2018-19 Financial Results Show Revenue Up, Deficit Less Than Budgeted
Final results for the 2018-19 fiscal year show notable improvements in Saskatchewan’s finances. The province finished the year with a deficit of $268 million—$97 million lower than budgeted, $112 million less than what was forecast at third quarter, and $35 million less than the prior fiscal year.
“Our year-end actuals show that Saskatchewan’s fiscal position and financial outlook continue to improve,” Finance Minister Donna Harpauer said. “Our government’s plan to return the province to balance remains on track.”
In 2018-19, total revenue was $14.45 billion—up $206 million, or 1.4 per cent, from budget, and up $430 million, or 3.1 per cent, compared to the prior fiscal year.
“These improved results over budget were largely the result of increased revenue from non-renewable resources,” Harpauer said. “Potash revenue recorded the most notable increase, due to both higher prices and higher sales volumes.”
In 2018-19, non-renewable resource revenue was up $253 million, or more than 17 per cent, compared to budget and up $277 million, or 19 per cent, compared to the prior fiscal year. Potash revenue was $536 million in 2018-19, up $228 million, or 74 per cent, compared to budget, and up $227 million, or nearly 74 per cent, compared to the prior fiscal year.
Total expense was $14.72 billion in 2018-19—up $108 million, or 0.7 per cent, compared to budget, and up $395 million, or 2.8 per cent, compared to the prior fiscal year.
As in previous years, about 72 per cent of government expense in 2018-19 went toward investment into health care, education, and social services and assistance. Looking ahead, Harpauer said the government remains committed to returning the province to balance in 2019-20.
“Each fiscal year has its own set of unique factors that impact our budget,” Harpauer said. “Weather, natural disasters, global commodity prices, financial markets and interest rates can all affect the province’s bottom line, and we will continue to manage these risks and variables responsibly on behalf of the people of Saskatchewan.”