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March 21, 2024SASKATCHEWAN BUDGET 2024-25 The Province of Saskatchewan has tabled its provincial budget for 2024-25.
Saskatchewan estimates that it's deficit will be $273.2 million in 2024-25, down from the $482.5 million deficit now forecast for the 2023-24 fiscal year. Over the next three fiscal years, Saskatchewan's provincial budget is projected to return to surplus: $18.5 million in 2025-26, $225.1 million in 2026-27 and $339.6 million in 2027-28.
For 2024-25, Saskatchewan's revenues are projected to contract by 2.6% while expenditures fall by 3.5%. In each of the next three fiscal years, Saskatchewan's revenues are projected to grow by 3.8% per year. Expenditure growth is projected to accelerate, growing by 2.3% in 2025-26, 2.8% in 2026-27 and 3.3% in 2027-28.
Measured as a share of GDP, the footprint of provincial government in the Saskatchewan economy is expected to decline from 18.3% of GDP in 2023-24 to 17.3% of GDP in 2024-25. In each of the subsequent three fiscal years, the footprint of government in the Saskatchewan economy stabilizes around 17.2% of GDP. Saskatchewan's deficit for 2024-25 amounts to 0.2% of GDP. Subsequent surpluses are projected to rise to 0.3% of GDP by 2027-28.
Saskatchewan's net debt for 2024-25 is projected to amount to 14.0% of nominal GDP, up from 13.3% of GDP at the end fo 2023-24. The net debt to GDP ratio is projected to peak at 14.6% in 2025-26 and 2026-27 before falling to 14.3% in 2027-28.
Saskatchewan's expenditures in 2024-25 amount to $16,326 per capita. These expenditures are projected to rise to $16,423 per capita in 2025-26, $16,600 per capita in 2026-27 and $16,861 per capita in 2027-28. Saskatchewan's deficit amounts to $222 per capita in 2024-25. Subsequent surpluses rise to $262 per capita by 2027-28.
Both revenues ($490 million) and expenditures ($971 million) are projected to be higher than previously anticipated for 2024-25. Saskatchewan's revenue contraction has proven slower than projected in the 2023-24 fiscal plan while the expenditure contraction is now only limited to the upcoming fiscal year (as opposed to 2 years of contraction planned in the 2023-24 Budget).
Saskatchewan's deficit for 2023-24 is a substantial decrease from the $1 billion surplus planned in the 2023-24 Budget. Likewise, the deficit for 2024-25 is a downgrade from the $208 million surplus planned in the 2023-24 Budget.
Saskatchewan's real GDP growth is projected to slow to 1.0% in 2024 before rebounding to 1.8% in 2025. Saskatchewan's strong population growth is projected to continue in 2024, albeit at a slower pace. As population growth slows and global markets remain soft in 2024, Saskatchewan's labour markets are projected to loosen over the next year. Saskatchewan's medium term outlook depends on higher immigration levels and rising per capita household spending as well as the initiation of several major investment projects.
Key Measures and Initiatives
Saskatchewan's Budget emphasizes classrooms, care, communities, economic growth and infrastructure. Highlights include:
Classrooms
- $180 million increase for k-12 school operating funding
- $356.6 million in classroom supports, including funding to address classroom size and complexity
- $408.7 million for early learning and childcare
- $793 million for post-secondary education
Care
- $4.7 billion for the Saskatchewan Health Authority (+$248.3 million)
- $574 million for mental health and addictions
- $248.9 million for the Saskatchewan Cancer Agency
- $3.5 million increase for breast cancer care and screening
- $30 million to enhance acute care, community-based care and emergency department capacity
- Increased funding for the Health Human Resource Action Plan
Communities
- increase of $42.4 million in municipal revenue sharing
- $23.1 million for 160 municipal police positions
- $255 million for First Nation and Métis people and organizations
- $16.7 million to continue implementation of the Provincial Approach to Homelessness
- $31.7 million for interpersonal violence programs and services
- $1.5 billion for the Ministry of Social Services, including increased funding for Income Support and Assured Income for Disability clients
Economic growth
- $40.6 million to expand exports
- Investment incentives to diversify Saskatchewan’s economy
- Maintaining the small business tax rate of one per cent until June 30, 2025
- $570.6 million for agriculture
- $15 million for capital and infrastructure in provincial parks
Infrastructure
- Total spending of $4.4 billion on capital projects
- $216 million for 11 new school projects and three renovations
- $516.8 million for health infrastructure and long-term care facilities
- Crown utility investment of $2.6 billion
Saskatchewan Budget 2024-25
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