On April 4th, 2017 the Standing Committee on Government Operations (aka SCOGO, or Gov Ops) held a public review of the 2015-2016 Public Accounts with the GNWT’s Comptroller General Jamie Koe. Below is the video of the review, as well as background information.
Below is the Facebook Live video feed of the review.
The Public Accounts: An Overview – On the recommendation of the Standing Committee on Government Operations, the Department of Finance has, for the first time, produced a plain language pamphlet to help the public understand and interpret the Public Accounts.
Presentation by Office of the Comptroller General to SCOGO – This is the PowerPoint document provided to SCOGO by the Office of the Comptroller General.
2015 – 2016 Public Accounts of the Government of the Northwest Territories – Follow this link to find all 1,453 pages of the public accounts, divided by section.
What are the Public Accounts?
The following is taken from the GNWT Department of Finance website
The “Public Accounts” refer to the annual financial statements of the Government of the Northwest Territories (GNWT). The fiscal year of the GNWT is April 1st and March 31st of the following year. The financial statements disclose the financial position of the GNWT as at March 31st each year as well as the results of operations for the fiscal year and any necessary notes to provide further details of certain items in the statements.
Financial position provides information on the assets, liabilities, net debt and accumulated surplus (deficit) as at a point in time (March 31st). It provides information to evaluate the GNWT’s ability to finance its activities and to meet its liabilities and contractual obligations, and to assess the GNWT’s ability to provide future services.
Results of operations show the revenues and expenses of the GNWT for the fiscal year. This information demonstrates accountability of the resources that were provided to the GNWT and those used by the GNWT by showing results for the current year, prior year, and the budgeted revenues and expenses (i.e. Main Estimates).
The Public Accounts are published in two main sections: the Consolidated Financial Statements (Section I); and the Non-consolidated Financial Statements (Section II).
Consolidated Financial Statements (Section I)
The consolidated financial statements of the GNWT are comprised of the financial position and results of operations for all GNWT departments, revolving funds, public agencies, territorial corporations and other related entities which are considered part of the Government Reporting Entity under the financial accounting standards of the Public Sector Accounting Board.
The Office of the Auditor General of Canada audits the consolidated financial statements annually.
Non-consolidated Financial Statements (Section II)
The non-consolidated financial statements of the GNWT are comprised of the financial position and results of operations for GNWT departments and revolving funds only. More detailed results of operations are disclosed in the supplementary schedules of these financial statements. These schedules disclose further details regarding the nature of revenues and expenses by department.
Other Entities and Boards (Section III and Section IV)
The financial statements of Other Entities and the Boards are comprised of the financial position and results of operations for all Education boards, Health Boards, public agencies, territorial corporations and other related entities which are considered part of the Government Reporting Entity under the financial accounting standards of the Public Sector Accounting Board. These financials statements are part of the Consolidated Financial Statements (Section I) that are audited annually by the Office of the Auditor General.