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Saskatchewan ended the 2024–25 fiscal year with a $249-million operating deficit, slightly better than forecasted, according to the provincial government’s latest public accounts report.
The figure marks an improvement from the initial $273-million deficit projected in the provincial budget, released last March. The province attributes the narrower gap to increased revenues, including a notable receivable tied to a resolution in tobacco litigation.
“Revenue increased from budget last year while expenses also grew,” said Deputy Premier and Finance Minister Jim Reiter. “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.”
Total revenue for 2024–25 reached $20.9 billion, an increase of $994 million or five per cent over budget expectations. However, that was largely offset by higher-than-expected spending, which rose $970 million to reach $21.1 billion. The largest increases were recorded in the areas of health, agriculture, and environment and natural resources.
Compared to the third-quarter update, the year-end results showed stronger revenue and slightly higher spending, reducing the projected deficit by $412 million.
The province’s net debt rose by $1.3 billion, driven by investments in schools, hospitals, and roads. Despite the increase, Saskatchewan maintains the second-lowest net debt-to-GDP ratio in the country and holds Canada’s second-highest overall credit rating when combining scores from Moody’s, S&P Global Ratings and Morningstar DBRS.
“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 offers a full overview of government finances and is now available to the public at publications.saskatchewan.ca.