ICYMI: Sask. budget slashes $2B from deficit, new PST on some services skpoli
Fuelled by economic growth, the province on Wednesday has projected a reduced deficit of $463 million in a budget that Finance Minister Donna Harpauer says is putting Saskatchewan into a “clear path” to balance.
Saskatchewan is expected to bring in $2.9 billion in non-renewable resource revenue, largely driven by higher oil and potash prices. This is an increase of $1.6 billion when compared to last year. WTI oil projections are US$75.75 per barrel and the potash price is projected to be US$407 per KCl tonne, all on an exchange rate of 80.04 U.S. cents.
While Harpauer has touted the budget as one that is fiscally responsible and responsive, the Opposition NDP pointed to a number of measures that it says will make life more unaffordable. The province’s additional PST charges are expected to bring in $10.5 million this year and $21 million annually. An increase to the education tax on properties is expected to bring in about $20 million.
“The last two years have been the darkest time the industry has ever faced,” Reid said in an emailed statement. “News of the expansion of the PST to include admission and entertainment charges was a surprise to our organization, and one we received with sensitivity. While Moe said the increase in PST was done with some hesitation, the province took a “balanced approach.”
While public debt is expected to increase by $2.9 billion for a total of $30 billion, the province has put $450 million down on the operating debt.
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