The provincial government is expecting to have a $34 million surplus as part of their 2019-20 budget.

Finance Minister Donna Harpauer delivered the budget in the provincial legislature this afternoon. The Ministry of Finance is also projecting surpluses of $49 million in 2020-21, $72 million in 2021-22 and $84 million in 2022-23.

The budget is forecasting a $379.9 million deficit for the 2018-19 season, slightly higher than what was in the $365.3 million budget for that year.

The Ministry of Finance is indicating real GDP growth is expected to rise by 1.2 per cent in 2019 and 2.4 per cent in 2020, employment will grow by 3,500 in 2019 and 4,300 in 2020, based on a six per cent unemployment rate for both years. The department is also projecting 1.6 per cent retail sales growth and a 2.9 per cent rise in 2020.

When it comes to health, the province is expecting to spend $122.9 million more in health – a 2.1 per cent increase over the previous year – and $19.2 million more in education – or, 0.6 per cent more than 2018-19.

There is significant increases expected in the tax revenue that is being brought in by the province.

Individual and corporate tax is forecast as increasing by a total of $329 million from the previous year. The government says that is because of significant prior-year adjustments that aren’t forecast to repeat for 2019-20. These totals would bring it back closer to the 2016-17 actual numbers.

Also included as a new factor in the mix of government revenue is the $75 million more revenue in the expanded provincial sales tax. The government says that is due to growth in the tax base and a strengthening Saskatchewan economy, including growth in population. In all, PST revenue is pegged at $2.3 billion for 2019-20 against the pre-expanded PST revenue of $1.2 billion in 2016-17.

Other revenue includes a whopping $618 million in potash, about $117 million more than last year’s forecast of $501 million, while oil and gas revenue is expected to bring in $691 million, a decrease of $2 million from the last year’s forecast. The government says a narrowing light-heavy price differential is being offset by a decrease in the WTI oil price and a decline in the overall production.