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Canwest News Service
With its budget projections for potash revenue plummeting, the Saskatchewan government announced yesterday it is facing a deficit of $1.05-billion. The government's mid-year financial report showed projections of only $109-million from potash royalties and taxes — $1.8-billion below what it forecast in its spring budget. The provincial government is now spending more than it is taking in, even with higher-than-expected oil royalties, tax revenues and federal transfers. Economic growth projections of 2.1% for 2009 have been drastically revised. The government now says the economy will have shrunk 2.9% by the end of the year.
