Sask. finishes fiscal year with $182 million operating surplus: Public Accounts

Saskatchewan finished the 2023-24 fiscal year with a $182 million operating surplus, according to the Ministry of Finance.

The government initially projected a $1 billion surplus for 2023-24 but a summer drought and reduced resource revenue moved the government into deficit territory, short $250 million at mid-year. The projected deficit later grew to $482 million. Now, a significant year end turnaround with a $182 million surplus after nearly $21 billion in spending.

“I would love the one billion to be sure, but you know, we did have unexpected revenues as well as unexpected expense pressures,” Minister of Finance Donna Harpauer said on Thursday.

Compared to the third quarter update, total expenses were down $55 million and revenue increased $610 million, according to a public accounts document released on Thursday,

A deficit of $482.5 million was forecasted in the third quarter update – meaning the $182 million surplus was an improvement of $664.7 million, the ministry said.

“Our budget forecasting follows best practices from the public and private sectors, but challenging situations around the world and issues closer to home, such as weather events, led to some extraordinary fluctuations over the course of 2023-24,” Harpauer said.

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“Fortunately we were able to finish the year in a surplus position due to the strength of our economy, which continues to see increased growth across a wide range of sectors.”

Higher than expected corporate tax revenue was a contributing factor.

“Cash items such as corporate income tax, and there is stronger numbers from our liquor sales, a little bit from gaming as well,” Harpauer explained. 

The NDP believe the surplus leaves the government with no excuse for not providing consumer relief.

“Of course we’ve been calling for relief and I’ve of those prime examples is to suspend the provincial gas tax. Certainly that’s subverting that this government should have done a long time ago but they should be doing that [Friday] as we head into Canada Day long weekend,” NDP MLA Trent Wotherspoon said. 

For this year, the government last projected a $273 million deficit but last year had forecast the unpredictability of financial forecasting.