Released on July 25, 2000
Finance Minister Eric Cline today released the 1999-2000 Public Accounts,confirming Saskatchewan's sixth consecutive balanced budget and continued
improvement in the province's overall financial position.
"I am pleased to report the major goals set out in the 1999-2000 Budget - lower
tax rates, reduced debt and enhanced funding for priority public services -
were achieved," Cline said. "We were also able to provide extra support to
important areas like agriculture, health and forest fire suppression when the
need arose during the year."
The Public Accounts show the province's financial position as of March 31,
2000. Volume 1 contains the General Revenue Fund (GRF) statements and the
Summary Financial Statements (SFS).
The GRF statements, which account for all public money received by and expended
through general revenue funds, reveal:
revenues $278 million higher than the budget estimate;
expenditures $203 million higher than the budget estimate;
total debt down $289 million from 1998-99;
debt servicing costs down $49 million from 1998-99; and
a year-end surplus of $83 million.
A one-time payment for farm aid and unanticipated needs in health and forest
fire suppression accounted for the bulk of the additional expenditures.
Revenue increases came primarily from growth in the tax base and strong prices
and production of oil and gas.
The Summary Financial Statements provide a full accounting of the financial
affairs and resources of the GRF, crown corporations and agencies, boards and
commissions. The 1999-2000 SFS reflect a summary surplus of $418 million and
they also show a clean audit report from the Provincial Auditor for the seventh
consecutive year.
"The 1999-2000 Public Accounts clearly show continued strength in our resource
sector, growing business income and capital investment, higher earnings and
more jobs for Saskatchewan people," Cline said.
"This economic strength, along with continued sound financial management, has
resulted in several major credit rating upgrades for the province since 1995,
providing a strong signal to the world Saskatchewan is an excellent place to
invest and do business.
"Most importantly, it provides a solid basis for the government's long-term
plans to keep debt coming down and to ensure priority public services are
maintained and improved."
In keeping with the government's commitment to improved accountability, Volume
1 of the Public Accounts is being released on the earliest date in the
province's history. Volume 2 of the Public Accounts, containing detailed
information on departments' revenue and expenditures for the fiscal year, will
be released in the fall.
-30-
For more information, contact:
Sandra Lodoen
Saskatchewan Finance
Regina
Phone: (306) 787-6578