Released on July 20, 2001
Saskatchewan residents are reaping the benefits of the government's strongfinancial management.
Volume 1 of the 2000/01 Public Accounts was tabled today, confirming last
year's personal income tax cut, record investments in key public services
and Saskatchewan's seventh consecutive balanced budget.
"A strong financial position means tangible benefits for Saskatchewan
people," Finance Minister Eric Cline said. "Our record of sound financial
management has been accompanied by continued economic growth. This growth
has allowed us to bring in the largest personal tax cut in Saskatchewan's
history and make significant new investments in areas like education,
health and highways."
Cline noted personal income tax revenue was down more than $190 million
from the previous year, primarily due to the first phase of the
government's tax reform initiative. Provincial Sales Tax (PST) revenue
increased by $76 million, a figure that reflects additions to the sales tax
base and the $26 million returned to Saskatchewan residents through the
Saskatchewan Sales Tax Credit.
"These figures clearly show the positive effect of tax reform," Cline
said. "Saskatchewan people are paying less in taxes and getting more for
the money they do pay. When tax reform is fully implemented in 2003, we
estimate an average family of four will be paying about $1,000 a year less
in personal income taxes than in 1999."
Highlights of the GRF statements include:
an increase in total revenues of $371 million compared to the
budget estimate, primarily due to higher than anticipated oil and
natural gas revenue;
total operating expenditure in-line with budget;
a surplus of $58 million, compared to the budget estimate of $9
million;
a decrease in total debt (including guaranteed debt) of $24 million
from 1999-2000; and
a decrease in debt servicing costs of $32 million compared to the
previous year.
Cline noted a transfer of $775 million the Fiscal Stabilization Fund (FSF)
allowed the government to use unexpected resource revenues to fund
important programs now and in the future. For example, an additional $150
million over three years will be spent fixing Saskatchewan roads, resulting
in the highest ever highways budget of $311.7 million this year.
Other initiatives funded from the FSF include $95 million for agriculture
assistance, and $90 million through the Centenary Fund over three years to
fund capital and infrastructure projects in Saskatchewan communities.
The Summary Financial Statements recorded a surplus of $506 million,
bringing the summary accumulated deficit down to $7.9 billion from $8.4
billion. The Summary Financial Statements (SFS) have received a clean
audit opinion from the provincial auditor every year since 1992/93.
"I am very pleased to present these Public Accounts to the people of this
province," Cline said. "Their hard work, innovative spirit and commitment
to Saskatchewan continues to pay dividends that will benefit future
generations."
Volume 1 of the Public Accounts contains the main financial statements of
the Government of Saskatchewan: those of the General Revenue Fund (GRF) and
the Summary Financial Statements (SFS). The GRF statements provide a full
account of the public money received and expenditures incurred by the GRF.
The SFS provide a full account of the financial affairs and resources of
the GRF, Crown corporations, agencies, boards and commissions.
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For more information, contact:
Sandra Lodoen
Finance
Regina
Phone: (306) 787-6578