The Saskatchewan government is projecting a deficit that’s more than double from budget, largely due to higher crop insurance payouts following a difficult farming season.
The province’s mid-year financial report says the province is projected to be $743 million in the red, up from the $273-million deficit earmarked in the budget.
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It says weather conditions were good in the spring, but a hot July had dried out fields and reduced crop yields.
Finance Minister Jim Reiter says agriculture is fundamental to Saskatchewan and that crop insurance is vital for producers.
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Reiter says the province also plans to spend more to deal with pressures in prisons and hospitals.
Overall revenues are earmarked to be $20 billion, with larger gains in taxation.
— More info to come.
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