Public Accounts

of the Province of

Prince Edward Island

Volume I

Consolidated Financial Statements

For the Year Ended March 31 st

2010

To Her HonourThe Honourable Barbara A. HagermanLieutenant-Governor of the Province ofPrince Edward Island

May It Please Your Honour:

The undersigned has the honour to submit herewith the Public Accounts Volume 1 of the Province ofPrince Edward Island for the fiscal year ended March 31,2010.

Respectfully submitted,

Hon. Wes SheridanMinister of Finance and Municipal Affairs

Department of Finance and Municipal AffairsCharlottetown, Prince Edward Island

To the Honourable Wes SheridanMinister of Finance and Municipal Affairs

Sir:

I have the honour to submit herewith the Public Accounts Volume 1 of the Province of Prince EdwardIsland for the fiscal year ended March 31,2010.

Respectfully submitted,

K. Scott Stevens, C.G.A.Comptroller

Office of the ComptrollerCharlottetown, Prince Edward Island

Province of Prince Edward Island

Table of ContentsVolume I - Consolidated Financial Statements

For the Fiscal Year Ended March 31, 2010

Introduction .

Financial Statement Discussion and AnalysisGlossary of Terms .

Summary Financial Information .Financial Highlights .

Revenue .Expense by Ministry .Expense by Object .Gross Domestic Product Distribution .

Consolidated Financial StatementsStatement of Responsibility .Auditor's Report .Consolidated Statement of Financial Position .Consolidated Statement of Operations and Accumulated Deficit .

Consolidated Statement of Changes in Net Debt .

Consolidated Statement of Cash Flow .Notes to the Consolidated Financial Statements .Schedules to the Consolidated Financial Statements .Schedule 40 - Reconciliation of Consolidated Surplus (Deficit) .Schedule 41 - Restatement of 2009-2010 Budget Estimates .

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CONSOLIDATED FINANCIAL STATEMENTS 2009-2010

Introduction

The Consolidated Financial Statements of the Province of Prince Edward Island are presented

through the publication of the Public Accounts, Volume I. These statements consolidate the

financial statements of the Province's Operating Fund with the financial statements of Agencies,

Boards and Crown Corporations owned or controlled by the Province of Prince Edward Island.

The Consolidated Financial Statements, and Operating Fund financial statements, are prepared

on the accrual basis of accounting in accordance with Canadian generally accepted accounting

principles for the public sector. Other significant accounting policies used by the Province are

described in the Notes to the Consolidated Financial Statements. The Consolidated Financial

Statements are prepared by the Comptroller and are audited by the Auditor General, who

presents an annual report to the Legislative Assembly on the results of his audit.

The Public Accounts for the Year Ended March 31, 2010 consists of two volumes:

Volume I - Consolidated Financial Statements presents the audited Consolidated

Financial Statements of the Provincial reporting entity as described in Note 1 to the financial

statements.

Volume 11- Operating Fund Financial Statements, Details of Revenues and Expensesand Financial Statements of Agencies, Boards and Crown Corporations presents the

unaudited financial statements of the Operating Fund, the unaudited details of revenues and

expenses ofthe Operating Fund and a reproduction of the available audited financial statements

of the Agencies, Boards and Crown Corporations owned or controlled by the Province.

The Public Accounts of the Province are tabled in the Legislative Assembly in accordance with

Section 61 of the Financial Administration Act.

Internet Address - Volumes I and II of the Public Accounts are available in PDF format on the

Province's website and they can be ordered through the website at:

www.gov.pe.ca/publications

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