01/16/2013 11:07 EST | Updated 03/18/2013 05:12 EDT

Newfoundland and Labrador records $883 million surplus for 2011-2012 fiscal year

ST. JOHN'S, N.L. - Newfoundland and Labrador's finance minister says offshore oil royalties and increases in tax revenue helped propel it to a higher surplus in the last fiscal year than it projected.

Tom Marshall released the province's audited financial statements for the 2011-2012 fiscal year today, which show a surplus of $882.8 million.

That's up from the $776.4 million surplus the government had forecast in its April 2012 budget and far higher than its initial projection of a $59.1 million surplus.

Marshall says that change was driven by growth in personal income and sales taxes as well as offshore oil royalties that were $590 million over budget.

He says that shows the volatility of the province's revenue streams and reinforces the need to rein in spending as the province forecasts lower revenues for this fiscal year.