P.E.I.'s deficit nearly double the amount projected in budget, audited financial statements show

Source: Prince Edward Island - Regional News
Date: 2026-10-02 20:00:25.0
Tags: [Prince Edward Island, Finance, Healthcare, Agriculture, Economy]

The Prince Edward Island government released its audited financial statements showing a fiscal year 2025-26 deficit of $355.5 million, nearly double the initial budget projection of $183.9 million. The higher deficit was driven by significant over-budget expenditures, including $127.1 million extra spent on health care and $64.1 million over budget in the Department of Agriculture primarily due to crop insurance claims for potatoes and soybeans following drought conditions. Consequently, the province's net debt reached $3.7 billion as of March 31, 2026, translating to roughly $20,224 per resident, while provincial tax revenues remained closely aligned with the original budget within a 0.3 per cent margin.