Manitoba Government Releases Public Accounts for 2024-25 Fiscal Year and First Quarter Report for 2025-26

Press Release

September 26, 2025

The Manitoba government released its public accounts for the 2024-25 fiscal year and the first quarter report for 2025-26, noting an improvement in the deficit from the third quarter, Finance Minister Adrien Sala announced today.

“Through smart fiscal management, our team has been able to reduce the deficit left to us by the previous government,” said Sala. “At the same time, our economy is showing resilience, with population growth and key sectors outperforming expectations. We are committed to careful financial management so Manitoba can weather today’s challenges and build a stronger, more affordable future for families.”

The Manitoba government’s summary financial position as of March 31, 2025, is a deficit of $1.15 billion, a 42 per cent reduction in the deficit reported in the 2023-24 public accounts. The deficit is $90 million lower than the third-quarter update.

Manitoba’s economy showed moderate growth in 2024-25. Record population growth helped increase the service-producing sectors, particularly in the arts, entertainment, recreation and air travel industries, above Budget 2024 expectations.

The province also released its first-quarter forecast for 2025-26, which provides a projection to the fiscal year-end as of June 30. Manitoba’s economy has proven resilient, the minister noted Budget 2025 included a downside tariff scenario, which forecast a recessionary environment with a reduction in gross domestic product of as much as 3.8 per cent. Real economic growth in 2025 is now projected at 1.2 per cent.

The forecast for fiscal year 2025-26 is a net loss of $890 million. The $96 million increase to the deficit from Budget 2025 is primarily driven by wildfires costs. Total revenue is forecast at $25.1 billion, while total expenses are forecast at $26 billion.

The annual report and public accounts for the year ended March 31, 2025, are available at: https://gov.mb.ca/government/finances/index.html.

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For more information:

• Public information, contact Manitoba Government Inquiry: mgi@gov.mb.ca or 1-866-626-4862 or 204-945-3744.
• Media requests for general information, contact Communications and Engagement: newsroom@gov.mb.ca.
• Media requests for ministerial comment, contact Cabinet Communications: cabcom@manitoba.ca.

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