Budget On Track At First Quarter
The 2019-20 Budget remains on track to balance with a forecast surplus of a $25.8 million at first quarter, down less than $9 million from the budgeted surplus.
“In this year’s budget, we promised to deliver the right balance for Saskatchewan,” Finance Minister Donna Harpauer said. “At first quarter, the province remains on track to record a small surplus. This balance allows sustained investment into the priorities of Saskatchewan people—including into health care, classrooms, and support for seniors and vulnerable families, as well as into needed infrastructure for our growing province.”
Revenue is forecast at $15.38 billion at first quarter, up $355.3 million, or 2.4 per cent, from budgeted revenue. Expense is forecast at $15.35 billion, up $363.9 million, or 2.4 per cent, from budgeted expense.
The minor reduction in the forecast surplus reflects a significant increase in pension expense, a non-cash accounting adjustment, at first quarter compared to budget. It is offset by higher revenue projected from non-renewable resources and federal transfers, and from smaller increases in Government Business Enterprises (GBE) net income and own-source revenue.
Debt is down $267.5 million compared to budget, due to decreased debt for GBEs.
“Overall, I’m encouraged by Saskatchewan’s updated budget forecast at first quarter,” Harpauer said. “In any given year there can be in-year budgetary challenges, and there can also be some up-side. Our government will continue to manage expenses carefully, invest in priorities, and keep the economy strong—providing the right balance for Saskatchewan people.”