The Honourable Rod Gantefoer Minister of Finance |
|
SASKATCHEWAN BUDGET UPDATE 09-10 |
| |
SASKATCHEWAN: STRONG AND STEADY |
3RD QUARTER FINANCIAL REPORT |
3rd Quarter Financial Report Government of Saskatchewan March 2, 2010 |
3rd Quarter Financial Report General Revenue Fund Update |
INTRODUCTION
The 2009-10 third quarter GRF update shows an overall improvement in the government’s financial outlook. Total GRF revenue has increased since mid-year despite further reductions in potash revenue. This revenue improvement has allowed government to increase spending since mid-year in priority areas.
The outlook for Saskatchewan’s potash sector has improved in recent weeks. However, the 2009-10 potash revenue forecast has decreased again at third quarter due to further reductions in 2009 sales volumes and prices. This has resulted in refunds to producers of revenue received in the final quarter of 2008-09. These refunds of over-payments are currently forecast to exceed current-year revenue by $203.9 million.
The GRF revenue update incorporates increases across several revenue categories, with significant increases in oil revenue, Crown land sales, the Resource Surcharge, and income taxes. Other own-source revenue is also higher at third quarter. These gains more than offset the additional declines in potash revenue since mid-year.
The third quarter GRF expense update incorporates increased spending since mid-year in the areas of health, municipal infrastructure and social services. Despite these increases, expense is forecast to be $133.1 million lower than budget due to the spending restraint measures identified at mid-year, as well as further savings in several Ministries since mid-year.
In total, the changes in GRF revenue and expense improve the pre-transfer deficit by $54.2 million since mid-year.
The net transfer from the Growth and Financial Security Fund (GFSF) is now projected to be $510.1 million. This will ensure that the budgeted $424.5 million GRF surplus remains intact and that government debt remains unchanged at $4.2 billion.
The GFSF is projected to have a balance of $705.0 million at the end of 2009-10, up $54.2 million from the mid-year projection.
3rd Quarter Financial Report | GRF Update 1
FINANCIAL OVERVIEW
After taking into account the effects of measures implemented by the government to manage a substantial revenue decline, the third quarter report shows:
| · | revenue is down $634.1 million or 5.9 per cent from budget (up $153.8 million or 1.6 per cent from mid-year); |
| · | expense is down $133.1 million or 1.3 per cent from budget (up $99.6 million or 1.0 per cent from mid-year); |
| · | the net transfer from the GFSF is forecast at $510.1 million, up $501.0 million from budget (but down $54.2 million from mid-year); |
| · | the budgeted GRF surplus is maintained at $424.5 million; |
| · | the GFSF is projected to have a year-end balance of $705.0 million (up $54.2 million from mid-year); and, |
| · | Government debt is unchanged from March 31, 2009 at $4.2 billion. |
| | | | | | | | | | | | | | | | |
| 2009-10 GRF Financial Overview | |
| | | Budget | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | Estimate | | | Projection | | | Forecast | | | Budget | | | Mid-Year | |
| | | (millions of dollars) | |
| Revenue | | $ | 10,660.8 | | | $ | 9,872.9 | | | $ | 10,026.7 | | | $ | (634.1 | ) | | $ | 153.8 | |
| Expense | | | 10,245.4 | | | | 10,012.7 | | | | 10,112.3 | | | | (133.1 | ) | | | 99.6 | |
| Pre-Transfer Surplus | | | 415.4 | | | | (139.8 | ) | | | (85.6 | ) | | | (501.0 | ) | | | 54.2 | |
| Transfer to GFSF | | | (207.7 | ) | | | - | | | | - | | | | 207.7 | | | | - | |
| Transfer from GFSF | | | 216.8 | | | | 564.3 | | | | 510.1 | | | | 293.3 | | | | (54.2 | ) |
| Net Transfer from (to) GFSF | | | 9.1 | | | | 564.3 | | | | 510.1 | | | | 501.0 | | | | (54.2 | ) |
| GRF Surplus | | $ | 424.5 | | | $ | 424.5 | | | $ | 424.5 | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | |
| GFSF Balance* | | $ | 1,215.1 | | | $ | 650.8 | | | $ | 705.0 | | | $ | (510.1 | ) | | $ | 54.2 | |
| | | | | | | | | | | | | | | | | | | | | |
| Government Total Debt* | | $ | 4,164.7 | | | $ | 4,164.7 | | | $ | 4,164.7 | | | $ | - | | | $ | - | |
| * Budget Estimate reflects 2008-09 year-end amounts. | |
2 3rd Quarter Financial Report | GRF Update
REVENUE UPDATE
At the third quarter, total GRF revenue is forecast to be $10.0 billion, an increase of $153.8 million (1.6 per cent) since mid-year. The higher forecast is primarily due to increased oil revenue, Corporation Income Tax (CIT) and Personal Income Tax (PIT). These increases are partially offset by a further decline in the potash revenue forecast.
| Revenue Reconciliation |
| (millions of dollars) |
| | |
| Budget Estimate | $10,660.8 |
| + Changes at Mid-Year | -787.9 |
| Mid-Year Projection | $9,872.9 |
| Changes since Mid Year | |
| Corporate Income Tax | +83.5 |
| Personal Income Tax | +41.1 |
| Other Taxes | +4.2 |
| Potash | -312.9 |
| Oil | +235.5 |
| Resource Surcharge | +40.0 |
| Crown Land Sales | +23.6 |
| Other Revenue | +38.8 |
| Total Change since Mid-Year | +153.8 |
| | |
| 3rd Quarter Forecast | $10,026.7 |
Tax revenue is forecast to increase by $128.8 million since the mid-year forecast primarily due to higher-than-expected final assessment data for the 2008 tax year, relating to both PIT ($41.1 million) and CIT ($83.5 million). The stronger assessments result in a higher prior-year adjustment payment in 2009-10.
Fuel tax and Tobacco tax have been revised upward by a combined $13.9 million as a result of higher-than-budgeted consumption. Other taxes are down $9.7 million primarily due to a decrease in the Corporate Capital Tax (CCT).
At third quarter, non-renewable resource revenue is down $17.0 million from the mid-year forecast of $1,780.8 million. The decrease is due to a further reduction in the potash forecast and a small reduction in other non-renewable resources revenue. These decreases are offset by increases in oil, Resource Surcharge, Crown land sales and natural gas.
The potash revenue forecast has been decreased by $312.9 million since mid-year, from $109.0 million to -$203.9 million. The decrease is due to further downward revisions to 2009-10 prices and sales, as well as refunds related to 2008-09 overpayments.
The profit tax portion of potash royalties is paid on a calendar-year basis. For the first quarter payment, producers are required to estimate their full-year profit and full-year payments. Based on these first quarter estimates, producers remit an installment payment equal to 25 per cent of total forecast payments for the year. For the second, third and fourth quarter payments, the industry re-estimates full-year profits and makes payments such that their year-to-date payments are 50, 75 and 100 per cent, respectively, of their full-year estimates.
At the close of the first quarter of 2009, potash producers submitted profit tax
3rd Quarter Financial Report | GRF Update 3
installment payments based on their internal forecasts of prices, sales volumes and profit. The industry’s first quarter profit tax payments were received on March 31, 2009 and recorded in the 2008-09 Public Accounts.
These initial industry estimates for 2009 turned out to be well in excess of 25 per cent of actual profit tax owing for the 2009 calendar year. The unprecedented deterioration in the potash market is now estimated to result in refunds owing to potash producers in relation to over-payments received last year. These refunds will be paid out in the 2009-10 fiscal year and are forecast to exceed current-year revenue by $203.9 million.
The current potash forecast includes a 2009-10 average price of C$739 per K2O tonne (US$413 per KCl tonne) down from the mid-year forecast of C$814 per K2O tonne (US$452 per KCl tonne). Total potash sales in 2009-10 are now forecast at 4.7 million K2O tonnes, down 1.0 million K2O tonnes from the mid-year assumption of 5.7 million K2O tonnes.
Other non-renewable resource revenue, which includes uranium, coal and other minerals, is forecast to be $8.9 million lower than mid-year.
Oil revenue has increased $235.5 million since the mid-year forecast. The increase is primarily due to higher prices, a lower exchange rate, and a reduction in the light-heavy differential. West Texas Intermediate (WTI) oil prices have increased from the mid-year estimate of US$65.73 to US$69.78 per barrel at third quarter. The current fiscal-year forecast for the exchange rate has been lowered to 91.65 US cents from 93.15 US cents at mid-year. The value of the Canadian dollar averaged 90.81 US cents from April until the end of January. The light-heavy differential has been decreased from 22 per cent at mid-year to 15 per cent at third quarter.
The Resource Surcharge is up $40.0 million from the mid-year forecast of $400.8 million. The increase is primarily due to unanticipated prior-year reconciliation payments from the resource sector in the third quarter. The current forecast also accounts for higher monthly installment payments in the fourth quarter as resource sales improve.
Crown land sales are $23.6 million higher than mid-year reflecting actual 2009-10 results. The final land sale of the fiscal year in early February was the largest of the fiscal year and generated $39.5 million.
Transfers from Crown Entities are forecast to be $5 million higher than at mid-year while other own-source revenue has increased $58.1 million since mid-year due mainly to increases in Interest, Premium, Discount and Exchange along with Sales, Services and Service Fees.
Transfers from the Government of Canada have decreased $21.1 million from mid-year due to a decrease in the Canada Health Transfer ($24.2 million), partially offset by an increase in other federal cost-sharing transfers ($3.1 million).
4 3rd Quarter Financial Report | GRF Update
EXPENSE UPDATE
At the third quarter, total GRF expense is forecast to be up $99.6 million from the 2009-10 mid-year projection.
| Expense Reconciliation |
| (millions of dollars) |
| | |
| Budget Estimate | $10,245.40 |
| Changes to Mid-Year | -232.7 |
| Mid-Year Projection | $10,012.70 |
| Changes since Mid-Year: |
| Health | +67.7 |
| Municipal Affairs | +56.9 |
| Public Service Commission | +12.6 |
| Social Services | +7.3 |
| Corrections, Public Safety |
| and Policing | +3.5 |
| Public Service Pensions |
| and Benefits | +3.0 |
Tourism, Parks, Culture |
| and Sport | +3.0 |
| Enterprise and Innovation |
| Programs | +1.4 |
| First Nations and | |
| Métis Relations | +1.3 |
| Agriculture | -44.5 |
| Highways and Infrastructure | -6.0 |
| Finance – Debt Servicing | -5.0 |
| Finance | -1.2 |
| Other Net Changes | -0.4 |
| Total Forecast Changes | +99.6 |
| | |
3rd Quarter Forecast | $10,112.30 |
| · | Health is up $67.7 million from mid-year, primarily due to higher-than-anticipated Fee-for-Service and Out-of-Province utilization, and increases related to H1N1 preparedness and facility and equipment capital projects that are nearing completion. |
| · | Municipal Affairs is up $56.9 million from mid-year, due to increased expenditures under the Building Canada Fund and Municipal Infrastructure Grants programs. |
| · | Public Service Commission is up $12.6 million from mid-year, primarily due to an increase in estimated non-permanent employee pension settlement costs. |
| · | Social Services is up $7.3 million from mid-year, primarily due to higher-than-expected Child and Family Community Services costs per case and higher-than-expected Saskatchewan Assistance Plan caseloads. |
| · | Corrections, Public Safety and Policing is up $3.5 million from mid-year, primarily due to increases for claims under the Provincial Disaster Assistance Program. |
| · | Finance – Public Service Pensions and Benefits is up $3.0 million from mid-year, mostly due to higher-than-anticipated costs across government. |
| · | Tourism, Parks, Culture and Sport is up $3.0 million from mid-year, primarily due to increases related to |
3rd Quarter Financial Report | GRF Update 5
the Building Communities Program and the Community Initiatives Fund.
| · | Enterprise and Innovation Programs is up $1.4 million from mid-year, primarily due to an increase related to the Ethanol Fuel Tax Rebate Program. |
| · | First Nations and Métis Relations is up $1.3 million from mid-year, primarily due to a net increase in current year gaming payments to reflect Saskatchewan Indian Gaming Authority and Saskatchewan Gaming Corporation 2009-10 forecasts. |
| · | Agriculture is down $44.5 million from mid-year, primarily due to lower-than-expected costs for the AgriStability Program. |
| · | Highways and Infrastructure is down $6.0 million from mid-year, primarily as a result of reduced amortization expense and deferral of work in the Urban Highway Connector Program. |
| · | Finance Debt Servicing is down $5.0 million from mid-year, primarily due to lower in-year borrowing requirements and lower interest rates. |
| · | Finance is down $1.2 million from mid-year, primarily as a result of lower-than-anticipated consulting and communications costs, and savings due to vacancy management. |
6 3rd Quarter Financial Report | GRF Update
DEBT UPDATE
The GRF borrows for government and Crown corporations. Total debt is composed of gross debt less sinking funds plus guaranteed debt.
Government total debt at March 31, 2010 is currently forecast to be $4.2 billion, unchanged from March 31, 2009.
Crown corporations are responsible for the principal and interest payments on their debt. Crown corporation debt is incurred in the normal course of business, primarily for investment in infrastructure and business development initiatives which provide revenue streams to service the debt.
Crown corporation debt is divided into two components: Crown corporation general debt and Government business enterprise (GBE) specific debt.
Crown corporation general total debt is forecast to be $0.9 billion, an increase of $399.8 million from March 31, 2009. GBE specific total debt is forecast to be $3.0 billion, a decrease of $4.4 million from March 31, 2009.
Taken together, Crown corporation total debt is currently forecast to be $4.0 billion, an increase of $395.4 million from March 31, 2009. This is $443.7 million lower than the increase anticipated at mid-year, due to changes in the timing of capital projects.
| | | | | | | | | | | | | | | | |
| GRF Total Debt | |
| | | | | | As at March 31, 2010 | | | | | | | |
| | | | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | 31-Mar-09 | | | Projection | | | Forecast | | | 31-Mar-09 | | | Mid-Year | |
| | | (millions of dollars) | |
| Government Total Debt | | $ | 4,164.7 | | | $ | 4,164.7 | | | $ | 4,164.7 | | | $ | - | | | $ | - | |
| Crown Corporation Total Debt* | | | 3,557.2 | | | | 4,396.3 | | | | 3,952.6 | | | | 395.4 | | | | (443.7 | ) |
| GRF Total Debt | | $ | 7,721.9 | | | $ | 8,561.0 | | | $ | 8,117.3 | | | $ | 395.4 | | | $ | (443.7 | ) |
| * Crown Corporation General Total Debt plus Government Business Enterprise Specific Total Debt | |
3rd Quarter Financial Report | GRF Update 7
2009-10 Third Quarter Financial Report | | | | | | | | | | | | | | | |
| Province of Saskatchewan | | | | | | | | | | | | | | | |
| General Revenue Fund | | | | | | | | | | | | | | | |
| Statement of Revenue | | | | | | | | | | | | | | | |
| | | Budget | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | Estimate | | | Projection | | | Forecast | | | Budget | | | Mid-Year | |
| | | (thousands of dollars) | |
| | | | | | | | | | | | | | | | |
| Corporation Income | | $ | 624,900 | | | $ | 796,700 | | | $ | 880,200 | | | $ | 255,300 | | | $ | 83,500 | |
| Fuel | | | 438,000 | | | | 438,000 | | | | 443,000 | | | | 5,000 | | | | 5,000 | |
| Individual Income | | | 1,802,600 | | | | 1,848,600 | | | | 1,889,700 | | | | 87,100 | | | | 41,100 | |
| Provincial Sales | | | 1,155,600 | | | | 1,130,600 | | | | 1,130,600 | | | | (25,000 | ) | | | - | |
| Tobacco | | | 190,500 | | | | 190,500 | | | | 199,400 | | | | 8,900 | | | | 8,900 | |
| Other | | | 247,300 | | | | 247,300 | | | | 237,600 | | | | (9,700 | ) | | | (9,700 | ) |
| Taxes | | $ | 4,458,900 | | | $ | 4,651,700 | | | $ | 4,780,500 | | | $ | 321,600 | | | $ | 128,800 | |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Land Sales | | $ | 127,800 | | | $ | 127,800 | | | $ | 151,400 | | | $ | 23,600 | | | $ | 23,600 | |
| Natural Gas | | | 102,200 | | | | 33,300 | | | | 39,000 | | | | (63,200 | ) | | | 5,700 | |
| Oil | | | 573,100 | | | | 952,800 | | | | 1,188,300 | | | | 615,200 | | | | 235,500 | |
| Potash | | | 1,926,800 | | | | 109,000 | | | | (203,900 | ) | | | (2,130,700 | ) | | | (312,900 | ) |
| Resource Surcharge | | | 461,800 | | | | 400,800 | | | | 440,800 | | | | (21,000 | ) | | | 40,000 | |
| Other | | | 177,200 | | | | 157,100 | | | | 148,200 | | | | (29,000 | ) | | | (8,900 | ) |
| Non-Renewable Resources | | $ | 3,368,900 | | | $ | 1,780,800 | | | $ | 1,763,800 | | | $ | (1,605,100 | ) | | $ | (17,000 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Investments Corporation of Saskatchewan | | $ | 185,000 | | | $ | 185,000 | | | $ | 185,000 | | | $ | - | | | $ | - | |
| - Special Dividend | | | 110,000 | | | | 570,000 | | | | 570,000 | | | | 460,000 | | | | - | |
| Saskatchewan Liquor and Gaming Authority | | | 440,700 | | | | 431,400 | | | | 427,300 | | | | (13,400 | ) | | | (4,100 | ) |
| Other Enterprises and Funds | | | 41,200 | | | | 55,000 | | | | 64,100 | | | | 22,900 | | | | 9,100 | |
| Transfers from Crown Entities | | $ | 776,900 | | | $ | 1,241,400 | | | $ | 1,246,400 | | | $ | 469,500 | | | $ | 5,000 | |
| | | | | | | | | | | | | | | | | | | | | |
| Fines, Forfeits and Penalties | | $ | 10,500 | | | $ | 12,400 | | | $ | 12,800 | | | $ | 2,300 | | | $ | 400 | |
| Interest, Premium, Discount and Exchange | | | 176,700 | | | | 194,700 | | | | 225,300 | | | | 48,600 | | | | 30,600 | |
| Motor Vehicle Fees | | | 149,400 | | | | 149,400 | | | | 149,400 | | | | - | | | | - | |
| Other Licences and Permits | | | 32,800 | | | | 32,800 | | | | 33,300 | | | | 500 | | | | 500 | |
| Sales, Services and Service Fees | | | 173,100 | | | | 104,600 | | | | 119,400 | | | | (53,700 | ) | | | 14,800 | |
| Transfers from Other Governments | | | 15,900 | | | | 18,000 | | | | 18,500 | | | | 2,600 | | | | 500 | |
| Other | | | 40,000 | | | | 59,600 | | | | 70,900 | | | | 30,900 | | | | 11,300 | �� |
| Other Revenue | | $ | 598,400 | | | $ | 571,500 | | | $ | 629,600 | | | $ | 31,200 | | | $ | 58,100 | |
| Own-Source Revenue | | $ | 9,203,100 | | | $ | 8,245,400 | | | $ | 8,420,300 | | | $ | (782,800 | ) | | $ | 174,900 | |
| | | | | | | | | | | | | | | | | | | | | |
| Canada Health Transfer | | $ | 843,500 | | | $ | 843,500 | | | $ | 819,300 | | | $ | (24,200 | ) | | $ | (24,200 | ) |
| Canada Social Transfer | | | 335,000 | | | | 335,000 | | | | 335,000 | | | | - | | | | - | |
| Other | | | 279,200 | | | | 449,000 | | | | 452,100 | | | | 172,900 | | | | 3,100 | |
| Transfers from the Government of Canada | | $ | 1,457,700 | | | $ | 1,627,500 | | | $ | 1,606,400 | | | $ | 148,700 | | | $ | (21,100 | ) |
| Revenue | | $ | 10,660,800 | | | $ | 9,872,900 | | | $ | 10,026,700 | | | $ | (634,100 | ) | | $ | 153,800 | |
8 3rd Quarter Financial Report | GRF Update
| 2009-10 Third Quarter Financial Report | | | | | | | | | | | | | | | |
| Province of Saskatchewan | | | | | | | | | | | | | | | |
| General Revenue Fund | | | | | | | | | | | | | | | |
| Statement of Expense | | | | | | | | | | | | | | | |
| | | Budget | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | Estimate | | | Projection | | | Forecast | | | Budget | | | Mid-Year | |
| | | (thousands of dollars) | |
| | | | | | | | | | | | | | | | |
| Executive Branch of Government | | | | | | | | | | | | | | | |
| Advanced Education, Employment and Labour | | $ | 840,020 | | | $ | 868,335 | | | $ | 868,335 | | | $ | 28,315 | | | $ | - | |
| Agriculture | | | 483,444 | | | | 443,319 | | | | 398,823 | | | | (84,621 | ) | | | (44,496 | ) |
| Corrections, Public Safety and Policing | | | 324,014 | | | | 333,861 | | | | 337,361 | | | | 13,347 | | | | 3,500 | |
| Education | | | 1,206,066 | | | | 1,174,834 | | | | 1,174,838 | | | | (31,228 | ) | | | 4 | |
| - Teachers' Pensions and Benefits | | | 173,169 | | | | 173,169 | | | | 173,165 | | | | (4 | ) | | | (4 | ) |
| Energy and Resources | | | 42,888 | | | | 40,982 | | | | 40,739 | | | | (2,149 | ) | | | (243 | ) |
| Enterprise and Innovation Programs | | | 22,133 | | | | 21,835 | | | | 23,233 | | | | 1,100 | | | | 1,398 | |
| Enterprise Saskatchewan* | | | 47,305 | | | | 45,406 | | | | 45,406 | | | | (1,899 | ) | | | - | |
| Environment | | | 200,380 | | | | 190,780 | | | | 190,780 | | | | (9,600 | ) | | | - | |
| Executive Council | | | 9,057 | | | | 9,002 | | | | 9,002 | | | | (55 | ) | | | - | |
| Finance | | | 64,981 | | | | 63,650 | | | | 62,436 | | | | (2,545 | ) | | | (1,214 | ) |
| - Public Service Pensions and Benefits | | | 264,411 | | | | 264,411 | | | | 267,457 | | | | 3,046 | | | | 3,046 | |
| Finance Debt Servicing | | | 502,500 | | | | 487,500 | | | | 482,500 | | | | 20,000 | ) | | | (5,000 | ) |
| First Nations and Métis Relations | | | 87,585 | | | | 89,285 | | | | 90,575 | | | | 2,990 | | | | 1,290 | |
| Government Services | | | 14,884 | | | | 12,334 | | | | 12,334 | | | | (2,550 | ) | | | - | |
| Health | | | 4,075,223 | | | | 3,883,123 | | | | 3,950,773 | | | | (124,450 | ) | | | 67,650 | |
| Highways and Infrastructure | | | 436,990 | | | | 435,072 | | | | 429,072 | | | | (7,918 | ) | | | (6,000 | ) |
| Information Technology Office | | | 7,091 | | | | 6,662 | | | | 6,482 | | | | (609 | ) | | | (180 | ) |
| Intergovernmental Affairs | | | 4,014 | | | | 3,769 | | | | 3,769 | | | | (245 | ) | | | - | |
| Justice and Attorney General | | | 142,275 | | | | 145,200 | | | | 145,200 | | | | 2,925 | | | | - | |
| Municipal Affairs | | | 339,697 | | | | 360,528 | | | | 417,428 | | | | 77,731 | | | | 56,900 | |
| Office of the Provincial Secretary | | | 5,024 | | | | 4,812 | | | | 4,812 | | | | (212 | ) | | | - | |
| Public Service Commission | | | 38,085 | | | | 37,495 | | | | 50,085 | | | | 12,000 | | | | 12,590 | |
| Saskatchewan Research Council | | | 15,016 | | | | 15,016 | | | | 15,016 | | | | - | | | | - | |
| Social Services | | | 722,760 | | | | 736,148 | | | | 743,495 | | | | 20,735 | | | | 7,347 | |
| Tourism, Parks, Culture and Sport | | | 139,180 | | | | 128,442 | | | | 131,414 | | | | (7,766 | ) | | | 2,972 | |
| | | | | | | | | | | | | | | | | | | | | |
| Legislative Branch of Government | | | | | | | | | | | | | | | | | | | | |
| Chief Electoral Officer | | | 1,179 | | | | 1,675 | | | | 1,675 | | | | 496 | | | | - | |
| Children's Advocate | | | 1,621 | | | | 1,621 | | | | 1,621 | | | | - | | | | - | |
| Conflict of Interest Commissioner | | | 151 | | | | 151 | | | | 151 | | | | - | | | | - | |
| Information and Privacy Commissioner | | | 927 | | | | 927 | | | | 927 | | | | - | | | | - | |
| Legislative Assembly | | | 23,662 | | | | 23,727 | | | | 23,727 | | | | 65 | | | | - | |
| Ombudsman | | | 2,195 | | | | 2,195 | | | | 2,195 | | | | - | | | | - | |
| Provincial Auditor | | | 7,459 | | | | 7,459 | | | | 7,459 | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Expense | | $ | 10,245,386 | | | $ | 10,012,725 | | | $ | 10,112,285 | | | $ | (133,101 | ) | | $ | 99,560 | |
| * Includes Innovation Saskatchewan. Enterprise Saskatchewan's mid-year projection has been restated to include Innovation Saskatchewan. | |
3rd Quarter Financial Report | GRF Update 9
| 2009-10 Third Quarter Financial Report | | | | | | | | | | | | | | | |
| Province of Saskatchewan | | | | | | | | | | | | | | | |
| General Revenue Fund | | | | | | | | | | | | | | | |
| Statement of Debt | | | | | | | | | | | | | | | |
| | | | | | As at March 31, 2010 | | | | | | | |
| | | | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | 31-Mar-09 | | | Projection | | | Forecast | | | 31-Mar-09 | | | Mid-Year | |
| | | (thousands of dollars) | |
| | | | | | | | | | | | | | | | |
| Government General Debt | | $ | 4,145,286 | | | $ | 4,137,653 | | | $ | 4,137,653 | | | $ | (7,633 | ) | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Corporation General Debt | | | | | | | | | | | | | | | | | | | | |
| Information Services Corporation | | | | | | | | | | | | | | | | | | | | |
| of Saskatchewan | | $ | 13,547 | | | $ | 13,547 | | | $ | 13,547 | | | $ | - | | | $ | - | |
| Municipal Financing Corporation | | | | | | | | | | | | | | | | | | | | |
| of Saskatchewan | | | 1,062 | | | | 10,000 | | | | 10,000 | | | | 8,938 | | | | - | |
| Saskatchewan Crop Insurance Corporation | | | 2,053 | | | | - | | | | - | | | | (2,053 | ) | | | - | |
| Saskatchewan Housing Corporation | | | 33,212 | | | | 31,834 | | | | 31,669 | | | | (1,543 | ) | | | (165 | ) |
| Saskatchewan Opportunities Corporation | | | 37,543 | | | | 42,096 | | | | 37,096 | | | | (447 | ) | | | (5,000 | ) |
| Saskatchewan Power Corporation | | | 140,000 | | | | 602,163 | | | | 508,855 | | | | 368,855 | | | | (93,308 | ) |
| Saskatchewan Telecommunications | | | | | | | | | | | | | | | | | | | | |
| Holding Corporation | | | 28,900 | | | | 16,400 | | | | 12,900 | | | | (16,000 | ) | | | (3,500 | ) |
| Saskatchewan Water Corporation | | | 41,412 | | | | 57,007 | | | | 46,951 | | | | 5,539 | | | | (10,056 | ) |
| SaskEnergy Incorporated | | | 222,500 | | | | 237,751 | | | | 259,039 | | | | 36,539 | | | | 21,288 | |
| Crown Corporation General Debt | | $ | 520,229 | | | $ | 1,010,798 | | | $ | 920,057 | | | $ | 399,828 | | | $ | (90,741 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Government Business Enterprise Specific Debt | | | | | | | | | | | | | | | | | | | | |
| Municipal Financing Corporation | | | | | | | | | | | | | | | | | | | | |
| of Saskatchewan | | $ | 37,266 | | | $ | 88,853 | | | $ | 88,853 | | | $ | 51,587 | | | $ | - | |
| Saskatchewan Gaming Corporation | | | - | | | | 6,000 | | | | 6,000 | | | | 6,000 | | | | - | |
| Saskatchewan Power Corporation | | | 2,157,215 | | | | 2,319,705 | | | | 2,117,710 | | | | (39,505 | ) | | | (201,995 | ) |
| Saskatchewan Telecommunications | | | | | | | | | | | | | | | | | | | | |
| Holding Corporation | | | 262,468 | | | | 356,235 | | | | 255,686 | | | | (6,782 | ) | | | (100,549 | ) |
| SaskEnergy Incorporated | | | 579,092 | | | | 614,721 | | | | 564,266 | | | | (14,826 | ) | | | (50,455 | ) |
| Government Business Enterprise Specific Debt | | $ | 3,036,041 | | | $ | 3,385,514 | | | $ | 3,032,515 | | | $ | (3,526 | ) | | $ | (352,999 | ) |
| Total Public Debt | | $ | 7,701,556 | | | $ | 8,533,965 | | | $ | 8,090,225 | | | $ | 388,669 | | | $ | (443,740 | ) |
| Guaranteed Debt | | | 20,305 | | | | 27,045 | | | | 27,045 | | | | 6,740 | | | | - | |
| Total Debt | | $ | 7,721,861 | | | $ | 8,561,010 | | | $ | 8,117,270 | | | $ | 395,409 | | | $ | (443,740 | ) |
Total Debt by Category | | | | | | | | | | | | | | | | | | | | |
| Government Gross Debt | | $ | 7,109,217 | | | $ | 6,404,561 | | | $ | 6,404,561 | | | $ | (704,656 | ) | | $ | - | |
| Government Sinking Funds | | | (2,963,931 | ) | | | (2,266,908 | ) | | | (2,266,908 | ) | | | 697,023 | | | | - | |
| Government Public Debt | | $ | 4,145,286 | | | $ | 4,137,653 | | | $ | 4,137,653 | | | $ | (7,633 | ) | | $ | - | |
| Government Guaranteed Debt | | | 19,412 | | | | 27,045 | | | | 27,045 | | | | 7,633 | | | | - | |
| Government Total Debt | | $ | 4,164,698 | | | $ | 4,164,698 | | | $ | 4,164,698 | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Corporation Gross Debt | | $ | 3,956,576 | | | $ | 4,802,719 | | | $ | 4,362,627 | | | $ | 406,051 | | | $ | (440,092 | ) |
| Crown Corporation Sinking Funds | | | (400,306 | ) | | | (406,407 | ) | | | (410,055 | ) | | | (9,749 | ) | | | (3,648 | ) |
| Crown Corporation Public Debt | | $ | 3,556,270 | | | $ | 4,396,312 | | | $ | 3,952,572 | | | $ | 396,302 | | | $ | (443,740 | ) |
| Crown Corporation Guaranteed Debt | | | 893 | | | | - | | | | - | | | | (893 | ) | | | - | |
| Crown Corporation Total Debt | | $ | 3,557,163 | | | $ | 4,396,312 | | | $ | 3,952,572 | | | $ | 395,409 | | | $ | (443,740 | ) |
| Total Debt | | $ | 7,721,861 | | | $ | 8,561,010 | | | $ | 8,117,270 | | | $ | 395,409 | | | $ | (443,740 | ) |
10 3rd Quarter Financial Report | GRF Update
