The 2008-09 Public Accounts were released, showing that Saskatchewan's strong resource base and diversified economy have led to the largest surplus in our province's history.  Strong finances have allowed your Saskatchewan Party government to commit $1.5 billion to infrastructure projects, lower income tax by $300 million and pay down nearly 40% of our provincial debt.

 The report showed that:

• There was a General Revenue Fund surplus of $2.39 billion.
• The provincial debt was paid down by nearly 40%.
• Net interest costs on the debt are at their lowest level in 20 years.
• There is now an accumulated surplus in the Summary Financial Statements for the first time in the 18 years they have published it.

"In other words, for the first time, the government balance sheet has a positive net value - our overall assets are greater than our liabilities," said Finance Minister Rod Gantefoer. "This is a major accomplishment for Saskatchewan to post a surplus in both sets of statements during a time of global economic uncertainty."

 

In the current year our government has also brought forward long-term property tax relief, a new funding formula for Municipal Operating Grants and further investments in infrastructure, such as $200 million for the Children's Hospital.  We have also maintained a $1.2 billion balance in the Growth and Financial Security Fund to act as a cushion in uncertain economic times.

 

"While Saskatchewan is better positioned than most jurisdictions, we are not immune to what's happening worldwide," Gantefoer said. "It is important to have that cushion, in case we face an economic downturn."

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