On Monday, November 29, 2021, the Hon. Donna Harpauer, Deputy Premier and Minister of Finance for the Government of Saskatchewan, released the provincial government’s mid-year financial update.
The government’s fiscal year runs April 1st to March 31st, so the mid-year update is the latest forecast as of the end of September during the fiscal year.
The government is still forecasting a significant deficit of $2.7 billion which is $97 million higher than originally forecast in the Spring budget, but $29 million better than was forecast at the end of the 1st Quarter (end of June).
There have been some significant changes on both the revenue and expenditure sides of the ledger since the budget was tabled with revenues increasing by $2.4 billion, but offsetting those revenues is an increase of $2.5 billion in expenditures, primarily due to a widespread drought throughout the province that hit the agriculture sector hard this past summer and resulted in large Crop Insurance claims and relief for livestock producers.
Please see the related links below for the Mid-Year Financial Highlights and Mid-Year Report.
If you have any questions, please feel free to reach out to: