Released on March 4, 2011
Finance Minister Ken Krawetz today released the province's Third Quarter Financial Report showing Saskatchewan's financial position has improved dramatically as a result of higher prices for non-renewable resources and increased tax revenue.
Overall revenues are forecasted to be $10.99 billion, up by $311.4 million from Mid-Year estimates and up slightly more than $1 billion from the 2010-11 Budget. The General Revenue Fund is now expected to finish the 2010-2011 fiscal year with a pre-transfer surplus of $40 million.
"These are very encouraging results to see at a time when many other provinces are seeing large deficits," Krawetz said. "Saskatchewan's resource base and growing economy are a tremendous advantage for our province. It demonstrates that the economy has bounced back from the difficulties of last year, and we were able to deal with the significant flooding problems we experienced last summer."
As a result of the improved circumstances, the province is expected to finish the fiscal year with a balance of $978 million in the Growth and Financial Security Fund (GFSF).
Expenses are forecasted to come in at $10.95 billion, up $408.4 million from Mid-Year, primarily because of critical infrastructure investments made in hospitals, long-term care facilities, schools, post-secondary institutions and affordable housing.
There are also higher costs associated with last year's flooding and expenditures designed to prevent more flooding this spring.
"We are fortunate to be able to make these investments now," Krawetz said. "Whether it is replacing damaged school roofs, or making good on our commitments to build long term care facilities and low income housing, these infrastructure investments will make a real difference in people's lives across the province."
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For more information, contact:
Randy Burton
Finance
Regina
Phone: 306-787-6578
Email: randy.burton@gov.sk.ca