Tank: With the price of oil and potash dropping, the boom that fuelled Saskatchewan's budget surplus after Russia invaded Ukraine could be ending. skpoli cdnpoli
A continued decline in price could also affect thecollected by Saskatchewan that have provided the provincial government the option to pay down $2 billion in debt and deliver its first balanced budget in eight years.
That price remains well above the US$369 estimate used to establish figures for the 2023-24 Saskatchewan budget, for which the province is counting on $1.4 billion in potash revenues. But the gap is getting close enough that one might wonder how low it will go, especially given the signals from the potash industry.Article contentThe budget is also counting on $963.1 million from oil based on the price for West Texas Intermediate of US$79.50 per barrel.
This all translates into exactly what Saskatchewan Finance Minister Donna Harpauer has repeatedly said about using resource money to fund the operating budget — that you cannot continue to count on that cash. Politically, however, one can see the reasoning from a government facing an election next year and willing to mostly ignore all the calls for more immediate relief from consumers and for increased spending on health and education.
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