Saskatchewan's First Quarter Report has been released, reflecting new funding announced in the March Federal budget, and improved oil revenues.

     It is, however, offset by decreased potash revenues, and an increase in the General Revenue Fund surplus of $162 million.

     Finance Minister Pat Atkinson says the government plans to add this money to extra surplus revenues from last year to pay down the province's debt by $400 million, reducing Saskatchewan's accumulated debt to $6.9 billion.

     Atkinson says the government is committing to use 70 per cent of the one-time equalization payment announced in the 2007 Federal budget for debt reduction.