Sask. deficit forecast up from budget despite revenue growth
Despite a boost in revenue for 2021-22, Saskatchewan’s deficit is expected to be higher than forecast in the budget due to fiscal challenges created by the drought this past summer.
The Government of Saskatchewan presented a mid-year update to its projected financial numbers on Monday morning.
The province’s deficit is now forecast at $2.7 billion, up $97 million from the budget. That deficit figure improved $29 million from first quarter projections.
The government said drought supports for farmers offset the strong mid-year revenue growth. Total expense is forecast to rise by $2.5 billion, including $1.8 billion for crop insurance claims. The total crop indemnity is projected at $2.4 billion for 2021-22.
"The drought was unforeseen and farmers were hit hard this spring and summer," Deputy Premier and Finance Minister Donna Harpauer said.
"Our government is here to provide support to Saskatchewan people when they need it. Absent the drought, we would have seen a significant improvement from budget and a much lower deficit, based on stronger revenue across all major categories."
The higher expense forecast also includes a $250 million rise in health spending from budget due to pandemic and drug plan pressures, and $100.9 million in Protection of Persons and Property expense due to support for victims of wildfires in the spring and summer.
Revenue is projected to increase by $2.4 billion, or 16.5 per cent. The province said it saw significant increase in all revenue categories, including $668.8 million from non-renewable resources due to high potash and oil prices.
The province’s GDP is expected to grow by 3.6 per cent in 2021 – up from the budget forecast of 3.4 per cent.
CTVNews.ca Top Stories
BREAKING Trudeau promises $1B in loans for child-care providers to expand care centres
The federal government is launching a new loan program to help child-care providers in Canada expand their spaces, and will be extending further student loan forgiveness and training options for early childhood educators, Prime Minister Justin Trudeau announced Thursday.
Where is the worst place for allergy sufferers in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
N.B. man wins $64 million from Lotto 6/49
A New Brunswicker will go to bed Thursday night much richer than he was Wednesday after collecting on a winning lottery ticket he let sit on his bedroom dresser for nearly a year.
'Nonsense:' Doug Ford slams lawsuits filed by Ontario school boards against social media platforms
Premier Doug Ford says that lawsuits launched by four Ontario school boards against a trio of social media platforms are “nonsense” and risk becoming a distraction to the work that really matters.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
Do these exercises for core strength if you can't stomach doing planks
Planks are one of the most effective exercises for strengthening your midsection, as they target all of your major core muscles: the transverse abdominis, rectus abdominis, external obliques and internal obliques. Yet despite the popularity of various 10-minute plank challenges, planking is actually one of the most dreaded core exercises, according to many fitness experts.
Several flight attendants from Pakistan have gone missing after landing in Canada
Multiple flight attendants from Pakistan International Airlines have abandoned their jobs and are believed to have sought asylum in Canada in the past year and a half, a spokesperson for the government-owned airline says.