Saskatchewan's economy is in better shape than expected, as the final results for the 2020-21 fiscal year show a deficit of $1.13 billion. That represents a decrease of $1.3 billion from the budget.
The government attributes this to higher-than-budgeted revenue and lower-than-budgeted expenses.
The only revenue category that did not come in greater than budgeted was taxation. Health expenses were higher than budgeted but agriculture, environment and natural resources, and education expenses were lower than projected.
Total revenue of $14.52 billion in 2020-21 is up $875 million, or 6.4 per cent, from the budget projection.
Revenue is down $363 million, or 2.4 per cent, from the prior fiscal year (2019-20).
The reported $15.65 billion in expenses is $424 million, or 2.6 per cent, lower than projected at budget.
This decrease is primarily due to favourable crop conditions, which resulted in lower-than-budgeted agricultural insurance claims.
Expenses for 2020-21 is $444 million, or 2.9 per cent, higher than the prior fiscal year. The most notable increases are in health, economic development, and community development, primarily due to COVID-related expenses.
"Our year-end financial statements show that Saskatchewan is in a much better fiscal situation than we anticipated as life and the economy start to get back to normal following the global pandemic," Deputy Premier and Finance Minister Donna Harpauer said. "Moving forward, our focus continues to be on protecting Saskatchewan people, investing in vital infrastructure such as highways, hospitals and schools and helping our economy grow and recover."
