Saskatchewan Finance Minister Donna Harpauer speaks during a news conference before the release of the budget in Regina, on Wednesday, March 22, 2023. THE CANADIAN PRESS/Heywood Yu
REGINA – The Saskatchewan government has posted a surplus of more than $1.5 billion for the 2022-23 fiscal year.
The province says the surplus let the government pay $1.5 billion on the operating debt, saving $66 million per year in future interest costs.
Public account documents show high oil and potash prices as well as increased taxation revenue funnelled more cash into provincial coffers.
Total revenue is reported to be more than $20 billion, a 20 per cent increase from what was budgeted.
Revenues from non-renewable resources were $4.6 billion and revenues from taxes were $9.8 billion.
The remainder of revenues are reported to have come from fees, investments and federal government transfers.
Total expenses are $19 billion, an eight per cent increase from the budget.
The province says the increase in expenses are due to higher crop insurance payouts, as drought had affected more farms than projected.
The province also spent $422 million on $500-cheques it sent to residents dealing with inflationary pressures.
Finance minister Donna Harpauer says the province is managing its expenses carefully while also investing in some programs.
In addressing affordability, she says the province has kept gym memberships PST-free and extended tax exemptions for small businesses.
This report by The Canadian Press was first published on June 29, 2023.
