After two years of pandemic budgets, the tone of Budget 2022 was much more upbeat. The theme of the budget, \u201cBack on Track\u201d reflects a return to normalcy. Saskatchewan introduced a much smaller deficit of $463 million for FY 2022-23, $1.7 billion smaller than the $2.2 billion deficit now expected in FY 2021-22 (downwardly revised from $2.6 billion in Budget 2021). Embedded in its medium-term outlook is a plan to return to balance by 2026, with a 17% reduction in the size of the deficit over the next two fiscal years. Expenditures are projected to fall by $2.1 billion in FY 2022-23 (-10.5%) to $17.6 billion, as one-time crop insurance payouts and pandemic expenses fall off the books. Revenues will fall $338 million (-1.9%) to $17.2 billion, as one-time pandemic federal transfers and agricultural reinsurance recovery wind down. Saskatchewan\u2019s debt-to-GDP level is expected to fall to 18.8% in FY 2022-23, the second-lowest level in Canada. <\/p>\n
Budget 2022 expects a material decline in expenditures in FY 2022-23, down $2.1 billion (10.5%) to $17.6 billion, as major one-time spending items in FY 2021-22 run off. The main item was the payment of crop insurance indemnities in response to drought conditions. Saskatchewan\u2019s Economic Recovery Rebate and allocations to the Accelerated Site Closure Program are also set to come off the province\u2019s books in FY 2022-23. <\/p>\n