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FISCAL STABILIZATION FUND PROVES IMPORTANT

Released on November 28, 2001

Saskatchewan's Fiscal Stabilization Fund is proving valuable as Canada's

economy faces uncertainty.



"Saskatchewan is fortunate to be able to call on its Fiscal Stabilization

Fund in the face of drought, falling oil prices and the general economic

slowdown following the events of September 11th," Finance Minister Eric

Cline said upon releasing the 2001-02 Mid-Year Financial Report today.



Revenue for the year is expected to be $104 million less than originally

forecast, mainly due to the loss of provincial revenue on natural gas

production and a decrease in Equalization Payments from the Government of

Canada. The Fiscal Stabilization Fund will be used to make up the

shortfall.



"While revenues are down from projections, we are keeping our spending

under control," Cline said. "We will continue to manage our expenses

carefully throughout the balance of this fiscal year and into the next. We

all need to recognize demands for increased funding will be difficult to

meet."



Cline also pointed out the government is accomplishing its goals set out in

its 2001-02 budget.



"This year we are making the largest investment in education and

transportation in Saskatchewan's history," Cline said. "We also set out to

modernize technology in our province. At the same time, we are continuing

with the next stage of personal income tax reform in 2002 by lowering

personal income taxes and increasing personal tax credits for families and

seniors."



To date, 38 new community schools were established, 70 kilometres of

highways were twinned, high speed Internet access is now available at 45

per cent of our schools and online access to all legislative documents is

now available free of charge.



In 2001-02, Saskatchewan is investing $1.1 billion in education; $312

million in highways; and modernizing Saskatchewan's technology

infrastructure by creating a E-government system and supporting

CommunityNet--a six-year, $71 million project to connect schools, post-

secondary institutions and health facilities in 366 communities with high-

speed Internet connections.



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For more information, contact:



Roy Schneider

Finance

Regina

Phone (306) 787-8109



Note: the Mid-year Financial report is available on the Saskatchewan

Finance Web site at www.gov.sk.ca/finance

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