Budget Surplus Remains Intact
The First Quarter Financial Report released this week shows that Saskatchewan’s provincial budget surplus remains intact, even with a $150 million allowance for flood-related costs. The projected surplus is $75 million, up $3.5 million from budget, despite the flood allowance, largely due to a projected increase in total revenue of $169 million. While final costs of flooding are still being determined, the Province is setting aside $150 million for flood-related expenses.
The benefits of a growing economy mean we can assist Saskatchewan people and communities hurt by flooding and still project a $3.5 million increase in the 2014-15 surplus. Steady growth is about putting Saskatchewan in a strong position, even in years when we are hurt by extreme weather or by the uncertainties of the global economy.
So far in 2014, Saskatchewan continues to post the lowest unemployment rate among Canada’s provinces, the fastest growth in manufacturing sales and the second-fastest growth in employment, housing starts and retail sales.
Trade is key to the steady growth of our economy, something that is reflected in the most recent export figures from Statistics Canada. This data shows that our farmers, manufacturers and businesses were responsible for a record-breaking $3 billion in export sales in June. This 34% year-over-year jump included increased exports of farm, fishing and food products, consumer goods as well as oil, gas and energy exports. To all those involved, keep up the great work.