Despite the province’s economic challenges, budget numbers are better than expected at the mid-year point.
The 2019-20 Mid-Year Report was released earlier today. It forecasts a surplus of $37.4 million, up $3 million from the budgeted surplus.
“We are on course with our financial plan — it’s the right balance for Saskatchewan people,” Finance Minister Donna Harpauer said in a press release. “We continue to manage spending carefully, invest in priorities, and help keep our economy strong.”
Revenue is expected to be $15.4 billion, representing an increase of $329.3 million (2.2 per cent) from budget. Expense is projected to be $15.3 billion, which is an increase of $326.3 million (2.2 per cent) compared to budget. Approximately 90 per cent of this increase comes from a $258.2 million non-cash increase in pension expense accounts.
Public debt at March 31, 2020 is forecast to be $302.1 million lower compared to budget. This is largely attributed to decreased debt at SaskPower.
Net debt is forecast to be $12 billion. That is a decrease of $370.3 million from budget.
The province’s net debt, as a percentage of GDP, is expected to be among the lowest in Canada.
