The Honourable Ken Krawetz Deputy Premier Minister of Finance |
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SASKATCHEWAN BUDGET UPDATE 11-12 |
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THE SASKATCHEWAN ADVANTAGE |
3RD QUARTER FINANCIAL REPORT |
3rd Quarter Financial Report Government of Saskatchewan February 10, 2012 |
3rd Quarter Financial Report General Revenue Fund Update |
INTRODUCTION
The government remains on track to balance the budget despite the effects of flooding and continuing global economic uncertainty.
At third quarter, the GRF expense forecast is up $331.1 million from budget, an increase of 3.1 per cent. The increase is due mainly to flood and weather-related costs. These costs are currently estimated to be $359.6 million, but $192.9 million of this will be offset by federal cost-sharing, leaving the net cost at $166.7 million.
| Flood and Weather-related Costs, 2011-12 | |
| (millions of dollars) | | Direct Cost | | | Federal Cost-Sharing | | | Net Cost | |
| Excess Moisture Program | | $ | 94.0 | | | $ | - | | | $ | 94.0 | |
| Saskatchewan Feed & Forage Program | | | 8.2 | | | | - | | | | 8.2 | |
| PDAP | | | 145.1 | | | | 123.3 | | | | 21.8 | |
| Highways | | | 75.2 | | | | 52.6 | | | | 22.6 | |
| Saskatchewan Watershed Authority | | | 33.9 | | | | 17.0 | | | | 16.9 | |
| Other spring flooding response costs | | | 3.2 | | | | - | | | | 3.2 | |
| Total | | $ | 359.6 | | | $ | 192.9 | | | $ | 166.7 | |
At third quarter, the General Revenue Fund (GRF) revenue forecast is up $271.9 million from budget, an increase of 2.5 per cent. Major factors in the total increase are an increase in the CIC dividend forecast ($120 million) made possible by higher-than-budgeted net income at SaskPower in 2011, an increased oil revenue forecast ($88.3 million), and an increased federal transfers forecast ($80.4 million).
As a result, the pre-transfer surplus forecast is $55.8 million, a decrease of $59.2 million from budget.
The third quarter Growth and Financial Security Fund (GFSF) forecast shows a year-end balance of $708.9 million, a decrease of $1.9 million from budget.
Government debt reduction will proceed as budgeted. Government general public debt will be reduced by $325.0 million, funded with a transfer from the GFSF. This will leave government general public debt at a level of $3.8 billion at March 31, 2012.
3rd Quarter Financial Report | GRF Update 1
FINANCIAL OVERVIEW
The 2011-12 third quarter report shows:
| · | revenue is up $271.9 million or 2.5 per cent from budget; and, |
| · | expense is up $331.1 million or 3.1 per cent from budget. |
The resulting pre-transfer surplus is down $59.2 million from budget.
The budgeted Growth and Financial Security Fund (GFSF) transfer from the GRF is reduced by $29.6 million, reflecting the reduced pre-transfer surplus.
| 2011-12 GRF Financial Overview | |
| | | Budget | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | Estimate | | | Projection | | | Forecast | | | Budget | | | Mid-Year | |
| | | (millions of dollars) | |
| Revenue | | $ | 10,794.3 | | | $ | 10,951.1 | | | $ | 11,066.2 | | | $ | 271.9 | | | $ | 115.1 | |
| Expense | | | 10,679.3 | | | | 10,926.1 | | | | 11,010.4 | | | | 331.1 | | | | 84.3 | |
| Pre-Transfer Surplus | | | 115.0 | | | | 25.0 | | | | 55.8 | | | | (59.2 | ) | | | 30.8 | |
| Transfer to GFSF | | | (57.5 | ) | | | (12.5 | ) | | | (27.9 | ) | | | 29.6 | | | | (15.4 | ) |
| Transfer from GFSF | | | 325.0 | | | | 325.0 | | | | 325.0 | | | | - | | | | - | |
| Net Transfer from (to) GFSF | | | 267.5 | | | | 312.5 | | | | 297.1 | | | | 29.6 | | | | (15.4 | ) |
| GRF Surplus | | $ | 382.5 | | | $ | 337.5 | | | $ | 352.9 | | | $ | (29.6 | ) | | $ | 15.4 | |
| | | | | | | | | | | | | | | | | | | | |
| GFSF Opening Balance * | | $ | 978.3 | | | $ | 1,006.0 | | | $ | 1,006.0 | | | $ | 27.7 | | | $ | - | |
| Net Transfer from (to) GRF | | | (267.5 | ) | | | (312.5 | ) | | | (297.1 | ) | | | (29.6 | ) | | | 15.4 | |
| GFSF Balance | | $ | 710.8 | | | $ | 693.5 | | | $ | 708.9 | | | $ | (1.9 | ) | | $ | 15.4 | |
| | | | | | | | | | | | | | | | | | | | |
| Government Debt ** | | $ | 4,135.2 | | | $ | 3,810.2 | | | $ | 3,810.2 | | | $ | (325.0 | ) | | $ | - | |
| * Mid-Year Projection and 3rd Quarter Forecast of 2011-12 opening balance incorporate 2010-11 actual transfers to the GFSF and reflect actual 2011-12 opening balance of $1,006.0M. | |
| ** Budget Estimate figure has been adjusted to the 2010-11 year-end actual level. | | | | | | | | | |
The budgeted $325.0 million transfer from the GFSF for debt reduction will reduce government general public debt to $3.8 billion at the end of 2011-12.
Crown corporation public debt is forecast to be $4.5 billion at the end of 2011-12. This is an increase of $560.4 million from 2010-11, but a decrease of $495.0 million from the level estimated in the 2011-12 Budget. (See debt update on page 8.)
2 3rd Quarter Financial Report | GRF Update
REVENUE UPDATE
The 2011-12 Budget estimated GRF revenue at $10,794.3 million.
At mid-year, GRF revenue was projected at $10,951.1 million, an increase of $156.8 million (1.5 per cent) from budget.
At third quarter, GRF revenue is forecast to be $11,066.2 million, an increase of $115.1 million (1.0 per cent) from the mid-year projection.
| Revenue Reconciliation | |
| (millions of dollars) | |
| | | | | | |
| Budget Estimate | | $ | 10,794 | .3 | |
| Mid-Year Total Change | | | + 156 | .8 | |
| Mid-Year Projection | | | 10,951 | .1 | |
| 3rd Quarter Changes | | | | | |
| CIC Special Dividend | | | + 120 | .0 | |
| Oil | | | + 88 | .3 | |
| Federal Transfers | | | +80 | .4 | |
| Provincial Sales Tax | | | + 64 | .3 | |
| Interest, Premium, Discount | | | | | |
| and Exchange | | | + 51 | .7 | |
| Fuel Tax | | | + 30 | .0 | |
| Corporation Income Tax | | | - 178 | .6 | |
| Potash | | | - 137 | .2 | |
| Crown Land Sales | | | - 50 | .9 | |
| Other net changes | | | + 47 | .1 | |
| 3rd Quarter Total Change | | | + 115 | .1 | |
| | | | | | |
| Total Change | | | | | |
| Budget to 3rd Quarter | | | + 271 | .9 | |
| | | | | | |
| 3rd Quarter Forecast | | $ | 11,066 | .2 | |
| | | | | | |
Taxation revenue is forecast to be down $80.2 million from the mid-year projection, primarily due to a further reduction in the Corporation Income Tax forecast, partially offset by gains in Provincial Sales Tax and Fuel Tax revenue.
Corporation Income Tax is $178.6 million lower than mid-year, primarily due to weaker-than-anticipated final assessment data for the 2010 taxation year and higher-than-expected tax credit claims.
Provincial Sales Tax revenue is forecast to increase $64.3 million from mid-year. The increase reflects higher-than-expected revenue through the end of the third quarter, a result of stronger-than-expected economic activity and retail sales.
Fuel Tax revenue is forecast to increase $30.0 million from mid-year due to an extended construction season, favourable driving conditions and continued strength in the provincial economy.
Non-renewable resource revenue is forecast to be $114.4 million lower than the mid-year projection, primarily due to lower potash revenue and Crown land sales, partially offset by higher oil revenue.
Crown Land Sales revenue is $50.9 million lower than the mid-year projection, reflecting the results of all six land sales this fiscal year. While revenue from Crown land sales is lower than previously forecast, the decline is due to an industry reallocation of funds toward drilling and exploration to prevent previously purchased land from reverting
3rd Quarter Financial Report | GRF Update 3
| 2011-12 Fiscal Year Key Resource Forecast Assumptions | |
| | | Budget | | | 1st Quarter | | | Mid-Year | | | 3rd Quarter | |
| | | Estimate | | | Forecast | | | Projection | | | Forecast | |
| WTI Oil Price (US$ per barrel) | | | 93.75 | | | | 100.73 | | | | 95.28 | | | | 96.60 | |
| Exchange Rate (US cents) | | | 99.82 | | | | 103.16 | | | | 100.36 | | | | 100.64 | |
| Light-Heavy Differential (% of WTI) | | | 15.3 | | | | 17.2 | | | | 17.2 | | | | 13.6 | |
| Well-head Oil Price (C$ per barrel) | | | 77.38 | | | | 79.09 | | | | 77.43 | | | | 80.79 | |
| Oil Production (millions of barrels) | | | 159.4 | | | | 147.7 | | | | 153.2 | | | | 156.2 | |
| Total Oil Revenue ($Millions) | | | 1,410.1 | | | | 1,388.9 | | | | 1,383.6 | | | | 1,471.9 | |
Potash Average Price (C$ per K2O tonne) | | | 646 | | | | 655 | | | | 717 | | | | 689 | |
| Potash Average Price (US$ per KCl tonne) | | | 393 | | | | 412 | | | | 439 | | | | 423 | |
Potash Sales (million K2O tonnes) | | | 10.4 | | | | 10.5 | | | | 10.8 | | | | 10.2 | |
| Total Potash Revenue ($Millions) | | | 381.3 | | | | 381.6 | | | | 588.3 | | | | 451.1 | |
back to the Crown. This is a positive sign for future oil and gas production in Saskatchewan.
Oil revenue is forecast to increase $88.3 million from mid-year primarily due to higher production, a higher forecast for West Texas Intermediate (WTI) oil prices and a decrease in the light-heavy differential, partially offset by a higher exchange rate forecast.
At third quarter, oil production is forecast to partially recover from the drop in production witnessed in the spring and summer due to flooding. Oil production is now forecast at 156.2 million barrels in 2011-12.
The average fiscal-year WTI oil price forecast is US$96.60 per barrel at third quarter, up from the mid-year estimate of US$95.28. Through the first ten months of the fiscal year, WTI oil averaged US$95.95.
The average fiscal-year exchange rate is now forecast at 100.64 US cents, up from 100.36 US cents at mid-year. Through the end of January, the Canadian dollar averaged 100.83 US cents.
Potash revenue is forecast to be down $137.2 million from mid-year primarily due to lower projections for prices and sales volumes as a result of lower-than-expected activity in the third and fourth quarters.
At third quarter, potash prices are forecast to average US$423 per KCl tonne (C$689 per K2O tonne) in 2011-12, down from the mid-year forecast of US$439 (C$717). Total sales are now forecast at 10.2 million K2O tonnes, down from the mid-year assumption of 10.8 million K2O tonnes.
Transfers from Crown Entities are forecast to be $137.7 million higher than mid-year. The increase is largely due to an unbudgeted, $120.0 million CIC special dividend made possible by higher-than-budgeted net income at SaskPower in 2011.
4 3rd Quarter Financial Report | GRF Update
Other own-source revenue is forecast to increase $91.6 million from the mid-year projection. Interest earnings are forecast to be $51.7 million higher than mid-year largely as a result of gains on sales of sinking fund assets. The remainder of the increase in other own-source revenue is largely due to a $35.0 million increase in miscellaneous and casual revenue.
Transfers from the Government of Canada are forecast to increase $80.4 million from mid-year as the result of higher federal cost-sharing for provincial flood-related expenditures.
3rd Quarter Financial Report | GRF Update 5
EXPENSE UPDATE
The 2011-12 Budget estimated GRF expense at $10,679.3 million.
At mid-year, GRF expense was projected to increase $246.8 million, largely due to direct costs related to 2011 flooding.
The third quarter financial update includes an additional $84.3 million in expense.
| Expense Reconciliation | |
| (millions of dollars) | |
| | | | | | |
| Budget Estimate | | $ | 10,679 | .3 | |
| Mid-Year Total Change | | | + 246 | .8 | |
| Mid-Year Projection | | | 10,926 | .1 | |
| 3rd Quarter Changes | | | | | |
| Corrections, Public Safety | | | | | |
| and Policing | | | +94 | .3 | |
| Education - Teachers' Pensions | | | | | |
| and Benefits | | | +35 | .3 | |
| Finance | | | +17 | .9 | |
| Highways and Infrastructure | | | +10 | .0 | |
| Information and Technology Office | | | +5 | .1 | |
| Health | | | -39 | .0 | |
| Education | | | - 14 | .1 | |
| Environment | | | -7 | .0 | |
| Social Services | | | -5 | .5 | |
| Finance - Public Service | | | | | |
| Pensions and Benefits | | | -4 | .2 | |
| Other net changes | | | -8 | .5 | |
| 3rd Quarter Total Change | | | + 84 | .3 | |
| | | | | | |
| Total Change | | | | | |
| Budget to 3rd Quarter | | | + 331 | .1 | |
| | | | | | |
| 3rd Quarter Forecast | | $ | 11,010 | .4 | |
| | | | | | |
In total, GRF expense is forecast to be $11,010.4 million in 2011-12, an increase of $331.1 million (3.1 per cent) from budget. This increase includes $360 million in flood-related expense and $119 million for Education (including Teachers’ Pensions and Benefits), partially offset by savings in Health, Social Services, Municipal Affairs, debt-servicing costs and AgriStability.
Since mid-year, significant changes have occurred in the following ministries.
Corrections, Public Safety and Policing is up $94.3 million from mid-year, primarily due to further claims under the Provincial Disaster Assistance Program, spring flooding preparations and response costs, funding for the Technical Safety Authority of Saskatchewan and costs associated with higher-than-budgeted inmate counts.
Education – Teachers’ Pensions and Benefits is up $35.3 million from mid-year due to higher requirements for the Teachers’ Superannuation Plan and the Saskatchewan Teachers’ Retirement Plan.
Finance is up $17.9 million from mid-year, primarily due to higher-than-budgeted Research and Development Tax Credit costs for the 2010 and 2011 tax years.
Highways and Infrastructure up $10.0 million from mid-year for an increase to the Strategic Partnership Program, primarily for additional infrastructure at the Global Transportation Hub.
6 3rd Quarter Financial Report | GRF Update
Information Technology Office is up $5.1 million from mid-year, largely as the result of higher software licencing costs.
Health is down $39.0 million from mid-year, primarily due to utilization savings in the Saskatchewan Prescription Drug Plan and Canadian Blood Services, lower-than-budgeted physician services utilization and lower accommodations expense.
Education is down $14.1 million from mid-year, primarily due to higher-than-expected Education Property Tax revenue and lower-than-anticipated block capital funding due to delays in smaller projects.
Environment is down $7.0 million from mid-year, primarily due to lower wildfire management costs.
Social Services is down $5.5 million from mid-year, mainly due to lower-than-anticipated costs in Child and Family Services.
Finance – Public Service Pensions and Benefits is down $4.2 million from mid-year, largely due to lower requirements for the Public Service Superannuation Plan.
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, 2012 is currently forecast to be $3.8 billion, a decrease of $325.0 million from the March 31, 2011 balance and unchanged from 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.
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 $560.9 million, a decrease of $48.2 million from March 31, 2011. GBE specific public debt is forecast to be $4.0 billion, an increase of $608.6 million from March 31, 2011. The increase in GBE specific public debt is mainly due to planned Crown corporation infrastructure investments.
Taken together, Crown corporation public debt is currently forecast to be $4.5 billion, an increase of $560.4 million from March 31, 2011. This is $56.8 million higher than the increase anticipated at mid-year.
| GRF Debt | |
| | | | | | As at March 31, 2012 | | | | | | | |
| | | | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | 31-Mar-2011 | | | Projection | | | Forecast | | | 31-Mar-2011 | | | Mid-Year | |
| | | (millions of dollars) | |
| GRF Government General Public Debt | | $ | 4,135.2 | | | $ | 3,810.2 | | | $ | 3,810.2 | | | $ | (325.0 | ) | | $ | - | |
| GRF Crown Corporation Public Debt | | | | | | | | | | | | | | | | | | | | |
| Crown Corporation General | | | 609.1 | | | | 736.8 | | | | 560.9 | | | | (48.2 | ) | | | (175.9 | ) |
| Government Business Enterprise Specific | | | 3,373.8 | | | | 3,749.7 | | | | 3,982.4 | | | | 608.6 | | | | 232.7 | |
| GRF Crown Corporation Public Debt | | $ | 3,982.9 | | | $ | 4,486.5 | | | $ | 4,543.3 | | | $ | 560.4 | | | $ | 56.8 | |
| | | | | | | | | | | | | | | | | | | | | |
| GRF Public Debt | | $ | 8,118.1 | | | $ | 8,296.7 | | | $ | 8,353.5 | | | $ | 235.4 | | | $ | 56.8 | |
| Guaranteed Debt | | $ | 35.4 | | | $ | 80.4 | | | $ | 92.6 | | | $ | 57.2 | | | $ | 12.2 | |
8 3rd Quarter Financial Report | GRF Update
| | GENERAL REVENUE FUND FINANCIAL TABLES |
| | Statement of Revenue Statement of Expense Statement of Debt |
3rd Quarter Financial Report | GRF Update 9
| 2011-12 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 | | $ | 1,080,700 | | | $ | 971,000 | | | $ | 792,400 | | | $ | (288,300 | ) | | $ | (178,600 | ) |
| Fuel | | | 461,300 | | | | 461,300 | | | | 491,300 | | | | 30,000 | | | | 30,000 | |
| Individual Income | | | 1,915,200 | | | | 1,915,200 | | | | 1,915,200 | | | | - | | | | - | |
| Provincial Sales | | | 1,270,700 | | | | 1,300,700 | | | | 1,365,000 | | | | 94,300 | | | | 64,300 | |
| Tobacco | | | 253,200 | | | | 253,200 | | | | 247,000 | | | | (6,200 | ) | | | (6,200 | ) |
| Other | | | 286,700 | | | | 286,700 | | | | 297,000 | | | | 10,300 | | | | 10,300 | |
| Taxes | | $ | 5,267,800 | | | $ | 5,188,100 | | | $ | 5,107,900 | | | $ | (159,900 | ) | | $ | (80,200 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Land Sales | | $ | 436,400 | | | $ | 285,000 | | | $ | 234,100 | | | $ | (202,300 | ) | | $ | (50,900 | ) |
| Natural Gas | | | 22,500 | | | | 19,700 | | | | 18,000 | | | | (4,500 | ) | | | (1,700 | ) |
| Oil | | | 1,410,100 | | | | 1,383,600 | | | | 1,471,900 | | | | 61,800 | | | | 88,300 | |
| Potash | | | 381,300 | | | | 588,300 | | | | 451,100 | | | | 69,800 | | | | (137,200 | ) |
| Resource Surcharge | | | 438,300 | | | | 468,300 | | | | 455,400 | | | | 17,100 | | | | (12,900 | ) |
| Other | | | 140,300 | | | | 130,600 | | | | 130,600 | | | | (9,700 | ) | | | - | |
| Non-Renewable Resources | | $ | 2,828,900 | | | $ | 2,875,500 | | | $ | 2,761,100 | | | $ | (67,800 | ) | | $ | (114,400 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Investments Corporation of Saskatchewan | | $ | 110,000 | | | $ | 110,000 | | | $ | 110,000 | | | $ | - | | | $ | - | |
| - Special Dividend | | | 10,000 | | | | 10,000 | | | | 130,000 | | | | 120,000 | | | | 120,000 | |
| Saskatchewan Liquor and Gaming Authority | | | 422,000 | | | | 422,000 | | | | 436,900 | | | | 14,900 | | | | 14,900 | |
| Other Enterprises and Funds | | | 45,800 | | | | 71,700 | | | | 74,500 | | | | 28,700 | | | | 2,800 | |
| Transfers from Crown Entities | | $ | 587,800 | | | $ | 613,700 | | | $ | 751,400 | | | $ | 163,600 | | | $ | 137,700 | |
| | | | | | | | | | | | | | | | | | | | | |
| Fines, Forfeits and Penalties | | $ | 13,200 | | | $ | 13,200 | | | $ | 13,900 | | | $ | 700 | | | $ | 700 | |
| Interest, Premium, Discount and Exchange | | | 136,500 | | | | 186,100 | | | | 237,800 | | | | 101,300 | | | | 51,700 | |
| Motor Vehicle Fees | | | 162,000 | | | | 162,000 | | | | 167,000 | | | | 5,000 | | | | 5,000 | |
| Other Licences and Permits | | | 24,600 | | | | 25,700 | | | | 24,900 | | | | 300 | | | | (800 | ) |
| Sales, Services and Service Fees | | | 124,100 | | | | 130,500 | | | | 130,500 | | | | 6,400 | | | | - | |
| Transfers from Other Governments | | | 15,600 | | | | 16,900 | | | | 16,900 | | | | 1,300 | | | | - | |
| Other | | | 65,000 | | | | 65,000 | | | | 100,000 | | | | 35,000 | | | | 35,000 | |
| Other Revenue | | $ | 541,000 | | | $ | 599,400 | | | $ | 691,000 | | | $ | 150,000 | | | $ | 91,600 | |
| Own-Source Revenue | | $ | 9,225,500 | | | $ | 9,276,700 | | | $ | 9,311,400 | | | $ | 85,900 | | | $ | 34,700 | |
| | | | | | | | | | | | | | | | | | | | | |
| Canada Health Transfer | | $ | 847,100 | | | $ | 847,100 | | | $ | 847,100 | | | $ | - | | | $ | - | |
| Canada Social Transfer | | | 352,700 | | | | 352,700 | | | | 352,700 | | | | - | | | | - | |
| Other | | | 369,000 | | | | 474,600 | | | | 555,000 | | | | 186,000 | | | | 80,400 | |
| Transfers from the Government of Canada | | $ | 1,568,800 | | | $ | 1,674,400 | | | $ | 1,754,800 | | | $ | 186,000 | | | $ | 80,400 | |
| Revenue | | $ | 10,794,300 | | | $ | 10,951,100 | | | $ | 11,066,200 | | | $ | 271,900 | | | $ | 115,100 | |
10 3rd Quarter Financial Report | GRF Update
| 2011-12 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 | | $ | 855,905 | | | $ | 864,336 | | | $ | 861,336 | | | $ | 5,431 | | | $ | (3,000 | ) |
| Agriculture | | | 417,880 | | | | 445,525 | | | | 448,245 | | | | 30,365 | | | | 2,720 | |
| Corrections, Public Safety and Policing | | | 367,500 | | | | 427,500 | | | | 521,792 | | | | 154,292 | | | | 94,292 | |
| Education | | | 1,233,792 | | | | 1,328,494 | | | | 1,314,359 | | | | 80,567 | | | | (14,135 | ) |
| - Teachers' Pensions and Benefits | | | 198,507 | | | | 201,207 | | | | 236,471 | | | | 37,964 | | | | 35,264 | |
| Energy and Resources | | | 37,137 | | | | 38,652 | | | | 36,798 | | | | (339 | ) | | | (1,854 | ) |
| Enterprise and Innovation Programs | | | 27,347 | | | | 27,023 | | | | 25,237 | | | | (2,110 | ) | | | (1,786 | ) |
| Enterprise Saskatchewan | | | 41,803 | | | | 41,803 | | | | 41,303 | | | | (500 | ) | | | (500 | ) |
| Environment | | | 180,539 | | | | 214,399 | | | | 207,399 | | | | 26,860 | | | | (7,000 | ) |
| Executive Council | | | 12,214 | | | | 12,214 | | | | 12,118 | | | | (96 | ) | | | (96 | ) |
| Finance | | | 58,911 | | | | 58,911 | | | | 76,836 | | | | 17,925 | | | | 17,925 | |
| - Public Service Pensions and Benefits | | | 280,860 | | | | 280,860 | | | | 276,666 | | | | (4,194 | ) | | | (4,194 | ) |
| Finance Debt Servicing | | | 420,000 | | | | 410,000 | | | | 410,000 | | | | (10,000 | ) | | | - | |
| First Nations and Métis Relations | | | 82,255 | | | | 82,255 | | | | 80,520 | | | | (1,735 | ) | | | (1,735 | ) |
| Government Services | | | 12,802 | | | | 12,802 | | | | 10,802 | | | | (2,000 | ) | | | (2,000 | ) |
| Health | | | 4,462,620 | | | | 4,462,620 | | | | 4,423,620 | | | | (39,000 | ) | | | (39,000 | ) |
| Highways and Infrastructure | | | 380,311 | | | | 432,356 | | | | 442,356 | | | | 62,045 | | | | 10,000 | |
| Information Technology Office | | | 16,374 | | | | 16,374 | | | | 21,439 | | | | 5,065 | | | | 5,065 | |
| Innovation Saskatchewan | | | 3,467 | | | | 3,467 | | | | 3,467 | | | | - | | | | - | |
| Justice and Attorney General | | | 145,465 | | | | 148,735 | | | | 150,505 | | | | 5,040 | | | | 1,770 | |
| Labour Relations and Workplace Safety | | | 16,972 | | | | 17,479 | | | | 17,217 | | | | 245 | | | | (262 | ) |
| Municipal Affairs | | | 388,713 | | | | 379,614 | | | | 379,614 | | | | (9,099 | ) | | | - | |
| Office of the Provincial Capital Commission | | | 10,595 | | | | 10,966 | | | | 10,966 | | | | 371 | | | | - | |
| Office of the Provincial Secretary | | | 3,579 | | | | 3,752 | | | | 3,579 | | | | - | | | | (173 | ) |
| Public Service Commission | | | 37,993 | | | | 37,993 | | | | 37,803 | | | | (190 | ) | | | (190 | ) |
| Saskatchewan Research Council | | | 18,133 | | | | 18,133 | | | | 18,133 | | | | - | | | | - | |
| Social Services | | | 814,172 | | | | 796,972 | | | | 791,428 | | | | (22,744 | ) | | | (5,544 | ) |
| Tourism, Parks, Culture and Sport | | | 100,703 | | | | 96,594 | | | | 94,981 | | | | (5,722 | ) | | | (1,613 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Legislative Branch of Government | | | | | | | | | | | | | | | | | | | | |
| Chief Electoral Officer | | | 14,284 | | | | 15,784 | | | | 15,784 | | | | 1,500 | | | | - | |
| Children's Advocate | | | 1,833 | | | | 1,993 | | | | 1,993 | | | | 160 | | | | - | |
| Conflict of Interest Commissioner | | | 145 | | | | 145 | | | | 131 | | | | (14 | ) | | | (14 | ) |
| Information and Privacy Commissioner | | | 1,114 | | | | 1,174 | | | | 1,174 | | | | 60 | | | | - | |
| Legislative Assembly | | | 24,225 | | | | 24,850 | | | | 25,210 | | | | 985 | | | | 360 | |
| Ombudsman | | | 2,982 | | | | 2,982 | | | | 2,982 | | | | - | | | | - | |
| Provincial Auditor | | | 8,134 | | | | 8,134 | | | | 8,134 | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Expense | | $ | 10,679,266 | | | $ | 10,926,098 | | | $ | 11,010,398 | | | $ | 331,132 | | | $ | 84,300 | |
3rd Quarter Financial Report | GRF Update 11
| 2011-12 Third Quarter Financial Report | | | | | | | | | | | | | |
| Province of Saskatchewan | | | | | | | | | | | | | | | |
| General Revenue Fund | | | | | | | | | | | | | | | |
| Statement of Debt | | | | | | | | | | | | | | | |
| | | | | | As at March 31, 2012 | | | | | | | |
| | | | | | Mid-Year | | | 3rd Quarter | | | Change from | |
| | | 31-Mar-2011 | | | Projection | | | Forecast | | | 31-Mar-2011 | | | Mid-Year | |
| | | (thousands of dollars) | |
| | | | | | | | | | | | | | | | |
| Government General Public Debt | | $ | 4,135,226 | | | $ | 3,810,226 | | | $ | 3,810,226 | | | $ | (325,000 | ) | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Corporation General Public Debt | | | | | | | | | | | | | | | | | |
| Information Services Corporation | | | | | | | | | | | | | | | | | | | | |
| of Saskatchewan | | $ | 13,547 | | | $ | 9,900 | | | $ | 9,900 | | | $ | (3,647 | ) | | $ | - | |
| Municipal Financing Corporation | | | | | | | | | | | | | | | | | | | | |
| of Saskatchewan | | | 6,249 | | | | 6,203 | | | | 6,249 | | | | - | | | | 46 | |
| Saskatchewan Housing Corporation | | | 29,762 | | | | 27,762 | | | | 27,200 | | | | (2,562 | ) | | | (562 | ) |
| Saskatchewan Opportunities Corporation | | | 36,170 | | | | 38,852 | | | | 35,728 | | | | (442 | ) | | | (3,124 | ) |
| Saskatchewan Power Corporation | | | 97,823 | | | | 96,621 | | | | 96,543 | | | | (1,280 | ) | | | (78 | ) |
| Saskatchewan Telecommunications | | | | | | | | | | | | | | | | | |
| Holding Corporation | | | - | | | | 111,400 | | | | - | | | | - | | | | (111,400 | ) |
| Saskatchewan Water Corporation | | | 49,151 | | | | 55,030 | | | | 53,032 | | | | 3,881 | | | | (1,998 | ) |
| SaskEnergy Incorporated | | | 376,342 | | | | 391,032 | | | | 332,201 | | | | (44,141 | ) | | | (58,831 | ) |
| Crown Corporation General Public Debt | | $ | 609,044 | | | $ | 736,800 | | | $ | 560,853 | | | $ | (48,191 | ) | | $ | (175,947 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Government Business Enterprise Specific Public Debt | | | | | | | | | | | | | |
| Municipal Financing Corporation | | | | | | | | | | | | | | | | | | | | |
| of Saskatchewan | | $ | 97,330 | | | $ | 126,896 | | | $ | 126,803 | | | $ | 29,473 | | | $ | (93 | ) |
| Saskatchewan Gaming Corporation | | | 6,000 | | | | 12,800 | | | | 6,000 | | | | - | | | | (6,800 | ) |
| Saskatchewan Power Corporation | | | 2,415,601 | | | | 2,724,912 | | | | 2,717,793 | | | | 302,192 | | | | (7,119 | ) |
| Saskatchewan Telecommunications | | | | | | | | | | | | | | | | | |
| Holding Corporation | | | 369,928 | | | | 409,455 | | | | 507,716 | | | | 137,788 | | | | 98,261 | |
| SaskEnergy Incorporated | | | 484,933 | | | | 475,586 | | | | 624,088 | | | | 139,155 | | | | 148,502 | |
| Government Business Enterprise Specific Public Debt | | $ | 3,373,792 | | | $ | 3,749,649 | | | $ | 3,982,400 | | | $ | 608,608 | | | $ | 232,751 | |
| | | | | | | | | | | | | | | | | | | | | |
| Public Debt | | $ | 8,118,062 | | | $ | 8,296,675 | | | $ | 8,353,479 | | | $ | 235,417 | | | $ | 56,804 | |
| | | | | | | | | | | | | | | | | | | | |
| Public Debt by Category | | | | | | | | | | | | | | | | | | | | |
| Government General Gross Debt | | $ | 6,111,642 | | | $ | 5,877,316 | | | $ | 5,877,316 | | | $ | (234,326 | ) | | $ | - | |
| Government General Sinking Funds | | | (1,976,416 | ) | | | (2,067,090 | ) | | | (2,067,090 | ) | | | (90,674 | ) | | | - | |
| Government General Public Debt | | $ | 4,135,226 | | | $ | 3,810,226 | | | $ | 3,810,226 | | | $ | (325,000 | ) | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Crown Corporation Gross Debt | | $ | 4,438,241 | | | $ | 5,015,597 | | | $ | 5,084,994 | | | $ | 646,753 | | | $ | 69,397 | |
| Crown Corporation Sinking Funds | | | (455,405 | ) | | | (529,148 | ) | | | (541,741 | ) | | | (86,336 | ) | | | (12,593 | ) |
| Crown Corporation Public Debt | | $ | 3,982,836 | | | $ | 4,486,449 | | | $ | 4,543,253 | | | $ | 560,417 | | | $ | 56,804 | |
| | | | | | | | | | | | | | | | | | | | | |
| Public Debt | | $ | 8,118,062 | | | $ | 8,296,675 | | | $ | 8,353,479 | | | $ | 235,417 | | | $ | 56,804 | |
| | | | | | | | | | �� | | | | | | | | | | | |
| Guaranteed Debt | | $ | 35,428 | | | $ | 80,425 | | | $ | 92,625 | | | $ | 57,197 | | | $ | 12,200 | |
12 3rd Quarter Financial Report | GRF Update
The Honourable Ken Krawetz Deputy Premier Minister of Finance |
|
SASKATCHEWAN BUDGET UPDATE 11-12 |
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|
3RD QUARTER FINANCIAL REPORT |
