Saskatchewan's economy remained strong in the first half of the fiscal year, but challenging weather conditions have led to increased expenses and a higher than expected deficit in the provincial mid-year financial report.The provincial government's 2024-25 Mid-Year Report revealed a projected deficit of $743.5 million, which is $470.4 million more than initially budgeted. Dry summer conditions played a significant role in the deficit increase, mainly affected by the agricultural sector.Deputy Premier and Finance Minister Jim Reiter highlighted the importance of crop insurance in protecting farmers during unpredictable growing seasons..Moe concerned over Trump’s proposed 25% tariff, calls for border security collaboration.While early-season weather conditions looked promising, severe dry spells during the summer dramatically reduced crop yields and quality, especially for canola.The impact on agriculture was substantial. Crop insurance claims increased, pushing agricultural expenses up by $385 million, a 25.1% jump from the original budget. Reiter emphasized that the crop insurance program, which is partially funded by farmers' premiums, was designed to help producers manage circumstances beyond their control..Sask NDP motion to remove PST on groceries failed.Other key expense increases included $128 million for the protection of persons and property, driven by costs in correctional facilities and wildfire response. Healthcare saw a $100 million increase to address service and volume pressures.Saskatchewan experienced the second-fastest economic growth in Canada in 2023, with a real GDP growth of 2.3%.The government expects total revenue to increase by $275.1 million, with significant growth in taxation and other revenues..Pro-Palestine ‘cultural celebration’ in Saskatchewan.Corporate income tax collections have been higher than anticipated due to the province's strong economy.The province's gross debt is projected to reach $35.2 billion, though the net debt-to-GDP ratio is expected to improve to 13.9%, which is the second-best among Canadian provinces.Opposition NDP finance critic Trent Wotherspoon criticized the government's financial management, arguing that voters should have received this financial update before the October 28 election. Wotherspoon called for greater transparency and more careful spending of public funds..Nicotine pouches remain widely available after Belgian ban."We should have gone into the election with a more accurate picture on these sorts of numbers," said Wotherspoon."People deserve transparency, and they deserve the real numbers so they know what they're dealing with. We haven't been getting that with the Sask. Party. We've had really awful forecasting and management."
Saskatchewan's economy remained strong in the first half of the fiscal year, but challenging weather conditions have led to increased expenses and a higher than expected deficit in the provincial mid-year financial report.The provincial government's 2024-25 Mid-Year Report revealed a projected deficit of $743.5 million, which is $470.4 million more than initially budgeted. Dry summer conditions played a significant role in the deficit increase, mainly affected by the agricultural sector.Deputy Premier and Finance Minister Jim Reiter highlighted the importance of crop insurance in protecting farmers during unpredictable growing seasons..Moe concerned over Trump’s proposed 25% tariff, calls for border security collaboration.While early-season weather conditions looked promising, severe dry spells during the summer dramatically reduced crop yields and quality, especially for canola.The impact on agriculture was substantial. Crop insurance claims increased, pushing agricultural expenses up by $385 million, a 25.1% jump from the original budget. Reiter emphasized that the crop insurance program, which is partially funded by farmers' premiums, was designed to help producers manage circumstances beyond their control..Sask NDP motion to remove PST on groceries failed.Other key expense increases included $128 million for the protection of persons and property, driven by costs in correctional facilities and wildfire response. Healthcare saw a $100 million increase to address service and volume pressures.Saskatchewan experienced the second-fastest economic growth in Canada in 2023, with a real GDP growth of 2.3%.The government expects total revenue to increase by $275.1 million, with significant growth in taxation and other revenues..Pro-Palestine ‘cultural celebration’ in Saskatchewan.Corporate income tax collections have been higher than anticipated due to the province's strong economy.The province's gross debt is projected to reach $35.2 billion, though the net debt-to-GDP ratio is expected to improve to 13.9%, which is the second-best among Canadian provinces.Opposition NDP finance critic Trent Wotherspoon criticized the government's financial management, arguing that voters should have received this financial update before the October 28 election. Wotherspoon called for greater transparency and more careful spending of public funds..Nicotine pouches remain widely available after Belgian ban."We should have gone into the election with a more accurate picture on these sorts of numbers," said Wotherspoon."People deserve transparency, and they deserve the real numbers so they know what they're dealing with. We haven't been getting that with the Sask. Party. We've had really awful forecasting and management."
