The Public Accounts released has shown the province overcame the financial challenges posed by flooding in 2011-12 to record a pre-transfer surplus of $55 million in the General Revenue Fund (GRF). After a net transfer from the Growth and Financial Security Fund (GFSF) for government debt reduction, the GRF posted a $352 million surplus in 2011-12.
"The fact we could experience such a dramatic and unexpected increase in expense in 2011-12 due to flooding and still post a surplus demonstrates the resilience of Saskatchewan's economy," Finance Minister Ken Krawetz said. "Our economy remains the envy of most other jurisdictions, and we're continuing to build on the Saskatchewan Advantage in 2012-13."
Total expense was $11.07 billion in 2011-12, a $386 million increase from budget, primarily due to flood costs. This pressure was largely offset by a $326 million increase in revenue, mainly from increases in other own-source revenue, transfers from Crown entities, and increases in federal transfers related to disaster assistance. Total revenue was $11.12 billion in 2011-12, an increase of 3.0 per cent from budget.
