Saskatchewan Reports Budget Surplus of $182 MillionSaskatchewan Reports Budget Surplus of $182 Million Saskatchewan ended its 2023-2024 fiscal year with an operating surplus of $182 million, according to the Ministry of Finance’s report released on Thursday. This represents a significant turnaround from the projected deficit of $482.5 million in the government’s third quarter budget update. The surplus was primarily attributed to higher-than-expected revenues, which increased by $610 million. This was driven by strong growth in the province’s economy, including a record population of 1,231,043 as of April. Taxes and other own-source revenues increased significantly. However, spending also rose by $55 million compared to the third quarter budget update. The largest cost increases were seen in agriculture, due to higher crop insurance payments, and healthcare, due to increased demand. Finance Minister Donna Harpauer said that the province’s growing population and second-fastest growing economy in Canada contributed to the revenue increases. She also noted that the surplus was achieved despite substantial cost increases to support essential services such as education, healthcare, and community programs. Harpauer emphasized the importance of prudent financial planning, but acknowledged the challenges posed by external factors. She expressed optimism about the province’s economic prospects, citing the diversity of its industries and the continued growth across various sectors. The government’s report is expected to provide further details on revenue and spending figures in the coming days.
Finance Minister Donna Harpauer said the province “saw significant revenue increases from the third quarter to the end of the year for all sources except federal transfers.” (Brittany Caffet/650 CKOM)
Saskatchewan ended the 2023-2024 fiscal year with an operating surplus of $182 million, the Ministry of Finance reported Thursday.
Spending fell by $55 million compared to figures in the government’s third quarter budget update, the ministry said, while revenues rose by $610 million.
The ministry said the third quarter update forecast a deficit of $482.5 million, meaning the surplus represents an improvement of $664.7 million.
According to the government, the change was due to “significant increases in taxes and other own-source revenues” driven by the province’s growing population and the country’s second-fastest growing economy.
According to Statistics Canada, the province reached a record 1,231,043 in April.
“We experienced significant revenue increases from the third quarter through the end of the year from all sources except federal transfers,” Treasury Secretary Donna Harpauer said in a statement.
READ MORE:
“At the same time, there was also a substantial increase in costs during the year. This investment is needed to support our growing province and the things that matter most to Saskatchewan residents – classrooms, care and communities.”
When it comes to costs, agriculture saw the biggest increase due to higher crop insurance payments. Healthcare costs were also higher because demand increased.
Harpauer said it is important to make financial predictions, but noted that situations at home and around the world “have led to some extraordinary swings over the course of 2023-2024.
“Fortunately,” she added, “we were able to end the year with a surplus thanks to the strength of our economy, which continues to show increasing growth across a wide range of sectors.”
More to come…
