On Wednesday, March 19, the 2014-2015 Saskatchewan Government released their budget.
Claimed as another balanced budget the government is dedicated to continuing the growth of the province through funding necessary programs, while managing to cover projected costs without an increase in taxes paid.
Essentially controlling spending to avoid tax increases was an important aspect to the budget recently released.
"Our government's preference will always be to balance the budget by controlling spending rather than by raising taxes," Finance Minister Ken Krawetz stated. "We were able to achieve that once again this year, while still making targeted investments in infrastructure, employment and job training, seniors, students, people with disabilities, children and families."
One of the other noticeable aspects to the budget remains to be the new way the budget itself is presented. As recommended by the Provincial Auditor the government will now be displaying their information as a Summary Budget, which will help Saskatchewan compare its budget to other provinces.
"Our office strongly supports these changes," Acting Provincial Auditor Judy Ferguson said. "They will eliminate confusion and help legislators and the public better understand the Government's finances."
Prior to this year Saskatchewan focused on the General Revenue Fund although the Summary Budget has been included within the Saskatchewan Budget since 2004-2005.
A Summary Budget is a holistic view of revenue and expenses incurred within government operations, Government Service Organizations, and Government Business Enterprises allowing people to see the full extent of the cost to provide different services in the province.
"Steady growth is the big picture, a vision for the long term and a full view of what's happening in Saskatchewan," Krawetz explained. "So beginning today, the focus of our budget and our financial statements will be a summary focus, which includes all aspects of government revenue and spending."
Total revenue has therefore been forecasted as being $14,390.6 billion, while 2015 is expected to produce$14,073.1 billion which meant the budget for 2014 has been set at $14,179.30 billion.
Total expenses are expected in 2014 at $13,799.6 billion and in 2015 they have been set at $14,001.7 billion leaving the budget for 2014 to expect a total expenditure of $14,029.5 billion.
Thus, a total surplus for 2014 could potentially be $149.8 million depending on unexpected expenses the government will have to deal with, which could include inflated costs for projects or increased disaster relief funds.
The budget is simply a refined estimate of what the province expects to earn and spend within the year. These numbers are not necessarily the reality of what will happen within the year, but is the government's best assumption of what will occur.
For 2014 the government has identified a number of important projects and services they will contribute to with some being focused in Regina, Saskatoon, and Prince Albert, while others will focus on rural areas and all people within Saskatchewan.
"This budget enhances government's 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," Krawetz explained.
For a complete breakdown of the Saskatchewan Budget visit www.finance.gov.sk.ca/budget2014-15. The government has promised increased money to senior care, support to municipalities in the form of grants, and further assistance in healthcare as well as education.
