By Sarah Mills

Saskatchewan’s mid-year financial results show Crown debt rising

Nov 25, 2010 | 11:48 AM

Saskatchewan's financial picture remains on track, but Crown debt and spending continues to rise.

The province has released the mid-year financial report which indicates revenues and expenses have risen.

Thanks to corporate taxes, the in column has grown by $700 million. But the out column, government spending, is about $415 million more than expect in the budget.Of that, 87 per cent is for flooding response and the Children's Hospital.

But what is raising concern for the NDP is that Crown debt is rising by by over half a billion dollars. Finance Minister Ken Krawetz insists such borrowing is needed.

“We're going to continue to ensure that Crowns develop properly, that they have the infrastructure to deliver the services people want.,” said Krawetz.

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But opposition finance critic Trent Wotherspoon argues if the government hadn't stripped the Crowns of 100 per cent dividends, they would have had to borrow less.

The government is presenting this as a balanced budget with a surplus of $137 million, half of which will go to the Growth and Financial Security Fund. But there is a summary deficit that has dropped to $325.6 million, an improvement from the budget estimate of $622.7 million.

If the numbers stay on track, the government savings account should end the year at over $1 billion.