Saskatchewan’s finance minister says a big jump in the province’s deficit last year is due entirely to falling oil and potash prices.
Kevin Doherty says the government lost nearly a third of its resource revenue compared to the previous year, resulting in a 675-million-dollar deficit for the year ending in March.
The province had originally predicted a 107-million-dollar surplus and had been counting on federal aid for wildfire costs that failed to materialize before the end of the fiscal year.
Doherty says the government will continue to work toward balancing the books by 2017-2018.
He adds that while the financial picture is not great, now is not the time to push the panic button which is something he thinks Saskatchewan people would agree with.