Sask. government reports strong finances for 2021-22 fiscal year

While total revenue increased for the province, drought conditions and COVID-19 increased some expenses according to the government’s public accounts report.

Total revenue was reported as $18.14 billion, up $3.66 billion from the forecasted revenue.

The public accounts report maintained that most categories of revenue increased but higher taxation and non-renewable resource revenue were the largest contributors to the overall increase.

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Tax revenue totaled $8.2 billion, an increase of $964.26 million from the forecast, largely due to the higher revenue from corporations as well as individual income taxes and from provincial sales and fuel taxes, the government outlined in its release.

Non-renewable resource revenue totaled $2.92 billion in 2021-22. An increase of 1.59 billion compared to the forecast.

The provincial deficit was an improvement on the forecast. The government anticipated a $2.61 billion deficit but in reality it came out to be $1.47 billion, an improvement of $1.14 billion.

The total expense for the fiscal year for the province was $19.60 billion, up by $2.52 billion from the projection.

This was in large part due to:

• Agriculture expenses of $3.19 billion (An increase of $2.32 billion from the budget projection)
• Health expenses totaling $6.88 billion (A $348 million increase from the budget projection due to pandemic costs)

Public debt was also reported as decreasing by $529 million from the budget projection, to a total of $27.24 billion as of March 31. 2022.

Finance Minister Donna Harpauer stated that the government is pleased with the year-end public accounts report.

"Saskatchewan's improvement through the fiscal year, and our government's strong financial plan has the province back on track," she said in the news release.

“Saskatchewan is poised to be a leader in economic growth among the provinces in 2022 according to private sector forecasts. As our finances are strengthening, we continue to invest in the programs, services and capital projects that our province's people value."