Sask. deficit grows to $427M in 3rd-quarter report
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The province’s forecasted deficit is growing, with the third-quarter report indicating Saskatchewan will be $427 million in the red for the 2015-16 fiscal year.
The report released Monday shows the deficit is expected to be $165 million larger than the $262 million deficit forecast at mid-year, largely due to a big hit in oil prices.
“We have seen significant and sustained declines in oil prices impacting our revenue,” Finance Minister Kevin Doherty said in a news release. “While we have forecast a deficit this year and anticipate a more modest deficit next year due to continued low commodity prices and a weak global economy, our four-year forecast projects improvement and a return to surplus in 2017-18.
Revenue is down $158 million from mid-year and $428 million from budget. Expense, meanwhile, is up $7 million from mid-year and $106 million from budget.
