Sask. forecasting $1.1B surplus in 2022-23, spending up due to affordability cheques

Saskatchewan is forecasting a $1.1 billion surplus for 2022-23 in its mid-year financial report released on Tuesday.

Saskatchewan is forecasting a $1.1 billion surplus for 2022-23 in its mid-year financial report released on Tuesday.

That figure is up by $1.6 billion from the last provincial budget released in March, according to the province. The surplus was forecast at $1.04 billion in the government’s first quarter fiscal update, released in August.

Finance Minister Donna Harpauer said resources and a strong economy are the reason for the increase.

"Revenue is forecast to be up from budget, largely the result of high potash and oil prices, as well as higher taxation revenue which reflects solid economic growth,” Harpauer said in a release.

“Using higher-than-expected revenue to help people and businesses address higher costs due to inflation, while reducing the province's debt, is growth that works for everyone."

The province is currently forecasting revenue to be $19.5 billion, a 13.7 per cent increase ($2.4 billion) from the original prediction when the last provincial budget was released.

However, it also cautioned that potash prices have declined in the latter half of 2022, mainly due to supply from Russia and Belarus reaching the market.