Sask. projecting $1.04B surplus amid rising resource revenues – by Stefanie Davis and Brendan Ellis (CTV News Saskatchewan – August 23, 2022)

Saskatchewan is projecting a $1.04 billion surplus for 2022-23, with a large bump from non-renewable resource revenues projected. That figure is a $1.51 billion improvement from budget forecasts, which projected a $463 million deficit for the year.

“A strong economy and higher resource prices have meant a significant improvement in the province’s finances. That means we can balance the budget, pay down debt and help Saskatchewan people with the rising cost of living,” Finance Minister Donna Harpauer said.

The province released its first quarter fiscal update on Tuesday morning. The government is projecting $19.17 billion in revenue for the year. “This is because of a $2 billion improvement in the provincial revenues, largely due to revenue from non-renewable resources mainly potash and oil. While that’s good news, it also means the cost of almost everything you buy has gone up,” Harpauer said.

“These resources belong to all Saskatchewan people. Saskatchewan people should benefit from higher resource prices and higher revenues.” Forecast expense also rose to $18.13 billion – an increase of $508.2 million.

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