Released on June 28, 2013
Saskatchewan’s resilient economy and surging population helped the Government of Saskatchewan achieve strong financial results in 2012-13, as the province continues to grow and move forward.
Saskatchewan finished with surpluses in both the General Revenue Fund (GRF) and Summary Financial Statements. The GRF pre-transfer surplus of $16 million and the Summary surplus of $37 million are highlights of Volume 1 of the Public Accounts, released today.
“Our province is among the leaders in virtually every economic indicator in the country from job creation and our nation’s lowest unemployment rate, to our growing population, to manufacturing sales growth and record exports,” Finance Minister Ken Krawetz said. “The fact we balanced the books in 2012-13 in both the GRF and on a Summary basis, despite lower-than-projected resource revenue and higher expenses due to flooding, reflects the growth and resilience of Saskatchewan’s economy.”
The Growth and Financial Security Fund (GFSF), established to safeguard Saskatchewan’s future, had a $666 million balance at March 31, 2013, while government general debt remained unchanged from the previous year at $3.8 billion. After a net $42 million transfer from the GFSF for highway infrastructure, the GRF posted a $58 million surplus.
GRF revenue was $11.42 billion, up $134 million or 1.2 per cent from budget due to increases in all categories except non-renewable resources.
GRF expense was $11.41 billion, up $213 million or 1.9 per cent from budget, primarily due to flooding costs, increased use of government programs such as AgriStability and AgriInvest, and an increase for teachers’ pensions and benefits.
“Fiscal responsibility and encouraging and managing growth continue to be priorities for this government, as mapped out by our Plan for Growth,” Krawetz said. “That approach served us extremely well in 2012-13, as demonstrated by the surpluses in both the GRF and Summary Financial Statements.”
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For more information, contact:
Jeff Welke
Finance
Regina
Phone: 306-787-6046
Email: jeff.welke@gov.sk.ca