Sask. getting back millions from CIC increased earnings

Despite their individual challenges Saskatchewan’s Crown corporations showed a healthy profit this past year.

The Crown Investment Corporations (CIC) annual report shows for the 15 months that ended March 31, 2016, net earnings were $342 million, up by $179 million from 2014.

It meant dividends of $297 million will be given back to the people of Saskatchewan into the general revenue fund.

During this fiscal year, $1.8 billion was spent on capital, $1 billion of that by SaskPower as it looks to address its distribution growth, infrastructure upgrades, and build a new power plant.

That capital comes with increased borrowing however, now at close to $8.7 billion.

CIC Minister Don McMorris believes that debt is manageable.

“The debt is increasing but so is the asset of the crowns,” he maintained.

The money is largely funding capital projects and improvements and upgrades across the utility system.