Released on October 28, 1999
Finance Minister Eric Cline today released the 1998-99 Public Accounts,confirming Saskatchewan's fifth consecutive balanced budget, further reduction
in the public debt, and increased investment in key program areas such as
health, agriculture and highways.
The Public Accounts show the province's financial position to March 31, 1999.
"I am pleased to report that we met the key objectives set out in the 1998-99
Budget," Cline said. "Taxes came down, there was continued debt reduction and
we were able to put increased resources into priority areas, particularly our
health system. In addition, $140 million was set aside to help our farmers.
"These Public Accounts confirm that Saskatchewan's financial position continues
to improve. Sound financial management pays tangible dividends in the form of
a growing economy. This in turn gives us the ability to lower taxes, pay down
debt and invest more in key program areas."
Highlights from the GRF financial statements include:
The fiscal year ended with a $28 million surplus;
Total debt was reduced $541 million from the previous year, further
improving Saskatchewan's debt to GDP ratio from almost 70 per cent in
1993 to 40 per cent at the end of the 1998-99 fiscal year;
Revenues were up due to solid economic growth in 1998 and a one-time
acceleration of income tax payments to the province by the federal
government; and
Spending increased primarily due to farm aid, the need for additional
funding to fight a record number of forest fires in 1998 and greater
investment in health, including funding for 200 additional nursing
positions.
Cline noted that, despite the increase in spending, Saskatchewan's per capita
operating expenditures were third-lowest in the country.
He also noted the continued endorsement of Saskatchewan's record of sound
financial management by independent financial agencies. "Earlier this year,
the Canadian Bond Rating Service upgraded Saskatchewan's credit rating from A
to A+. This was the fifth upgrade since 1996. It sends a clear signal to
investors across Canada and around the world that our province is making solid
progress on the economic and financial fronts."
The Summary Financial Statements received a clean audit from the Provincial
Auditor for the fifth consecutive year.
Volume I of the 1998-99 Public Accounts contains the General Revenue Fund (GRF)
and Summary Financial Statements (SFS) which are the Government of
Saskatchewan's main financial statements. The SFS provides a full accounting
of the financial affairs and resources of the GRF, crown corporations and
agencies, boards and commissions. Volume II of the Public Accounts contains
detailed information on departments' revenue and expenditures for the fiscal
year.
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For further information, contact:
Sandra Lodoen
Saskatchewan Finance
Regina
Phone: (306) 787-6578