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Government’s deficit smaller than forecast in third quarter financial report
Published Friday, March 2, 2018 10:23AM CST
The Saskatchewan government says it is forecasting a smaller deficit for the third quarter financial report this year.
In a report released on Friday morning, the government says the 2017-2018 deficit projection is $595 million at third quarter, $101 million lower than the deficit of $696 million forecast during the budget last March.
“While we are seeing progress, there is more to accomplish,” Finance Minister Donna Harpauer said in a news release. “Our economy is performing well and is expected to post positive growth for the first time in two years. We will meet our fiscal challenges by controlling spending and ensuring we do what we can to help keep our economy strong.”
The report also shows revenue projected at $13.9 billion, down $222 million from the budget. The government says the decrease reflects lower assessments for personal and corporate income taxes. But, it was offset by increases in government business enterprise net income and other source revenue.
According to the third quarter report, expenses are projected at $14.5 billion, which is $273 million less than the budget forecast. The report also reflects pension adjustments and reductions in crop insurance claims.
“Our fiscal plan is focused on returning the budget to balance in 2019-20,” Harpauer said. “Our work is far from done but we are following our plan and continuing on our path of growth, to provide services, programs and infrastructure Saskatchewan people value, today and into the future.”