoba’s service sector in 2011.

Industrial output in the service-producing sector expanded by three per cent with commercial services increasing by 3.3 per cent and non-commercial service increasing by 2.4 per cent, he said.

The Manitoba Bureau of Statistics estimates that Manitoba’s economy grew 2.2 per cent in 2011 following 2.3 per cent growth in 2010. Gross Domestic Product

(GDP) increased 2.2 per cent with nominal GDP reaching $56.9 billion.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Peguis Chief Hudson comments on toddler's death upgrade to homicide investigation

View more like this

Photo Store Gallery

  • A baby Red Panda in her area at the Zoo. International Red Panda Day is Saturday September 15th and the Assiniboine Park Zoo will be celebrating in a big way! The Zoo is home to three red pandas - Rufus, Rouge and their cub who was born on June 30 of this year. The female cub has yet to be named and the Assiniboine Park Zoo is asking the community to help. September 14, 2012  BORIS MINKEVICH / WINNIPEG FREE PRESS
  • KEN GIGLIOTTI  WINNIPEG FREE PRESS / July 23 2009 - 090723 - Bart Kives story - Harry Lazarenko Annual River Bank Tour - receding water from summer rains and erosion  damage by flood  and ice  during spring flooding -  Red River , Lyndale Dr. damage to tree roots , river bank damage  , high water marks after 2009 Flood - POY

View More Gallery Photos

Poll

Should Winnipeg control growth to deal with climate change?

View Results

View Related Story

Ads by Google