Resource money down, but Sask. still expects surplus
CBC News
Posted: Feb 15, 2013 11:52 AM CST
Last Updated: Feb 15, 2013 4:20 PM CST
Project oil revenue is expected to coming in $278 million less than the spring budget, according the the province's third-quarter financial report. (CBC)
Despite lower-than-projected resource revenue, the Saskatchewan government says it is still on track toward a balanced budget this year.
The government released its third-quarter financial report on Friday, showing a razor-thin surplus of $8.8 million in the general revenue fund is now expected.
That surplus is a decrease of $86 million from the spring budget.
The Finance Ministry says revenue from oil is down by $278 million and revenue from potash is down by $308 million compared to what was projected in February 2012.
The government also says it has spent more on such things as teachers' pensions and benefits, agriculture and flooding.
But that is being offset by extra tax revenue — $314 million more in individual income tax compared to last spring.
To help stay in the black, the government has decided to draw an additional $120 million from Crown corporations, with the exception of SaskPower.
If the numbers hold up, Saskatchewan is on track to be the only province in Canada to have a balanced budget, the province says.
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