Saskatchewan projects $250M deficit in mid-year financial report, expenses up $1.3B
BNN Bloomberg
The Saskatchewan government is forecasting a $250-million deficit this fiscal year due to higher expenses related to the summer drought and lower projected resource revenues.
The mid-year financial report outlined Monday forecasts Saskatchewan is to spend about $1.3 billion more than it had budgeted.
The province initially forecast a surplus of more than $1 billion.
Finance Minister Donna Harpauer told reporters the deficit is a result of unforeseen drought that reduced production by 20 per cent, resulting in more crop insurance payouts.
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