Saskatchewan Premier Scott Moe speaks during a press conference. (THE CANADIAN PRESS/Heywood Yu)

By Canadian Press

Politics

Saskatchewan mid-year financials project $743M deficit, more than double from budget

Nov 28, 2024 | 6:00 PM

The Saskatchewan government is projecting a deficit that’s more than double from budget, largely due to higher crop insurance payouts following a difficult farming season.

The province’s mid-year financial report says the province is projected to be $743 million in the red, up from the $273-million deficit earmarked in the budget.

It says weather conditions were good in the spring, but a hot July had dried out fields and reduced crop yields.

Finance Minister Jim Reiter says agriculture is fundamental to Saskatchewan and that crop insurance is vital for producers.

Reiter says the province also plans to spend more to deal with pressures in prisons and hospitals.

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Overall revenues are earmarked to be $20 billion, with larger gains in taxation.