At the end of last fiscal year, the provincial government fished up with a deficit several million dollars smaller than originally forecast.

The budgeted deficit at the start of the year was $273 million, but announced Monday, the operating deficit at the end of 2024-25 is $249 million.

The smaller deficit is attributed to increased revenue, mainly from the $70 million resolution of Canada’s Historic Tobacco Settlement.

While revenues increased from budget, expenses were also up over the same period. Total expenses of $21.1 billion are an increase of $970 million, or 4.8 per cent, from the 2024-25 Budget, primarily due to notable increases in the Health, Agriculture, and Environment and Natural Resources expense themes.

The government release adds that the province’s net debt increased by $1.3 billion in 2024-25, mainly due to investments in important infrastructure such as schools, hospitals and roads. However, the Province maintains that Saskatchewan still holds the second lowest net debt-to-GDP ratio in Canada.