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Without a landmark tobacco settlement, the Saskatchewan NDP said the province would be in a much deeper deficit than it ended the 2024-2025 fiscal year.
The last fiscal year ended with a $249 million deficit, down from $274 million projected in March 2024.
A settlement between tobacco companies was approved in early March, worth about $32.5 billion, given to provinces to help patients of tobacco-related illnesses recover.
Saskatchewan received about $400 million for the settlement – a number Finance Minister Jim Reiter said could go higher.
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At the time the deal was signed, it was reported Saskatchewan was set to receive $700 million. The settlement money is going to go into the province’s general revenue.
NDP’s Trent Wotherspoon said the provincial government “squandered what was a historic opportunity” to make good use of revenues from the settlement.
“It’s extremely troubling to see a government being presented so much opportunity and strong revenues,” he said. “But failing to manage our finances in a responsible way, failing to be honest, and then, of course, failing to deliver on so many of the fronts that are so important to the people.”
Pointing towards drought-stricken farmers and patients in overcrowded hospitals, Wotherspoon said many people in the province could use these dollars.
He said the provincial government could have made more effective choices in spending dollars and avoiding costly projects like the Regina bypass.
“All the choices start to pile up,” Wotherspoon said.
In the last fiscal year, Reiter said the province had higher expenses in areas like health care, education, and social services – but revenues were up as well.
“We always want to do better, but we’re pleased our overall net debt to GDP is second in the country,” he said. “So I think that’s a good sign.”
When the provincial government originally presented the budget, it had projected a $273 million budget, but it dipped lower as the months progressed.
Due to a tough growing season, the province is predicting high crop insurance payouts at the mid-year financial update, with a projected deficit of $743 million.
At the third-quarter update, the province projected a $660 million deficit.
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