Released on June 26, 2014
Saskatchewan finished the 2013-14 fiscal year with a $589 million surplus in its Summary Financial Statements (SFS), according to the province’s year-end financial results released today in Volume 1 of the 2013-14 Public Accounts. The summary surplus was $439 million higher than the $150 million forecast in the 2013-14 Budget.“The higher surplus is largely attributable to the insurance sector where investment returns were greater than expected and agricultural claims were lower than budgeted due to record crop production in 2013,” Finance Minister Ken Krawetz said. “While this is very good news, it is important to remember these were unusual circumstances and we can't count on these kinds of financial windfalls every year."
Total revenue was $14.42 billion, up $239 million or 1.7 per cent from budget. The increase is largely due to higher than expected investment income experienced by the Workers’ Compensation Board and Saskatchewan Auto Fund as well as higher than budgeted federal transfers and other own-source revenue.
Total expense was $13.83 billion in 2013-14, $200 million lower than budget. Much of the decrease is attributable to record crop production which resulted in considerably lower claims made for AgriStability and Crop Insurance programs.
According to the Acting Provincial Auditor’s report, the financial statements fairly present the financial position of the Government of Saskatchewan and the results of its operations, in accordance with Canadian public sector accounting standards.
“Despite volatility in oil and potash, 2013-14 was another good year for Saskatchewan,” Krawetz said. “We will continue to manage the province's finances carefully and keep Saskatchewan on the path of steady growth in 2014-15.”
-30-
For more information, contact:
Jeff Welke
Finance
Regina
Phone: 306-787-6046
Email: jeff.welke@gov.sk.ca
Cell: 306-536-1185