News Release - February 26, 2007
STRONG ECONOMY FUNDS PRIORITY INITIATIVES IN THIRD QUARTER
The Province released its Third Quarter Report today, demonstrating further financial improvement since mid-year and increased spending on priorities including affordable housing, education and training.
Overall, provincial revenue is up $195 million from mid-year. The improvement is mainly due to higher tax revenue; primarily corporate tax revenue.
“Saskatchewan’s strong economy is enabling us to address priority issues and build a better future,” Finance Minister Andrew Thomson said.
Spending is forecast at $7.68 billion, an increase of $206.3 million from mid-year. Spending increases over mid-year primarily address priority areas and pressures:
As a result of these changes, the forecast GRF surplus is reduced by $29.2 million from mid-year to $5.3 million.
Government debt is now forecast to be $7.3 billion at year-end. However, the debt-to-GDP ratio continues to decline, falling to 16.1 per cent in 2006-07. This is down from 16.8 per cent the previous year, and represents the lowest debt-to-GDP ratio in two decades.
“As we prepare the 2007-08 Provincial Budget, we will continue to carefully balance the needs and priorities of Saskatchewan people to ensure they benefit from the province’s strong and growing economy,” Thomson said.
Copies of the Third Quarter Report are available online at: http://www.gov.sk.ca/finance/QuarterReports/thirdquarter.htm.
For more information, contact:
Q3-REPORT-2006-07.pdf (264.2 KB)