Released on June 29, 2004
Saskatchewan today released the 2003-04 Public Accounts, the earliest release of the Public Accounts in Saskatchewan's history. This is Saskatchewan's tenth consecutive balanced budget with a surplus of $983,000 in the General Revenue Fund (GRF) and continues the Government's commitment to improved transparency and accountability.The figures are contained in Volume 1 of the 2003-04 Public Accounts, released today by Finance Minister Harry Van Mulligen.
The revenue picture was bright for 2003-04, with total revenues coming in at $6.6 billion, a 5 per cent increase over budget. The increase was mainly the result of higher than anticipated oil and natural gas revenue (up $375.5 million over budget); an increase in Liquor and Gaming revenues; and other own-source revenues. The increase was offset by lower equalization payments from the federal government and lower tax revenue.
"This is our earliest ever release of Public Accounts and clearly demonstrates that we are succeeding in making government more transparent and accountable," Van Mulligen said. The Public Accounts show that our financial plan is on track and we made significant improvements between 2002-03 and 2003-04."
Volume 1 also confirms that in spite of challenging conditions, the government managed its spending, while funding key priorities of Saskatchewan people – such as health, education and agriculture.
"Total GRF spending was up 2.2 per cent over Budget, due to increased spending in priority areas of environment, education and agriculture," Van Mulligen said. "I would also like to point out that spending was under budget in 17 out of 26 departments. Additionally, through careful management, we were able to decrease the summary financial deficit by close to 80 per cent over 2002-03."
Adding to our positive financial results, we have a lower than expected draw on the Fiscal Stabilization Fund. The transfer in 2003-04 is $182 million less than the $393 million budgeted.
The $147 million SFS deficit is mainly due to a $52 million Crop Reinsurance Fund loss and an adjustment of $76 million for the increase in pension liability.
The Summary Financial Statements received a clean audit opinion for the 11th year in a row from the Provincial Auditor, indicating that the statements are accurate and reliable.
"I am pleased to say that debt continues to be at a manageable level, while at the same time we are targeting spending in priority areas," Van Mulligen said. "Saskatchewan's total debt to GDP ratio is at 32.2 per cent for 2004, down from 69 per cent in 1993, which was one of the highest ratios in the country at the time.
"These type of positive results have led to our eleventh credit rating upgrade since 1995. The most recent upgrade received earlier this month brings Saskatchewan to double A status with both major U.S. credit rating agencies. This demonstrates that we are on a sound financial track," Van Mulligen said.
More information on the 2003-04 Public Accounts can be found at www.gov.sk.ca/finance/news.
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For More Information, Contact:
| Mike Woods Finance Regina Phone: (306) 787-6578 |