SASKATOON – Saskatchewan’s financial fortunes this year have taken a dramatic hit.
The province was planning on a $12-million surplus this fiscal year.
But it says early first-quarter numbers show that modest surplus will now be a $349-million deficit.
It says the decline is primarily due to Saskatchewan’s decision to remove the federal carbon levy ratepayers had paid on their electricity bills.
It’s also tying the reversal to a $172-million drop in revenues, most of it from its Crown agency SaskPower, and from falling oil prices.
Saskatchewan Finance Minister Jim Reiter says the province is being rocked by global uncertainty but its overall financial position remains stable.
More coming.