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The Standing Committee on Government operations is holding a public briefing on the Public Accounts of the GNWT 2016/17

Date: Thursday, April 19, 2018
Time: 1:30 pm.

How to watch:
– Bell Satellite – ch. 513
– Shaw Direct Classic – ch. 489
– Shaw Direct Advanced – ch. 289
– Legislative Assembly’s website
YouTube
Facebook Live

For more information, including all the documents check out the GNWT’s Public Accounts 2016-2017 website.

What are the Public Accounts?

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 (Sections III & 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.

Sourcehttp://www.fin.gov.nt.ca/about-us/office-comptroller-general/public-accounts

For more information, please contact:
Jennifer Franki-Smith, Committee Clerk
Legislative Assembly of the Northwest Territories
Phone: (867) 767-9130 ext. 12009
Fax: (867) 920-4735
E-mail: Jennifer_Franki-Smith@gov.nt.ca