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MID-YEAR FINANCIAL REPORT

Released on November 29, 2007

Revenues up for 2007-08; concerns about future years

Finance Minister Rod Gantefoer today said the province's Mid-Year Financial Report reveals an almost $1.24 billion improvement for 2007-08 but a concerning financial picture for 2008-09 and beyond.

"There is no question that Saskatchewan is enjoying prosperous times and that government revenues are way up this year," Gantefoer said. "However, the volatility of resource revenues coupled with the spending legacy of the previous administration had Saskatchewan headed back down the road to deficit budgets if we don't change course.

"I guess this explains why the previous administration refused to table a four-year financial plan in its last budget."

Gantefoer said the operating expense forecast is 30 per cent higher in 2007-08 than it was only three years ago in the 2004-05 Budget Estimate.

"That's simply unsustainable," Gantefoer said. "It's only been due to extraordinary windfall revenues that the previous government was able to balance its books at all."

The government is expecting one-time windfall revenues of nearly $1 billion this year, which includes one-time federal transfers, higher tax revenues due to prior year adjustments, and record bonus bid oil revenue (land sales).

The current four-year forecast for Saskatchewan based on September assumptions and the spending plans of the previous administration includes a $4 billion deficit over the 2008-09 to 2011-12 period.

Premier Brad Wall said his government is committed to balanced budgets and that he has asked the Finance Minister to take a number of steps to ensure balanced budgets and continued economic growth in the future. These include:

  • Transferring half of the current year's surplus of $527 million into the Fiscal Stabilization Fund to help deal with potential shortfalls in future years. The other half of the surplus ($263.5 million) will be used to pay down debt. The Fiscal Stabilization Fund and the Saskatchewan Infrastructure Fund will be combined into the new Saskatchewan Growth and Financial Security Fund, which will have a starting balance of $1.25 billion;
  • Seeking efficiencies and cost-saving measures and reducing the rate of spending growth in government departments as part of the 2008-09 budget development process and legislating an annual review of government spending practices within the new Saskatchewan Growth and Financial Security Act, which will be introduced in December;
  • Strengthening the new Saskatchewan Growth and Financial Security Act by ensuring the provincial government is required to table a four-year financial plan as part of each year's budget.

Wall called the fiscal situation his government has inherited from the previous administration serious but manageable.

"Our government is committed to sound management, balanced budgets and a growing economy, and we will deliver on our campaign promises within a balanced budget."

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For more information, contact:

Kathy Young
Media Services
Regina
Phone: 306-787-0425
Email: kathy.young@gov.sk.ca

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