Saskatchewan Finished 2024-25 Near Budget Forecast

CANADA, June 30 - Released on June 30, 2025

After beginning the year with a budget deficit of $273 million, the province finished the 2024-25 fiscal year with a $249 million operating deficit. Saskatchewan’s financial status was highlighted in today’s release of the 2024-25 Public Accounts Volume 1.

“Revenue increased from budget last year while expenses also grew,” Deputy Premier and Minister of Finance Jim Reiter said. “We are continuing to make investments that deliver on what the people of Saskatchewan have said is important to them – affordability, health care, education, community safety and fiscal responsibility.”

Last year, total revenue of $20.9 billion increased by $994 million, or 5.0 per cent, from the 2024-25 Budget. This included the recognition of a significant receivable for the resolution of the tobacco litigation.

While revenues increased from budget, expenses were also up over the same period. Total expenses of $21.1 billion are an increase of $970 million, or 4.8 per cent, from the 2024-25 Budget, primarily due to notable increases in the Health, Agriculture, and Environment and Natural Resources expense themes.

Compared to the third quarter, revenues increased by $448 million while expenses were up $36 million. The year-end deficit is an improvement of $412 million from the third-quarter update.

Saskatchewan’s net debt increased by $1.3 billion in 2024-25, primarily due to significant investments in important infrastructure such as schools, hospitals and roads. However, Saskatchewan still maintains the second lowest net debt-to-GDP ratio in Canada and, as of March 31, 2025, had the second highest credit rating in Canada when ratings from the three key rating agencies – Moody’s Ratings, S&P Global Ratings and Morningstar DBRS – are combined.

“Building on the strength of our 2024-25 financial results and the 2025-26 Budget, Saskatchewan’s economy continues to grow and evolve,” Reiter said. “Earlier this year Statistics Canada confirmed that our province remains a national leader in economic growth, ranking us second in the country for real GDP growth in 2024.”

The 2024-25 Public Accounts Volume 1 provides a complete and accurate view of the Government of Saskatchewan’s finances. To learn more information about the fiscal health of the province, you can view Volume 1 at publications.saskatchewan.ca.

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