Sask. government says 2017-18 deficit was $303M
Saskatchewan's government says it ended up with a $303-million deficit in the last fiscal year, much lower than the prediction of $696-million deficit made before that year began.
On Thursday, the province released its year-end actuals for the 2017-18 fiscal year. The government says figures show 2017-18 closed with $14.02 billion in revenue and $14.32 billion in expenses.
"What strengthened last year's budget, quite frankly, was largely crop insurance," Harpauer said on Thursday. "There was a good crop year and therefore our crop insurance claims were less than what was anticipated."
Claims made to the Saskatchewan Crop Insurance Corporation and paid out to farmers are essentially expenses for the government and are accounted for when budgets are put together.
When the 2018-19 fiscal year began this spring, the government forecasted a $365 million deficit. Harpauer said the province's plan to return to balance by 2020 remains on track.
The lower deficit was also aided by $808 million in revenue due to an increased provincial sales tax. It was raised to six per cent and the range of products and services it applied to was expanded.
"Driving up the costs for everyone in Saskatchewan is really hard at a time when our economy isn't performing for the people of our province," said Opposition Economy Critic Trent Wotherspoon.
At the same time, it says revenue was lower than expected for the year, which it attributed to a decrease in tax revenues and federal transfers.
However, it said this was offset by factors like higher non-renewable resource revenues and higher income from government business entities.
