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Budget Remains on Track Despite Drop in Oil Price

Released on November 27, 2014

Lower Oil Price Could Have More Impact on Next Year’s Budget

Saskatchewan remains on track to post a balanced budget in 2014-15.  The Mid-Year Report released today projects a year-end surplus of $70.9 million.

“While the price of oil has fallen in recent weeks, it remained high for the first few months of the fiscal year, so overall, resource revenues are still projected to be ahead of budget this year,” Finance Minister Ken Krawetz said.  “However, it now looks like we will start the 2015-16 Budget year with a lower oil price, which means our government will need to carefully manage spending.”

Krawetz said the Saskatchewan economy remains strong despite the impact of falling oil prices on government revenues.

“Right now, Saskatchewan has the strongest job growth and lowest unemployment rate in Canada,” Krawetz said.  “Most of the new jobs are not in the resource sector.  They are in other areas, which shows the importance of a strong, diversified economy.”

Total revenue for 2014-15 is now projected at $14.199 billion, up $126.4 million from budget. 

Projected revenue from non-renewable resources is up $59.5 million from budget.  Higher potash revenue and Crown land sales more than offset the projected revenue decrease in oil.

Net income from Crown Corporations and other Government Business Enterprises including the insurance sector is up $183.8 million from budget, while revenue from taxation, personal income tax, corporate income tax and tobacco is $145.3 million lower than expected at budget.

Total expense for 2014-15 is now projected at $14.129 billion, up $126.9 million from budget.
 
Much of this increase, about $107 million, is attributable to projected costs related to disaster assistance for those affected by recent flooding. 

“Our government will continue working hard to keep Saskatchewan’s economy and its finances strong,” Krawetz said.

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For more information, contact:

Jeff Welke
Finance
Regina
Phone: 306-787-6046
Email: jeff.welke@gov.sk.ca
Cell: 306-536-1185

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