The Honourable Ken Krawetz Deputy Premier Minister of Finance |
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SASKATCHEWAN BUDGET UPDATE 10-11 |
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BALANCED. FORWARD-LOOKING. RESPONSIBLE. |
3RD QUARTER FINANCIAL REPORT |
3rd Quarter Financial Report Government of Saskatchewan March 4, 2011 |
3rd Quarter Financial Report General Revenue Fund Update |
INTRODUCTION
At third quarter, provincial revenue is projected to be $1.04 billion higher than the Budget estimate, $311.4 million higher than at mid-year, on the basis of:
| · | much stronger than originally expected performance in the non-renewable resource sector; |
| · | robust growth in tax revenue; and, |
| · | the $195.0 million special Crown Investments Corporation dividend for the Children’s Hospital. |
| | Change in 2010-11 GRF Expense by Major Item | | | | | | | |
| | (millions of dollars) | | Change | | | Total | | |
| | Expense - Budget Estimate | | | | | | 10,124.1 | | |
| | Changes since Budget | | | | | | | | |
| | Third-party Capital | | | | | | + 481.5 | | |
| | Children's Hospital | | | + 195.0 | | | | | | |
| | School Capital and Block Funding | | | + 60.0 | | | | | | |
| | Health Equipment Capital and Facility Repairs | | | + 55.3 | | | | | | |
| | Academic Health Sciences Centre | | | + 50.0 | | | | | | |
| | Long-Term Care Projects | | | + 49.3 | | | | | | |
| | Social Housing Renovations | | | + 33.9 | | | | | | |
| | Municipal Roads for the Economy Program | | | + 23.5 | | | | | | |
| | Other net changes | | | + 14.5 | | | | | | |
| | Weather-related costs | | | | | | | + 186.0 | | |
| | Saskatchewan Surgical Initiative | | | | | | | + 40.4 | | |
| | Abandoned uranium mine cleanup costs | | | | | | | + 38.0 | | |
| | Other net changes | | | | | | | + 77.5 | | |
| | Total Change from Budget | | | | | | | + 823.4 | | |
| | | | | | | | | | | |
| | Expense - Third Quarter Forecast | | | | | | | + 10,947.5 | | |
This increased revenue has provided an opportunity for the province to advance $481.5 million in capital funding to third party partners to expedite progress on important infrastructure projects, including:
| · | $195.0 million for the Children’s Hospital; |
| · | $60.0 million for school capital; |
| · | $50.0 million for the Academic Health Sciences Centre; |
| · | $49.3 million for the long-term care facilities; and, |
| · | $23.5 million for rural municipal roads. |
3rd Quarter Financial Report | GRF Update 1
This increased revenue has also allowed the province to:
| · | meet $186.0 million in costs associated with the flooding in 2010; |
| · | advance $40.4 million in funding for the surgical waitlist initiative; and, |
| · | meet increased obligations to clean up abandoned uranium mines. |
All other net changes in expense amount to $77.5 million – about 9 per cent of the $823.4 million increase in expense since the 2010-11 Budget.
At third quarter, revenue is projected to exceed expense by $40.0 million. Half of this pre-transfer surplus will be transferred to the Growth and Financial Security Fund, leaving a projected GRF surplus of $20.0 million.
With the additional transfer from the GRF, the Growth and Financial Security Fund is projected to have a year-end balance of $978.3 million.
General government public debt is forecast to remain at $4.1 billion, unchanged from March 31, 2010.
Crown corporation public debt, is forecast to be $4.2 billion – an increase of $376.4 million from March 31, 2010.
2 3rd Quarter Financial Report | GRF Update
FINANCIAL OVERVIEW
The 2010-11 Budget estimated a General Revenue Fund (GRF) surplus of $20.0 million.
At third quarter:
| · | revenue is up $1,037.6 million, or 10.4 per cent, from budget (up $311.4 million, or 2.9 per cent, from mid-year); and, |
| · | expense is up $823.4 million, or 8.1 per cent, from budget (up $408.4 million, or 3.9 per cent, from mid-year). |
The resulting pre-transfer balance is $40.0 million.
| 2010-11 GRF Financial Overview |
| | | Budget | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | Estimate | | | Projection | | | Forecast | | | Budget | | | Mid-Year | |
| | | (millions of dollars) | |
| Revenue | | $ | 9,949.9 | | | $ | 10,676.1 | | | $ | 10,987.5 | | | $ | 1,037.6 | | | $ | 311.4 | |
| Expense | | | 10,124.1 | | | | 10,539.1 | | | | 10,947.5 | | | | 823.4 | | | | 408.4 | |
| Pre-Transfer Surplus | | | (174.2 | ) | | | 137.0 | | | | 40.0 | | | | 214.2 | | | | (97.0 | ) |
| Transfer to GFSF | | | - | | | | (68.5 | ) | | | (20.0 | ) | | | (20.0 | ) | | | 48.5 | |
| Transfer from GFSF | | | 194.2 | | | | - | | | | - | | | | (194.2 | ) | | | - | |
| Net Transfer from (to) GFSF | | | 194.2 | | | | (68.5 | ) | | | (20.0 | ) | | | (214.2 | ) | | | 48.5 | |
| GRF Surplus | | $ | 20.0 | | | $ | 68.5 | | | $ | 20.0 | | | $ | - | | | $ | (48.5 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| GFSF Balance* | | $ | 510.8 | | | $ | 1,026.8 | | | $ | 978.3 | | | $ | 467.5 | | | $ | (48.5 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Government Debt | | $ | 4,145.3 | | | $ | 4,140.5 | | | $ | 4,140.5 | | | $ | (4.8 | ) | | $ | - | |
| * Mid-Year Projection and Third Quarter Forecast reflect actual 2010-11 opening balance of $958.3M. | |
As a result, the budgeted Growth and Financial Security Fund (GFSF) transfer to the GRF is eliminated. Instead, the GRF will transfer $20.0 million to the GFSF, representing one-half of the pre-transfer surplus.
The projected GRF surplus at third quarter is $20.0 million.
The projected year-end GFSF balance is $978.3 million.
Government general public debt at March 31, 2011 is forecast to be $4.1 billion, unchanged from March 31, 2010.
3rd Quarter Financial Report | GRF Update 3
REVENUE UPDATE
The 2010-11 Budget estimated GRF revenue at $9,949.9 million.
At mid-year, GRF revenue was projected at $10,676.1 million, an increase of $726.2 million from budget.
The third quarter financial update includes an additional $311.4 million in revenue. Higher forecasts for non-renewable resources and tax revenue account for the majority of the increase since mid-year.
In total, GRF revenue is forecast to be $10,987.5 million in 2010-11.
| | Revenue Reconciliation | |
| | (millions of dollars) | |
| | Budget Estimate | $ 9,949.9 | |
| | Changes at Mid-Year | + 726.2 | |
| | Mid-Year Projection | $ 10,676.1 | |
| | Changes since Mid-Year: | | |
| | Oil | + 89.1 | |
| | Corporation Income Tax | + 44.3 | |
| | Potash | + 43.9 | |
| | Other Revenue | + 59.0 | |
| | Provincial Sales Tax | + 33.9 | |
| | Interest, Premium, Discount | | |
| | And Exchange | + 18.7 | |
| | Other net changes | + 22.5 | |
| | Total Change since Mid-Year | + 311.4 | |
| | | | |
| | 3rd Quarter Forecast | $ 10,987.5 | |
Tax revenue is forecast to increase by $97.7 million since the mid-year forecast. Corporation Income Tax is up $44.3 million due to higher-than-expected final assessment data for the 2009 tax year and a higher federal forecast of the national corporate tax base. Provincial Sales Tax is forecast to be $33.9 million higher as the result of higher-than-anticipated economic activity. Other taxes are up $16.6 million, primarily due to an increase in the general portion of Corporate Capital Tax (CCT) as a result of higher year-to-date payments from the financial sector.
Non-renewable resource revenue is up $138.8 million from the mid-year forecast due to further increases in the forecasts for oil, potash and Crown land sales, partially offset by minor decreases in natural gas and other non-renewable resources revenue.
The oil revenue forecast is up $89.1 million since mid-year due to higher wellhead prices, primarily as the result of an increase in West Texas Intermediate (WTI) oil prices and a decrease in the light-heavy differential. At third quarter, the 2010-11 average WTI oil price forecast is US$81.85 per barrel, up from US$80.51 at mid-year and US$77.50 at budget. Through the first ten months of the fiscal year, WTI oil averaged US$80.78.
The potash revenue forecast has been increased by $43.9 million since mid-year, largely as the result of higher sales. Total sales in the 2010-11 fiscal year are now projected at 9.8 million K2O tonnes, up from 9.0 million K2O tonnes at mid-year. The average selling price is forecast to be US$351 per KCl tonne (C$590 per K2O tonne) in 2010-11, virtually unchanged from mid-year, but higher than the
4 3rd Quarter Financial Report | GRF Update
| | 2010-11 Key Resource Forecast Assumptions | |
| | | | Budget | | | Mid-Year | | | 3rd Quarter | |
| | | | Estimate | | | Projection | | | Forecast | |
| | WTI Oil Price (US$ per barrel) | | | 77.50 | | | | 80.51 | | | | 81.85 | |
| | Exchange Rate (US cents) | | | 95.50 | | | | 97.81 | | | | 97.67 | |
| | Light-Heavy Differential (% of WTI) | | | 22.0 | | | | 19.0 | | | | 16.2 | |
| | Well-head Oil Price (C$ per barrel) | | | 63.40 | | | | 64.68 | | | | 67.24 | |
| | Oil Production (millions of barrels) | | | 148.6 | | | | 149.2 | | | | 150.8 | |
| | Total Oil Revenue ($Millions) | | | 1,098.3 | | | | 1,143.5 | | | | 1,232.6 | |
| | Fieldgate Natural Gas Price (C$ per gigajoule) | | | 4.40 | | | | 3.50 | | | | 3.39 | |
| | Total Natural Gas Revenue ($Millions) | | | 42.2 | | | | 27.4 | | | | 25.6 | |
| | Potash Average Price (C$ per K2O tonne) | | | 529 | | | | 584 | | | | 590 | |
| | Potash Average Price (US$ per KCI tonne) | | | 308 | | | | 349 | | | | 351 | |
| | Potash Sales (million K2O tonnes) | | | 8.1 | | | | 9.0 | | | | 9.8 | |
| | Total Potash Revenue ($Millions) | | | 221.0 | | | | 257.6 | | | | 301.5 | |
The final land sale of the fiscal year took place on February 7, 2011 and generated $43.4 million. The full-year total of $466.7 million is $11.2 million higher than the mid-year forecast and is the second- highest fiscal year ever.
Transfers from Crown Entities are forecast to be $4.2 million higher than at mid-year, largely as a result of an $8.5 million CIC special dividend for Saskatchewan’s Integrated Nuclear Research and Development Strategy.
Other own-source revenue is forecast to be up $73.6 million. The increase is largely due to further gains in Interest, Premium, Discount and Exchange earnings, as well as an increase in other own-source revenue as the result of unexpected casual and miscellaneous revenue, including refunds of prior-years’ expense.
Transfers from the Government of Canada have decreased $2.9 million from mid-year. The revised forecast includes lower federal contributions for infrastructure cost-sharing projects due to weather-related delays and the extension of stimulus funding deadlines into 2011-12. These decreases are partially offset by higher anticipated federal contributions to the Provincial Disaster Assistance Program.
3rd Quarter Financial Report | GRF Update 5
EXPENSE UPDATE
The 2010-11 Budget estimated GRF expense at $10,124.1 million.
At mid-year, GRF expense was projected at $10,539.1 million, an increase of $415.0 million from budget, primarily due to weather-related costs and funding the Children’s Hospital.
| | Expense Reconciliation | |
| | (millions of dollars) | |
| | Budget Estimate | $ 10,124.1 | |
| | Changes at Mid-Year | + 415.0 | |
| | Mid-Year Projection | $ 10,539.1 | |
| | Changes since Mid-Year: | | |
| | Health | + 163.0 | |
| | Advanced Education | | |
| | Employment and | | |
| | Immigration | + 78.1 | |
| | Education | + 68.3 | |
| | Social Services | + 42.1 | |
| | Energy and Resources | + 38.1 | |
| | Environment | + 37.0 | |
| | Highways and Infrastructure | + 23.5 | |
| | Teachers’ Pensions and Benefits | + 14.6 | |
| | Corrections, Public Safety | | |
| | and Policing | + 14.1 | |
| | Agriculture | - 54.1 | |
| | Municipal Affairs | - 19.3 | |
| | Other net changes | - 5.3 | |
| | Total Change since Mid-Year | + 408.4 | |
| | | | |
| | 3rd Quarter Forecast | $ 10,947.5 | |
The third quarter financial update includes an additional $408.4 million in expense, predominantly for infrastructure investments. In total, GRF expense is forecast to be $10,947.5 million in 2010-11.
Major changes from mid-year occur in the following Ministries.
| · | Health is up $163.0 million from mid-year, primarily due to funding provided for the continuation of long-term care facility replacements, the Saskatchewan Surgical Initiative, medical equipment, facility repairs, electronic health record development, renovations at the Parkridge Long-Term Care facility and higher-than-anticipated program utilization. |
| · | Advanced Education, Employment and Immigration is up $78.1 million from mid-year, primarily due to funding for the Academic Health Sciences Centre project, university facility maintenance and the Inter-Vac project. |
| · | Education is up $68.3 million from mid-year, primarily due to increased expense for major school capital and block maintenance capital funding, and an increase to cover the costs of Local Implementation and Negotiations Committee (LINC) agreements. |
| · | Social Services is up $42.1 million from mid-year, primarily due to increases for social housing renovations, the 440 Waitlist Initiative for individuals with intellectual disabilities and new spaces in group homes for children. |
| · | Energy and Resources is up $38.1 million from mid-year, primarily due to an increase related to abandoned uranium mine cleanup. |
6 3rd Quarter Financial Report | GRF Update
| · | Environment is up $37.0 million from mid-year in order to provide a 2011 spring flood prevention program and flooding assistance measures for the Waldsea Lake and Fishing Lake areas. |
| · | Highways and Infrastructure is up $23.5 million from mid-year for an increase in funding for the Municipal Roads for the Economy Program. |
| · | Education - Teachers’ Pensions and Benefits is up $14.6 million from mid-year, primarily due to increases for the Saskatchewan Teachers’ Retirement Plan and the Teachers’ Superannuation Plan. |
| · | Corrections, Public Safety and Policing is up $14.1 million from mid-year, primarily due to increases for claims under the Provincial Disaster Assistance Program. |
| · | Agriculture is down $54.1 million from mid-year, primarily due to lower-than-expected costs for the Province’s portion of the AgriStability Program, based on the most recent federal government forecasts for the 2010 program year. |
| · | Municipal Affairs is down $19.3 million from mid-year, primarily due to weather-related infrastructure project delays. |
3rd Quarter Financial Report | GRF Update 7
DEBT UPDATE
The GRF borrows for government and Crown corporations. Public debt is composed of gross debt less sinking funds.
Government public debt at March 31, 2011 is currently forecast to be $4.1 billion, unchanged from the March 31, 2010 balance and the amount anticipated at mid-year.
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.
| GRF Debt |
| | | | | | As at March 31, 2011 | | | | | | | |
| | | | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | 31-Mar-2010 | | | Projection | | | Forecast | | | 31-Mar-2010 | | | Mid-Year | |
| | | (millions of dollars) | |
| GRF Government General Public Debt | | $ | 4,140.5 | | | $ | 4,140.5 | | | $ | 4,140.5 | | | $ | - | | | $ | - | |
| GRF Crown Corporation Public Debt | | | | | | | | | | | | | | | | | | | | |
Crown Corporation General | | | 818.7 | | | | 844.3 | | | | 687.6 | | | | (131.1 | ) | | | (156.7 | ) |
Government Business Enterprise Specific | | | 3,033.4 | | | | 3,526.0 | | | | 3,540.9 | | | | 507.5 | | | | 14.9 | |
| GRF Crown Corporation Public Debt | | $ | 3,852.1 | | | $ | 4,370.3 | | | $ | 4,228.5 | | | $ | 376.4 | | | $ | (141.8 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| GRF Public Debt | | $ | 7,992.6 | | | $ | 8,510.8 | | | $ | 8,369.0 | | | $ | 376.4 | | | $ | (141.8 | ) |
| Guaranteed Debt | | $ | 17.1 | | | $ | 44.2 | | | $ | 42.7 | | | $ | 25.6 | | | $ | (1.5 | ) |
Crown corporation debt is divided into two components: Crown corporation general debt and Government business enterprise (GBE) specific debt.
Crown corporation general public debt is forecast to be $687.6 million, a decrease of $131.1 million from March 31, 2010. GBE specific public debt is forecast to be $3.5 billion, an increase of $507.5 million from March 31, 2010.
Taken together, Crown corporation public debt is currently forecast to be $4.2 billion, an increase of $376.4 million from March 31, 2010. This is $141.8 million lower than the increase anticipated at mid-year, due to changes in the timing of capital projects.
8 3rd Quarter Financial Report | GRF Update
GRF FINANCIAL STATEMENT TABLES
Statement of Revenue
Statement of Expense
Statement of Debt
3rd Quarter Financial Report | GRF Update 9
| 2010-11 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 | | $ | 762,500 | | | $ | 1,102,900 | | | $ | 1,147,200 | | | $ | 384,700 | | | $ | 44,300 | |
| Fuel | | | 452,700 | | | | 445,700 | | | | 445,700 | | | | (7,000 | ) | | | - | |
| Individual Income | | | 1,964,700 | | | | 1,795,700 | | | | 1,790,100 | | | | (174,600 | ) | | | (5,600 | ) |
| Provincial Sales | | | 1,186,300 | | | | 1,186,300 | | | | 1,220,200 | | | | 33,900 | | | | 33,900 | |
| Tobacco | | | 235,100 | | | | 239,700 | | | | 248,200 | | | | 13,100 | | | | 8,500 | |
| Other | | | 257,900 | | | | 257,900 | | | | 274,500 | | | | 16,600 | | | | 16,600 | |
| Taxes | | $ | 4,859,200 | | | $ | 5,028,200 | | | $ | 5,125,900 | | | $ | 266,700 | | | $ | 97,700 | |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Land Sales | | $ | 202,800 | | | $ | 455,500 | | | $ | 466,700 | | | $ | 263,900 | | | $ | 11,200 | |
| Natural Gas | | | 42,200 | | | | 27,400 | | | | 25,600 | | | | (16,600 | ) | | | (1,800 | ) |
| Oil | | | 1,098,300 | | | | 1,143,500 | | | | 1,232,600 | | | | 134,300 | | | | 89,100 | |
| Potash | | | 221,000 | | | | 257,600 | | | | 301,500 | | | | 80,500 | | | | 43,900 | |
| Resource Surcharge | | | 398,700 | | | | 398,700 | | | | 398,700 | | | | - | | | | - | |
| Other | | | 145,000 | | | | 141,200 | | | | 137,600 | | | | (7,400 | ) | | | (3,600 | ) |
| Non-Renewable Resources | | $ | 2,108,000 | | | $ | 2,423,900 | | | $ | 2,562,700 | | | $ | 454,700 | | | $ | 138,800 | |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Investments Corporation of Saskatchewan | | $ | 266,000 | | | $ | 266,000 | | | $ | 266,000 | | | $ | - | | | $ | - | |
- Special Dividend | | | 10,000 | | | | 205,000 | | | | 213,500 | | | | 203,500 | | | | 8,500 | |
| Saskatchewan Liquor and Gaming Authority | | | 445,600 | | | | 436,300 | | | | 435,100 | | | | (10,500 | ) | | | (1,200 | ) |
| Other Enterprises and Funds | | | 46,900 | | | | 45,300 | | | | 42,200 | | | | (4,700 | ) | | | (3,100 | ) |
| Transfers from Crown Entities | | $ | 768,500 | | | $ | 952,600 | | | $ | 956,800 | | | $ | 188,300 | | | $ | 4,200 | |
| | | | | | | | | | | | | | | | | | | | | |
| Fines, Forfeits and Penalties | | $ | 11,800 | | | $ | 12,800 | | | $ | 13,400 | | | $ | 1,600 | | | $ | 600 | |
| Interest, Premium, Discount and Exchange | | | 134,300 | | | | 184,600 | | | | 203,300 | | | | 69,000 | | | | 18,700 | |
| Motor Vehicle Fees | | | 152,400 | | | | 160,600 | | | | 160,600 | | | | 8,200 | | | | - | |
| Other Licences and Permits | | | 27,100 | | | | 28,300 | | | | 28,500 | | | | 1,400 | | | | 200 | |
| Sales, Services and Service Fees | | | 108,300 | | | | 132,300 | | | | 127,200 | | | | 18,900 | | | | (5,100 | ) |
| Transfers from Other Governments | | | 15,600 | | | | 15,600 | | | | 15,800 | | | | 200 | | | | 200 | |
| Other | | | 65,000 | | | | 65,000 | | | | 124,000 | | | | 59,000 | | | | 59,000 | |
| Other Revenue | | $ | 514,500 | | | $ | 599,200 | | | $ | 672,800 | | | $ | 158,300 | | | $ | 73,600 | |
| Own-Source Revenue | | $ | 8,250,200 | | | $ | 9,003,900 | | | $ | 9,318,200 | | | $ | 1,068,000 | | | $ | 314,300 | |
| | | | | | | | | | | | | | | | | | | | | |
| Canada Health Transfer | | $ | 811,800 | | | $ | 795,400 | | | $ | 795,400 | | | $ | (16,400 | ) | | $ | - | |
| Canada Social Transfer | | | 342,400 | | | | 342,600 | | | | 342,600 | | | | 200 | | | | - | |
| Other | | | 545,500 | | | | 534,200 | | | | 531,300 | | | | (14,200 | ) | | | (2,900 | ) |
| Transfers from the Government of Canada | | $ | 1,699,700 | | | $ | 1,672,200 | | | $ | 1,669,300 | | | $ | (30,400 | ) | | $ | (2,900 | ) |
| Revenue | | $ | 9,949,900 | | | $ | 10,676,100 | | | $ | 10,987,500 | | | $ | 1,037,600 | | | $ | 311,400 | |
| | | | | | | | | | | | | | | | | | | | | |
10 3rd Quarter Financial Report | GRF Update
| 2010-11 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 Immigration * | | $ | 846,131 | | | $ | 857,381 | | | $ | 935,440 | | | $ | 89,309 | | | $ | 78,059 | |
| Agriculture | | | 385,776 | | | | 529,776 | | | | 475,667 | | | | 89,891 | | | | (54,109 | ) |
| Corrections, Public Safety and Policing | | | 336,205 | | | | 365,006 | | | | 379,112 | | | | 42,907 | | | | 14,106 | |
| Education | | | 1,135,599 | | | | 1,144,102 | | | | 1,212,376 | | | | 76,777 | | | | 68,274 | |
- Teachers' Pensions and Benefits | | | 176,815 | | | | 177,692 | | | | 192,275 | | | | 15,460 | | | | 14,583 | |
| Energy and Resources | | | 37,720 | | | | 38,320 | | | | 76,445 | | | | 38,725 | | | | 38,125 | |
| Enterprise and Innovation Programs | | | 9,547 | | | | 23,600 | | | | 24,400 | | | | 14,853 | | | | 800 | |
| Enterprise Saskatchewan | | | 37,036 | | | | 37,036 | | | | 40,036 | | | | 3,000 | | | | 3,000 | |
| Environment | | | 174,299 | | | | 182,299 | | | | 219,314 | | | | 45,015 | | | | 37,015 | |
| Executive Council | | | 12,177 | | | | 12,070 | | | | 11,996 | | | | (181 | ) | | | (74 | ) |
| Finance | | | 60,353 | | | | 60,353 | | | | 58,448 | | | | (1,905 | ) | | | (1,905 | ) |
- Public Service Pensions and Benefits | | | 264,474 | | | | 264,474 | | | | 262,342 | | | | (2,132 | ) | | | (2,132 | ) |
| Finance Debt Servicing | | | 435,000 | | | | 430,000 | | | | 430,000 | | | | (5,000 | ) | | | - | |
| First Nations and Métis Relations | | | 85,740 | | | | 75,040 | | | | 73,590 | | | | (12,150 | ) | | | (1,450 | ) |
| Government Services | | | 12,472 | | | | 12,472 | | | | 9,972 | | | | (2,500 | ) | | | (2,500 | ) |
| Health | | | 4,202,106 | | | | 4,404,656 | | | | 4,567,652 | | | | 365,546 | | | | 162,996 | |
| Highways and Infrastructure | | | 402,939 | | | | 402,939 | | | | 426,439 | | | | 23,500 | | | | 23,500 | |
| Information Technology Office | | | 16,472 | | | | 16,472 | | | | 16,472 | | | | - | | | | - | |
| Innovation Saskatchewan | | | 1,318 | | | | 1,318 | | | | 9,818 | | | | 8,500 | | | | 8,500 | |
| Justice and Attorney General | | | 140,350 | | | | 143,739 | | | | 146,822 | | | | 6,472 | | | | 3,083 | |
| Municipal Affairs | | | 382,207 | | | | 382,207 | | | | 362,884 | | | | (19,323 | ) | | | (19,323 | ) |
| Office of the Provincial Capital Commission | | | 10,082 | | | | 10,082 | | | | 10,182 | | | | 100 | | | | 100 | |
| Office of the Provincial Secretary | | | 3,417 | | | | 3,417 | | | | 3,477 | | | | 60 | | | | 60 | |
| Public Service Commission | | | 36,873 | | | | 36,873 | | | | 36,873 | | | | - | | | | - | |
| Saskatchewan Research Council | | | 16,633 | | | | 16,633 | | | | 16,633 | | | | - | | | | - | |
| Social Services | | | 753,703 | | | | 764,113 | | | | 806,253 | | | | 52,550 | | | | 42,140 | |
| Tourism, Parks, Culture and Sport | | | 110,071 | | | | 107,920 | | | | 103,925 | | | | (6,146 | ) | | | (3,995 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Legislative Branch of Government | | | | | | | | | | | | | | | | | | | | |
| Chief Electoral Officer | | | 1,679 | | | | 1,927 | | | | 1,927 | | | | 248 | | | | - | |
| Children's Advocate | | | 1,621 | | | | 1,697 | | | | 1,697 | | | | 76 | | | | - | |
| Conflict of Interest Commissioner | | | 156 | | | | 256 | | | | 306 | | | | 150 | | | | 50 | |
| Information and Privacy Commissioner | | | 927 | | | | 977 | | | | 977 | | | | 50 | | | | - | |
| Legislative Assembly | | | 23,950 | | | | 23,950 | | | | 23,450 | | | | (500 | ) | | | (500 | ) |
| Ombudsman | | | 2,221 | | | | 2,294 | | | | 2,294 | | | | 73 | | | | - | |
| Provincial Auditor | | | 8,017 | | | | 8,017 | | | | 8,017 | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Expense | | $ | 10,124,086 | | | $ | 10,539,108 | | | $ | 10,947,511 | | | $ | 823,425 | | | $ | 408,403 | |
| * Includes the appropriations for which administration has been transferred to the Ministry of Labour Relations and the Ministry of Social Services. | |
3rd Quarter Financial Report | GRF Update 11
| 2010-11 Third Quarter Financial Report | | | | | | | | | | | | | | | |
| Province of Saskatchewan | | | | | | | | | | | | | | | |
| General Revenue Fund | | | | | | | | | | | | | | | |
| Statement of Debt | | | | | | | | | | | | | | | |
| | | | | | As at March 31, 2011 | | | | | | | |
| | | | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | 31-Mar-2010 | | | Projection | | | Forecast | | | 31-Mar-2010 | | | Mid-Year | |
| | | (thousands of dollars) | |
| | | | | | | | | | | | | | | | |
| Government General Public Debt | | $ | 4,140,482 | | | $ | 4,140,482 | | | $ | 4,140,482 | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Corporation General Public Debt | | | | | | | | | | | | | | | | | | | | |
| Information Services Corporation | | | | | | | | | | | | | | | | | | | | |
| of Saskatchewan | | $ | 13,547 | | | $ | 13,547 | | | $ | 13,547 | | | $ | - | | | $ | - | |
| Municipal Financing Corporation | | | | | | | | | | | | | | | | | | | | |
| of Saskatchewan | | | 6,356 | | | | 11,356 | | | | 11,356 | | | | 5,000 | | | | - | |
| Saskatchewan Housing Corporation | | | 31,649 | | | | 30,140 | | | | 29,864 | | | | (1,785 | ) | | | (276 | ) |
| Saskatchewan Opportunities Corporation | | | 34,536 | | | | 39,178 | | | | 36,172 | | | | 1,636 | | | | (3,006 | ) |
| Saskatchewan Power Corporation | | | 398,953 | | | | 206,860 | | | | 97,833 | | | | (301,120 | ) | | | (109,027 | ) |
| Saskatchewan Telecommunications | | | | | | | | | | | | | | | | | | | | |
| Holding Corporation | | | 29,500 | | | | 90,900 | | | | 68,500 | | | | 39,000 | | | | (22,400 | ) |
| Saskatchewan Water Corporation | | | 50,973 | | | | 67,062 | | | | 51,374 | | | | 401 | | | | (15,688 | ) |
| SaskEnergy Incorporated | | | 253,237 | | | | 385,311 | | | | 378,969 | | | | 125,732 | | | | (6,342 | ) |
| Crown Corporation General Public Debt | | $ | 818,751 | | | $ | 844,354 | | | $ | 687,615 | | | $ | (131,136 | ) | | $ | (156,739 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Government Business Enterprise Specific Public Debt | | | | | | | | | | | | | | | | | |
| Municipal Financing Corporation | | | | | | | | | | | | | | | | | | | | |
| of Saskatchewan | | $ | 90,154 | | | $ | 104,756 | | | $ | 104,737 | | | $ | 14,583 | | | $ | (19 | ) |
| Saskatchewan Gaming Corporation | | | 6,000 | | | | 6,000 | | | | 6,000 | | | | - | | | | - | |
| Saskatchewan Power Corporation | | | 2,117,440 | | | | 2,608,324 | | | | 2,574,781 | | | | 457,341 | | | | (33,543 | ) |
| Saskatchewan Telecommunications | | | | | | | | | | | | | | | | | | | | |
| Holding Corporation | | | 255,616 | | | | 321,036 | | | | 370,229 | | | | 114,613 | | | | 49,193 | |
| SaskEnergy Incorporated | | | 564,207 | | | | 485,896 | | | | 485,206 | | | | (79,001 | ) | | | (690 | ) |
| Government Business Enterprise Specific Public Debt | | $ | 3,033,417 | | | $ | 3,526,012 | | | $ | 3,540,953 | | | $ | 507,536 | | | $ | 14,941 | |
| | | | | | | | | | | | | | | | | | | | | |
| Public Debt | | $ | 7,992,650 | | | $ | 8,510,848 | | | $ | 8,369,050 | | | $ | 376,400 | | | $ | (141,798 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Public Debt by Category | | | | | | | | | | | | | | | | | | | | |
| Government General Gross Debt | | $ | 6,427,008 | | | $ | 6,092,265 | | | $ | 6,119,483 | | | $ | (307,525 | ) | | $ | 27,218 | |
| Government General Sinking Funds | | | (2,286,526 | ) | | | (1,951,783 | ) | | | (1,979,001 | ) | | | 307,525 | | | | (27,218 | ) |
| Government General Public Debt | | $ | 4,140,482 | | | $ | 4,140,482 | | | $ | 4,140,482 | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Corporation Gross Debt | | $ | 4,263,017 | | | $ | 4,816,917 | | | $ | 4,681,117 | | | $ | 418,100 | | | $ | (135,800 | ) |
| Crown Corporation Sinking Funds | | | (410,849 | ) | | | (446,551 | ) | | | (452,549 | ) | | | (41,700 | ) | | | (5,998 | ) |
| Crown Corporation Public Debt | | $ | 3,852,168 | | | $ | 4,370,366 | | | $ | 4,228,568 | | | $ | 376,400 | | | $ | (141,798 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Public Debt | | $ | 7,992,650 | | | $ | 8,510,848 | | | $ | 8,369,050 | | | $ | 376,400 | | | $ | (141,798 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Guaranteed Debt | | $ | 17,058 | | | $ | 44,248 | | | $ | 42,748 | | | $ | 25,690 | | | $ | (1,500 | ) |
12 3rd Quarter Financial Report | GRF Update
