The Government of Nunavut’s public-accounts page still lists its 2024–25 accounts as the newest audited financial results. The accounts were updated online Jan. 20, 2026 and cover the fiscal year ending March 31, 2025. Auditor General Karen Hogan gave an unmodified audit opinion, meaning the consolidated statements fairly present the government’s financial position in all material respects. ᓇᑭᓐᖔᖅᓯᒪᓂᖏᑦ↗

The accounts report $3.47 billion in revenue and $3.274 billion in expenses, leaving a $196.93-million annual surplus. That was $153.5 million higher than the budgeted surplus. Government analysis attributes the result mainly to revenue that came in $161.2 million above budget, including $60.9 million in tobacco-settlement proceeds. The government says the future size and timing of those settlement payments are uncertain. ᓇᑭᓐᖔᖅᓯᒪᓂᖏᑦ↗

Health was the largest spending department at $917.7 million, or 28 per cent of total expenses. It spent $198.5 million more than budgeted. Family Services was $39.7 million over budget and Housing was $28.9 million over. The government attributes the health increase to higher demand, inflation, medical supplies and equipment, and increased medical-travel costs including medevac-related air charters. ᓇᑭᓐᖔᖅᓯᒪᓂᖏᑦ↗

The accounts also show total liabilities of $1.56 billion as of March 31, 2025, up from $1.39 billion a year earlier. They report $3.07 billion in tangible capital assets, such as buildings and infrastructure, and $742.0 million in net financial assets. ᓇᑭᓐᖔᖅᓯᒪᓂᖏᑦ↗

The audited record gives residents and MLAs a final look at how the government’s past budget matched what it actually spent. The largest pressures were in services people rely on, especially health care, family services and housing.

A yearly accounting surplus is not the same as uncommitted cash for a new program. It reflects the year’s full revenues and expenses under public-sector accounting rules. The accounts show that revenue above forecast, including a one-time or uncertain source, offset spending pressures that exceeded the original budget.

The 2024–25 accounts are a completed audit, not a new spending approval. The Government of Nunavut’s public-accounts page has not yet posted audited 2025–26 results. The next accounts will be the record to watch for whether health, housing and family-services cost pressures continued and whether revenue remained above budget. ᓇᑭᓐᖔᖅᓯᒪᓂᖏᑦ↗

• Fiscal year covered: April 1, 2024 to March 31, 2025.
• Auditor General’s report date: Dec. 12, 2025.
• Online document update date: Jan. 20, 2026.
• Annual surplus: $196.93 million, compared with a $43.43-million budgeted surplus.
• Total revenue: $3.471 billion; total expenses: $3.274 billion.
• Health actual spending: $917.67 million, $198.50 million above budget.
• Family Services: $246.93 million, $39.67 million above budget.
• Housing: $374.70 million, $28.89 million above budget.
• Total liabilities at March 31, 2025: $1.560 billion.
• The Auditor General concluded the statements fairly presented the government’s position in all material respects and found transactions that came to the audit’s attention complied in all material respects with the specified legal authorities. ᓇᑭᓐᖔᖅᓯᒪᓂᖏᑦ↗