Released on August 8, 2013
Saskatchewan remains on track to balance its books in 2013-14, with a pre-transfer surplus of $33.0 million forecast for the General Revenue Fund (GRF).
The First Quarter Financial Report, released today by Finance Minister Ken Krawetz, shows revenue is up $11.8 million (0.1 per cent) from budget, primarily due to higher oil revenue.
“Saskatchewan’s economy is resilient and continues to perform well in 2013, with stronger-than-expected employment growth and higher oil prices,” Krawetz said. “Through the first quarter, Saskatchewan’s economy and finances remain on track. And while it is too soon to know the specific impact, we have reduced our potash revenue forecast by $21.3 million, largely to reflect uncertainty stemming from recent global potash market developments.”
Expense is up $43.6 million (0.4 per cent) from budget primarily for the Provincial Disaster Assistance Program.
“Flooding expense has reduced the projected GRF surplus somewhat, but overall spending continues to be managed effectively,” Krawetz said.
Saskatchewan’s 3.9 per cent employment growth through the first half of 2013 leads the nation, and the province’s unemployment rate has averaged 4.0 per cent over the same period - the lowest in Canada. The number of people working in Saskatchewan is up over 20,000, year-over-year, through the first six months of 2013.
Through the first five months of 2013, Saskatchewan also leads national growth in average employment weekly earnings, value of manufacturing sales, and value of wholesale trade.
-30-
For more information, contact:
Jeff Welke
Finance
Regina
Phone: 306-787-6046
Email: jeff.welke@gov.sk.ca