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PROVINCE OF SASKATCHEWAN

(CANADA)

2014-15 BUDGET
(Financial Highlights of 2014-15 BUDGET) March 19, 2014

Balanced Budget
Government of Saskatchewan
Budget for the year ended March 31 (millions of dollars) Revenue Taxation Non-Renewable Resources Other Own-Source Revenue Transfers from Federal Government Net Income from GBE* Total Revenue Expense Agriculture Community Development Debt Charges Economic Development Education Environment and Natural Resources Health Protection of Persons and Property Social Services and Assistance Transportation Other Total Expense Surplus
* Government Business Enterprises

Key Concepts
Although a Summary Budget has been included with the Saskatchewan Budget since 2004-05, the primary focus of provincial budgets has been on the General Revenue Fund prior to this year. Beginning in 2014-15, the Saskatchewan Budget is being presented on a Summary basis, which provides a comprehensive picture of planned financial activity for the Province of Saskatchewan. While no longer the focus, Government core operations (formerly referred to as the GRF) remain an integral component in the Summary Budget.

Budget 2015 6,820.3 2,694.4 1,863.8 2,026.4 668.2 14,073.1 681.2 589.0 546.3 288.6 3,675.0 232.5 5,355.9 593.7 1,172.4 539.3 327.8 14,001.7 71.4

Forecast 2014 6,608.2 2,551.9 2,216.0 1,965.6 1,048.9 14,390.6 497.1 549.7 584.7 328.4 3,575.3 244.4 5,135.1 648.1 1,147.6 537.5 551.7 13,799.6 591.0

Budget 2014 6,613.8 2,670.6 2,079.2 1,955.0 860.7 14,179.3 830.2 552.8 599.5 322.3 3,498.1 230.3 5,242.0 603.1 1,119.6 528.9 502.7 14,029.5 149.8

Key economic assumptions for 2014 and 2015


2015 2.7 3.1 90.00 92.00 3.70 275.72 2014 2.4 2.5 92.00 95.00 3.50 273.93

Can. Real GDP Growth (%) U.S. Real GDP Growth (%) Can. Dollar (U.S. cents) WTI Oil (US$/barrel) Natural Gas (C$/GJ) Potash (US$/KCl tonne)
Source: Ministry of Finance

In 2013, Saskatchewan was at or near the top among provinces in most indicators
During 2013, Saskatchewan achieved: 18,200 net new jobs; a population of 1,114,170 as of October 1, a 19,797 increase from October 1, 2012; a bumper crop, the biggest on record at 38.4 million tonnes, 40.4 per cent greater than in 2012 and 48.3 per cent greater than 10-year average; the highest growth in employment and wholesale trade; the second highest growth in population, average weekly earnings and manufacturing sales; the third highest growth in retail sales and investment in new housing construction; and the lowest unemployment rate.

Saskatchewans economy continues to outperform most provinces. Forecast Real GDP Growth 3.2% in 2013; 2.4% in 2014; and 2.6% in 2015
6 5
Per Cent Change

Real GDP*

4 3 2 1 0 BC AB SK MB ON QC NB
2013 2014 2015

NS

PE

NL

* Sources: Major Canadian banks, IHS Global Insight, CBOC and C4 SE. Private sector forecast average

Public debt as percentage of GDP remains below 2008 level throughout forecast period
Public Debt as a % of GDP As at March 31
20.0%

Public Debt of CIC Board Organizations increases

to support economic growth


Schedule of Debt
As at March 31 (millions of dollars) Treasury Board Organizations Budget 2015 Forecast 2014 Budget 2014

20%

15%
11.7%

13.7%

14.2% 13.2% 11.6% 12.1% 13.3%

14.2%

13.9%

13.6%

10%

Government Core Operational Debt (GRF) Debt of Other Treasury Board Organizations Public Debt of Treasury Board Organizations CIC Board Organizations Public Debt of CIC Board Organizations Public Debt

3,804.8 838.3 4,643.1

3,804.8 750.4 4,555.2

3,804.8 585.3 4,390.1

5%

7,172.1 11,815.2

6,353.6 10,908.8

5,892.4 10,282.5

0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Government Core Operational Debt (GRF)

CIC and Other Treasury Board Organizations

Debt is issued in the name of the Province under the authority of The Financial Administration Act, 1993 for the purpose of the General Revenue Fund. In certain circumstances, the net proceeds from debt issuance is advanced to CIC and Treasury Board Crown corporations. Borrowing requirements primarily to fund infrastructure capital and debt refinancing
GRF Borrowing Requirements
Millions $2,000 $1,512.4 $1,500
$1,605.0 $962.4

Canadian domestic public market primary source for borrowing


GRF Borrowing Sources

$2,073.4

(millions of dollars) International Canadian Debentures Promissory Notes Canada Pension Plan Total

Planned 2014-15 1,400.0 53.1 59.3 1,512.4

Forecast 2013-14 1,750.0 313.6 9.8 2,073.4

$1,000

$500
$550.0 $468.4

$0 Planned 2014-15 Fiscal Year


Government Public Debt Crown Corporations

Forecast 2013-14

Credit Ratings of the Province Standard & Poors AAA Moodys Investors Service Aa1* Dominion Bond Rating Service AA
* positive outlook

This budget enhances governments fiscal reporting and meets the challenges of a growing province. It helps secure a better quality of life for all Saskatchewan people and it represents another confident step forward by our government on the path of steady growth. Honourable Ken Krawetz Minister of Finance

For additional copies or information please contact: Saskatchewan Ministry of Finance Treasury and Debt Management Division 6th Floor - 2350 Albert Street Regina, Saskatchewan S4P 4A6 Canada Telephone: (306) 787-6752 Fax: (306) 787-8493 More Budget information at: www.gov.sk.ca/finance

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