Strong Crown Sector Financial Results in 2020-21
While Providing Significant Pandemic Supports for the People of Saskatchewan
During one of the most challenging times in our history, Saskatchewan's Crown corporations delivered strong financial results while providing $639 million in programming and economic supports to help ease the impact of COVID-19 on Saskatchewan residents and businesses. The Crown sector also continued to invest in infrastructure to support recovery and stimulate the economy during 2020-21 - all while providing the lowest utility expenses in Canada.
"While the financial results of the Crown sector are important, equally as important are the economic and social initiatives and programs the Crowns provide," Crown Investments Corporation Minister Don Morgan said. "To help residents and businesses cope through the pandemic, the Crowns implemented programs that included a utility interest waiver and deferral program and waived numerous fees and charges for residents such as data overage charges to support remote work and learning."
In 2020-21, the Crowns recorded net earnings of $585.4 million and provided $150 million to the General Revenue Fund to support government priorities. Saskatchewan's Crown corporations invested $1.2 billion to ensure the safety and integrity of utility systems, and to upgrade technology and enhance infrastructure in the province. Capital investments of an average $1.5 billion annually over the next five years will continue to help stimulate the province's economic recovery and job creation.
Pandemic supports also included $285 million for Auto Fund Rebates, $262 million for a 10 per cent rebate on SaskPower bills, $74 million in deferred payments through the Crown Utility Interest Waiver Program, $8.4 million in oilfield relief through SaskPower, and $8.7 million for SaskTel credits and waived data overage charges.
The 2020-21 Annual Reports for Crown Investments Corporation (CIC) are available online at www.cicorp.sk.ca.