Provincial Point of View
February 10, 2016
Have a wonderful Family Day Weekend

SASKATCHEWAN IN A STRONG POSITION TO MANAGE ECONOMIC CHALLENGES

In spite of a downturn in the resource sector, a resilient and diversified Saskatchewan economy continues to attract people, investment and job growth. This is a big change from a decade ago when an economic slowdown would have resulted in less investment, fewer jobs and a declining population.

The impact of lower oil prices and a softening resource sector globally has resulted in Saskatchewan dealing with serious revenue shortfalls. Government Ministries and Crowns have been controlling spending but with little room left to reduce costs there are two choices: raise taxes or run a temporary deficit.

Our government has reluctantly decided to manage this shortfall in revenue by running a deficit this fiscal year. Because of continued weakness in the resource sector, we expect there will be a deficit next year as well. Saskatchewan people can be assured we are focused on meeting their needs and investing in what is important as we work toward returning to balance by 2017-18.

Financial responsibility is the cornerstone of the Growth Plan. Our government plans to continue controlling spending, planning for the future, and moving forward, never losing sight of Saskatchewan’s destiny. The principles and goals of our Growth Plan will continue to guide us:

• Supporting innovation;
• Investing in infrastructure;
• Investing in infrastructure;
• Expanding educational and training opportunities; and
• Ensuring our economy is competitive

Saskatchewan people are pragmatic and prudent with their own finances and should expect the same from their government. Our record since 2007 reflects this prudence; we've lowered the province's debt to GDP ratio to the second lowest in Canada; we've earned Saskatchewan's first ever triple-A credit rating; and we've lowered the tax burden for people across the province.

Read more by viewing the PDF.