Sask. projects $1B surplus for 2023-24, plans to pay down debt
CBC
The Saskatchewan government is projecting a $1-billion surplus for 2023-24 and opting to use that money to pay down debt.
"There are no tax increases and no new taxes included in this budget, helping keep life affordable for Saskatchewan people. When taxes, utilities, and housing costs combined are considered, our province is the most affordable place to live in Canada for a family of four," Finance Minister Donna Harpauer said.
She said the government discussed the possibility of another round of affordability cheques to adults in the province but decided against it, instead choosing to be more targeted with spending.
Harpauer said Saskatchewan cannot rely on "volatile" resource revenues every year. She said her government doesn't see this year's large surplus as a trend.
"We have to be very careful as a government to not take one-time revenue and bake it into our year-over-year operational costs."
Last year, the government projected a $463-million deficit for the coming year and said it didn't expect a surplus until 2026-27.
Those forecasts turned out to be significantly more pessimistic than the outcome. By the first-quarter update, the government was projecting ending the 2022-23 year with a $1-billion surplus.
Harpauer said the government wants to pay down operating debt with this year's projected $1.017 billion surplus.
"With a growing economy and strong finances in Saskatchewan, our government will pay down up to $1 billion in operating debt this fiscal year, reducing interest costs and investing those savings into needed services, programs, and capital."
The government said that, including last year, debt retirement and lower borrowing have generated $117 million in annual interest savings.
Gross debt is forecasted to hit $30.9 billion by the end of March 2024.
Revenues for the coming fiscal year are projected at $19.7 billion, an increase of $2.5 billion or 14.7 per cent from the 2022-23 budget. The top three revenue generators are:
Harpauer said the government decided not to increase or expand taxes. Last year, the government placed PST on entertainment events and gym memberships, before eventually rescinding the gym membership tax a few months later.
With the province's finances in the black, Harpauer said the government chose not to reduce or remove the PST on certain items, a move the Opposition has been calling for.

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