Sask. projects $463M deficit, finance minister says government surprised by quick economic rebound
CBC
Saskatchewan's Finance Minister Donna Harpauer says the province is "back on track," forecasting a $463 million deficit for 2022-23.
The projection is a far cry from the $2.6 billion deficit forecast from 2021-22. It is also lower than last year's projection of a $1.7 billion deficit for 2022-23.
"We are seeing strong economic growth and job creation as we come out of the pandemic and as a result, the province's financial outlook has improved significantly," Harpauer said.
The finance minister says she is sticking to a plan to return to balance by 2026-27.
Provincial revenues are expected to rise behind high demand for potash and oil. The government is projecting $2.9 billion in non-renewable resource revenue, up from $1.6 billion last year.
Overall revenues are forecast at $17.2 billion, up $2.7 billion from last year.
"While volatile world events have made commodity prices difficult to forecast, as always our revenue forecasts are based on cautious oil price projections," Harpauer said.
"It's too soon to tell if oil prices will remain high for an extended period and what impact that could have on revenues."
Harpauer said Wednesday the evolving situation in Ukraine and increases in inflation are going to be monitored closely.
"The risk definitely in this budget and for all of us going forward is going to be how high will inflation go due to circumstances, both with the pressure spending through the pandemic as well as global issues," she said.
"There is no doubt that the political climate due to what's happening in Ukraine is a risk. Disruptions in the supply chain, which were already there are being even more accelerated due to the war."
Overall, Harpauer told reporters the budget discussions were far more pleasant because of economic conditions.
"The surprise was how quickly our economy was recovering. It was actually positive experience because our revenues are strengthening that we didn't anticipate a year ago."
The government based the number's in Wednesday's budget on the following predictions:
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
It was an historic moment at the Bora Laskin Law School graduation earlier this spring. Co-valedictorian Cassandra Spade gave her speech in Anishnaabemowin.
One year ago, though he didn't know it at the time, Rev. Don Beyers led the final service ever held inside what is now one of Toronto's lost treasures.
Before deciding to post unwanted items online, the Waterloo Regional Police Service (WRPS) are reminding people to make they're being as safe as possible.
The Island Nature Trust is celebrating the conservation of land that it says has deep historical, cultural and ecological significance along P.E.I.'s North Shore.
Prime Minister Mark Carney's main focus will be on project development as he sits down with provincial and territorial premiers this week.
An eight-year-old girl missing for over 20 hours on Random Island in Newfoundland and Labrador has been found safe, police have confirmed.
Mary Casement of Saint Andrews, N.B., says "Oh, that'll be in the Courier next week," was once a popular phrase in Charlotte County.
Quebec will ask the Supreme Court of Canada for permission to appeal a ruling that found a provincial law abolishing school boards violates English-language minority education rights.
Premier Scott Moe says Saskatchewan's ability to fight a plague of wildfires across the province is reaching the breaking point.
More Yellowhead County residents had to leave their homes Friday, after the county issued a new wildfire evacuation order for two communities and expanded an existing order.
First Nations leaders say hotels in Winnipeg and other major Manitoba cities are largely booked up as they continue to seek temporary housing for evacuees fleeing communities surrounded by wildfires.
Humans aren't the only creatures that stay relatively hidden when the weather is lousy.
The RCMP says air restrictions will be in place in two main areas during the upcoming G7 Leaders' Summit in Alberta this June and officials will make sure that no unwanted drones or aircraft enter airspace.