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THIRD QUARTER FINANCIAL RESULTS RELEASED

Released on February 20, 2002

"A worldwide economic slow down combined with drought, softwood lumber

tariffs, and low oil and gas prices at home are making it a very difficult

year for revenues," Finance Minister Cline said in his third quarter

financial statement. "As with every other government in Canada, right now

our revenue outlook is lower than forecast."



The current global economic slowdown is reducing corporate income tax

receipts across Canada further reducing Saskatchewan's tax revenues.



The federal government recently cut its forecast of corporate taxable

income for 2001, 2002 and 2003 significantly. The federal government is

estimating that corporate taxable income is down by over $10 billion

nationally in 2001 due to the volatility of economic conditions. These

forecasts greatly decrease the amount of revenue Canadian provinces and

territories receive.



Revenue for this fiscal year is now projected to be about $150 million less

than originally budgeted for in March. Saskatchewan bases its revenue

forecasts on federal projections.



The province is issuing a third quarter financial report for the first time

to show Saskatchewan people how the economy is performing. "It is

important people understand the decisions being made and what can be

expected in the near future," Cline said.



The third quarter report shows a further $48.4 million revenue drop since

the mid-year report. This brings the revenue short fall for the fiscal

year to $152.1 million. The budget remains balanced by further drawing

down the Fiscal Stabilization Fund. The fund balance is forecast to be

$296.3 million at year-end.



As part of the third quarter report the government released its special

warrant spending for the 2001-2002 year. Spending is up $82 million from

the mid-year forecast; however over 80 per cent of this spending is due to

an accrual accounting adjustment. Payments under the Canadian Farm Income

Program for both the 2000 and 2001 crop years will be accounted for in the

2001-2002 fiscal year, although actual cash payments for 2001 will not be

made until spring 2002.



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For more information, contact:

Roy Schneider

Finance

Regina

Phone: (306) 787-8109



Note: the third quarter financial report is available on the Finance Web

site at www.gov.sk.ca/finance

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