The Provincial Government presented another balanced budget in the Legislature yesterday afternoon.

Finance Minister Ken Krawetz called his presentation "The Saskatchewan Advantage", saying that it is unlike most other budgets tabled across Canada this year, adding "While other provinces are recording deficits, we will post a surplus. While others will struggle to maintain programs, we will improve our public services. While others will see their debt loads increase, we will reduce our debt."

 

The budget includes tax cuts of close to $200 million and $325 million in debt reduction to bring the provincial debt to $3.81 billion, while having a surplus of more than $115 million, and leaving $710 million in the province's Growth and Financial Security Fund, also known as the "rainy-day account".

 

The tax changes include increasing the basic and spousal amounts by $1000, and the exemption amount for dependent children by $500.00, raising the basic and spousal exemption to $14,535, and the dependent child amount to $5514 per child. The small business tax rate will be reduced from 4.5% to 2.0% starting July 1, and a previously-announced reduction of education property taxes of $55.6 million in 2011. Krawetz says the tax changes mean that a family of four earning $50,000 will save $2447 in income taxes this year, and another 22,000 people will be removed from the tax rolls altogether.  

 

Spending includes close to $217 million in municipal revenue-sharing, with Swift Current receiving a $2.8-million share for this year, an increase of $250 million in funding for Saskatchewan's health regions, $556 million in spending for Highways, and $19.9 million for planning nine new capital education projects, including a new K-8 school for Swift Current. There's also $1.7 million to create two new affordable housing initiatives in Saskatchewan, $320 million to fully fund farm income stabilization programs, and five million dollars for a new emergency helicopter air ambulance service.

 

Other measures announced include $24.6 million for post-secondary education institutions to hold tuition increases to an average of 3%, $5.2 million to hire new police officers, increases of beer discounts to off-sale retailers, the launch of a new renewable diesel program, and a $34-million investment across government for a new Children and Youth Agenda to improve child welfare, education and health care.

 

More details on the provincial budget are available at the Ministry of Finance's website.

 

Meanwhile, the opposition quickly voiced their crticism of the budget, with Leader Dwain Lingenfelter saying in a press release issued by the NDP Caucus, "despite increased revenues in the province, the Wall government has failed families by not providing the financial relief many of them desperately require". He added the budget ignored the needs of people and families searching for affordable child care, those coping with high housing costs, seniors on fixed incomes faced with increasing utility rates, and students paying increasing tuition for post-secondary education.

 

Ken Audette talked with Premier Brad Wall about the Provincial Budget