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PROVINCE OF SASKATCHEWAN(CANADA)

2014-15 BUDGET(Financial Highlights of 2014-15 BUDGET)

March 19, 2014

Balanced Budget

Government of SaskatchewanBudget

for the year ended March 31

(millions of dollars)

Budget

2015

Forecast

2014

Budget

2014

Revenue

Taxation 6,820.3 6,608.2 6,613.8

Non-Renewable Resources 2,694.4 2,551.9 2,670.6

Other Own-Source Revenue 1,863.8 2,216.0 2,079.2

Transfers from Federal Government 2,026.4 1,965.6 1,955.0

Net Income from GBE* 668.2 1,048.9 860.7

Total Revenue 14,073.1 14,390.6 14,179.3

Expense

Agriculture 681.2 497.1 830.2

Community Development 589.0 549.7 552.8

Debt Charges 546.3 584.7 599.5

Economic Development 288.6 328.4 322.3

Education 3,675.0 3,575.3 3,498.1

Environment and Natural Resources 232.5 244.4 230.3

Health 5,355.9 5,135.1 5,242.0

Protection of Persons and Property 593.7 648.1 603.1

Social Services and Assistance 1,172.4 1,147.6 1,119.6

Transportation 539.3 537.5 528.9

Other 327.8 551.7 502.7

Total Expense 14,001.7 13,799.6 14,029.5

Surplus 71.4 591.0 149.8

* Government Business Enterprises

In 2013, Saskatchewan was at or near the top

among provinces in most indicators

During 2013, Saskatchewan achieved:

18,200 net new jobs; a population of 1,114,170 as of October 1, a 19,797

increase from October 1, 2012;

a bumper crop, the biggest on record at 38.4 milliontonnes, 40.4 per cent greater than in 2012 and48.3 per cent greater than 10-year average;

the highest growth in employment and wholesaletrade;

the second highest growth in population, averageweekly earnings and manufacturing sales;

the third highest growth in retail sales and investmentin new housing construction; and

the lowest unemployment rate.

Key Concepts

Although a Summary Budget has been included withthe Saskatchewan Budget since 2004-05, the primaryfocus of provincial budgets has been on the GeneralRevenue Fund prior to this year.

Beginning in 2014-15, the Saskatchewan Budget isbeing presented on a Summary basis, which providesa comprehensive picture of planned financial activityfor the Province of Saskatchewan.

While no longer the focus, Government coreoperations (formerly referred to as the GRF) remainan integral component in the Summary Budget.

Key economic assumptions for 2014 and 2015

2015 2014

Can. Real GDP Growth (%) 2.7 2.4

U.S. Real GDP Growth (%) 3.1 2.5

Can. Dollar (U.S. cents) 90.00 92.00

WTI Oil (US$/barrel) 92.00 95.00

Natural Gas (C$/GJ) 3.70 3.50Potash (US$/KCl tonne) 275.72 273.93

Source: Ministry of Finance

Saskatchewans economy continues to outperform

most provinces. Forecast Real GDP Growth

3.2% in 2013; 2.4% in 2014; and 2.6% in 2015

0

1

2

3

4

5

6

BC AB SK MB ON QC NB NS PE NL

PerCentChange

Real GDP*

2013 2014 2015

* Sources: Major Canadian banks, IHS Global Insight, CBOCand C4SE.Private sector forecast average

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Public debt as percentage of GDP remains

below 2008 level throughout forecast period

20.0%

11.7%

13.7% 13.2%

11.6%12.1%

13.3%

1 4. 2% 1 4. 2% 13.9%13.6%

0%

5%

10%

15%

20%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Public Debt as a % of GDP

As at March 31

Government Core Operational Debt (GRF) CIC and Other Treasury Board Organizations

Public Debt ofCIC Board Organizations increases

to support economic growth

Schedule of DebtAs at March 31

(millions of dollars)

Budget

2015

Forecast

2014

Budget

2014

Treasury Board Organizations

Government Core Operational Debt (GRF) 3,804.8 3,804.8 3,804.8Debt of Other Treasury Board

Organizations 838.3 750.4 585.3

Public Debt of Treasury Board

Organizations 4,643.1 4,555.2 4,390.1

CIC Board Organizations

Public Debt of CIC Board

Organizations 7,172.1 6,353.6 5,892.4

Public Debt 11,815.2 10,908.8 10,282.5

Debt is issued in the name of the Province under the authority of The Financial Administration Act, 1993

for the purpose of the General Revenue Fund. In certain circumstances, the net proceeds from debtissuance is advanced to CIC and Treasury Board Crown corporations.

Borrowing requirements primarily to fund

infrastructure capital and debt refinancing

$550.0 $468.4

$962.4

$1,605.0

$0

$500

$1,000

$1,500

$2,000

Planned2014-15

Forecast2013-14

Millions

Fiscal Year

GRF Borrowing Requirements

Government Public Debt Crown Corporations

$2,073.4

$1,512.4

This budget enhances governments fiscal

reporting and meets the challenges of a growing

province. It helps secure a better quality of life for

all Saskatchewan people and it represents another

confident step forward by our government on the

path of steady growth.

Honourable Ken Krawetz

Minister of Finance

Canadian domestic public market primary

source for borrowing

GRF Borrowing Sources

(millions of dollars)

Planned

2014-15

Forecast

2013-14

International - -

Canadian Debentures 1,400.0 1,750.0

Promissory Notes 53.1 313.6

Canada Pension Plan 59.3 9.8

Total 1,512.4 2,073.4

Credit Ratings of the Province

Standard & Poors AAA

Moodys Investors Service Aa1*

Dominion Bond Rating Service AA

* positive outlook

For additional copies or information please contact:

Saskatchewan Ministry of Finance

Treasury and Debt Management Division

6thFloor - 2350 Albert Street

Regina, Saskatchewan S4P 4A6

Canada

Telephone: (306) 787-6752 Fax: (306) 787-8493

More Budget information at: www.gov.sk.ca/finance