Learn about the territory’s public accounts

At the end of the fiscal year, the government undergoes a rigorous process to reconcile its finances. All debits and credits for the previous fiscal year are cross-checked and verified. The government's financial statements are then audited by the Office of the Auditor General (OAG). These audited financial statements are published as the public accounts.

Process

The public accounts are:

• prepared by the Office of the Comptroller;
• audited by the Auditor General of Canada (OAG);
• presented by the Minister of Finance to Management Board for approval;
• tabled in the Legislative Assembly;
• distributed to the public; and
• referred to the Standing Committee on Public Accounts for review.

The public accounts must follow public sector accounting standards. This is legislated by the Yukon Act.

Oversight

The Office of the Comptroller oversees the government’s financial management and control systems. The comptroller ensures that proper financial and accounting policies, procedures and records are in place and followed.

Audit opinion

The Office of the Auditor General (OAG) of Canada audits the government’s financial statements each year. When complete, the OAG gives an audit opinion.

Unqualified audit opinion

This means that the public accounts fairly represent the financial position of the government. This includes compliance with:

• public sector accounting standards; and
• relevant legislation in Yukon, such as the Yukon Act and the Financial Administration Act.

Layout

The public accounts are presented in 3 parts:

• Part 1. Financial statement discussion and analysis;
• Part 2. Audited consolidated financial statements; and
• Part 3. Non-consolidated financial statements.

Part 1. Financial statement, discussion and analysis

This section provides a plain-language overview on the financial activity of the government. It includes a summary of the government’s financial position at the end of the fiscal year, as well as trends over time. It also compares Yukon’s economy and financial position to other provinces and territories.

Part 2. Audited consolidated financial statements

This section provides financial information in a consolidated format by function. (See Part 3 for information by department.)

This section reports on entities controlled by the government, including:

• departments;
• revolving funds; and
• public corporations.

The statements in this section:

• adhere to public sector accounting standards; and
• cover financial activities under the control of the government.

The statements include information about:

• annual surplus or deficit;
• net financial assets and accumulated surplus;
• revenues;
• expenses;
• assets (including tangible capital assets); and
• liabilities.

Our financial position at the end of the fiscal year is listed as either:

• net financial assets; or
• net financial debt.

Net financial asset position

This occurs when there are more financial assets than liabilities.

Net financial debt position

This occurs when there are more liabilities than financial assets.

Part 3. Non-consolidated financial statements­­­

Part 3 is divided into 3 sections.

Section I

This presents unaudited financial statements for the government. It provides financial information in a non-consolidated format by department. (See Part 2 for information by function.)

Section II

This presents supplementary unaudited financial information for the government. The schedules contain specific topics by department. They also provide comparisons to either:

• prior year values; or
• budget estimates.

Sections I and II can be used to compare budget estimates to actual spending on a non-consolidated basis.

• Learn more about the territory’s budget

Section III

This presents the audited financial statements of government reporting entities, including:

• Yukon Development Corporation;
• Yukon Hospital Corporation;
• Yukon Housing Corporation;
• Yukon Liquor Corporation;
• Yukon University; and
• Compensation Fund (Yukon).