Saskatchewan Finance Minister harpour woman Saskatoon on Thursday delivered the fiscal year ending 2021-22, showing a deficit of $1.47 billion.
This represents an improvement of $1.14 billion from the expected deficit. The financial year runs from April to March.
“Saskatchewan’s finances strengthened in fiscal 2021-22,” Harpoer told reporters.
He said the main reason for the reform was a substantial increase in revenue.
Higher potash and oil prices increased non-renewable resource revenue, and higher personal income, corporate income and sales tax revenue exceeded the government’s budget.
Total revenue of $18.14 billion was $3.66 billion higher than estimates included in the 2021-22 budget.
However, the government said the widespread drought has had a significant impact on agricultural spending and health spending was also increased last year due to the COVID-19 pandemic.
Harpoer said the province’s public debt as of March 31, 2022 was about $529 million less than estimated in the budget.
“(d) The government needed to borrow less because of the strength of our finances. Saskatchewan’s reforms for the fiscal year and its robust financial planning have put the province back on track,” Harpour said.
“Saskatchewan is poised to be one of the nation’s leaders in economic growth in 2022, based on private sector forecasts based on sustained high commodity prices, increased private sector investment and a return to a more normal year for agriculture. “
Meanwhile, the official opposition called on the government to immediately deploy resource revenue to provide relief to residents with a cost of living, as the NDP says is needed.
“The year-end figures show that the government is fueled by unexpected resource revenue and has the financial capacity to provide much-needed relief,” said finance critic Trent Woderspoon.
“The only question now is whether they care enough to discharge the people of Saskatchewan.”
The NDP is calling on the government to scrap the new PST measures introduced in the budget for 2022-23 and waive unexpected revenue costs and fuel relief.
They also say that the government should suspend the provincial fuel tax for the summer months.
The NDP also called on the government to provide $50 million in emergency funding to boards, after several school divisions announced their 2022-23 budgets, which included lunchroom fees for parents as well as job cuts. doing.
However, according to Harpour, those seeking relief are likely to wait until the fall.
“We’re not going to spend what we’re not assured won’t happen,” he told reporters, adding that the government’s average oil price of $77 a barrel over the past year.
“You have to average out what you get for the whole year. If you get a bonus for a month or two, you don’t want to increase your spending to that bonus level because it doesn’t cover the entire 12 months. can be OK.
Harpoer said that once the government releases its first-quarter budget figures in August, they will be in a “better position” to make a decision.
“I think you’re going to see a decision on what we’re going to do. We’re looking at strength. Will it last 12 months? We don’t know.”
Complete 87-page year-end report Available on Government website.
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