# EDGAR Filing Document

**Accession Number:** 0000203098
**File Stem:** 0001193125-25-208797
**Filing Date:** 2025-9
**Character Count:** 451935
**Document Hash:** ca73b30d2a680572ff39d57e41b44314
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-208797.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001193125-25-208797

**CONFORMED SUBMISSION TYPE**: 18-K

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SASKATCHEWAN PROVINCE OF
- **CENTRAL INDEX KEY:** 0000203098
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 18-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-36597
- **FILM NUMBER:** 251326147

**BUSINESS ADDRESS:**
- **STREET 1:** CONSULATE GENERAL OF CANADA
- **STREET 2:** 466 LEXINGTON AVENUE, 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 306-787-9473

**MAIL ADDRESS:**
- **STREET 1:** CONSULATE GENERAL OF CANADA
- **STREET 2:** 466 LEXINGTON AVENUE, 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K** 

**For Foreign Government and Political Subdivisions Thereof** 

**ANNUAL REPORT** 

**Of** 

## PROVINCE OF SASKATCHEWAN CANADA
**(Name of Registrant)** 

**Date of end of last fiscal year: March 31, 2025** 

**SECURITIES REGISTERED\*** 

**(As of close of fiscal year)** 

---

| | | |
|:---|:---|:---|
| **Title of issue** | **Amounts as to**<br> **Which registration**<br> **Is effective** | **Names of**<br> **Exchanges on**<br> **Which registered** |
| N/A | N/A | N/A |

---

**Names and addresses of persons authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**TOM CLARK** 

**Consulate General of Canada** 

**466 Lexington Avenue, 20th Floor** 

**New York, New York, U.S.A, 10017** 

**(Name and Address of Authorized Agent in the United States)** 

---

| | |
|:---|:---|
| **RODNEY F. BALKWILL**<br> **Assistant Deputy Minister and CIO,**<br> **Provincial Treasury Office**<br> **Province of Saskatchewan**<br> **2350 Albert Street, 6<sup>th</sup> Floor**<br> **Regina, SK S4P 4A6**<br> **(306) 787-9473** | **CHRISTOPHER J. CUMMINGS**<br> **Paul, Weiss, Rifkind, Wharton & Garrison LLP**<br> **Toronto-Dominion Centre**<br> **77 King Street West, Suite 3100, P.O. Box 226**<br> **Toronto, ON Canada M5K 1J3**<br> **(416) 504-0520** |

---

\* The Registrant is filing this Annual Report on a voluntary basis.

------

*The information set forth below is to be furnished:* 

*1.* *In respect of each issue of securities of the Registrant registered, a brief statement as to:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *The general effect of any material modification, not previously reported, of the rights of the holders of such securities.* 

None*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof*.

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund and amortization installment.* 

None.

*2.* *A statement as of the close of the last fiscal year of the Registrant giving the total outstanding of:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Internal funded debt of the Registrant. (Total to be stated in the currency of the Registrant. If any internal funded debt is payable in the foreign currency it should not be included under this paragraph (a), but under paragraph (b) of this item.)* 

Reference is made to pages 33-35 of Exhibit 99.1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *External funded debt of the Registrant (Totals to be stated in respective currencies in which payable. No statement need be furnished as to the intergovernmental debt.)* 

Reference is made to pages 34-35 and 48-50 of Exhibit 99.1 hereto.

*3.* *A statement giving the title, date of issue, date of maturity, interest rate and amount of outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the Registrant outstanding as of the close of the last fiscal year of the Registrant.* 

Reference is made to pages 48-50 of Exhibit 99.1 hereto.

*4.* *(a)* *As to each issue of securities of the Registrant which is registered, there should be furnished a breakdown of the total amount outstanding, as shown in Item 3, into the following:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The amount held by or for the account of the Registrant*.

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Total estimated amount held by nationals of the Registrant (or if Registrant is other than a national government by the nationals of its national government); this estimate need to be furnished only if it is practicable to do so.* 

Not practicable to furnish.

ii

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Total amount otherwise outstanding.* 

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *If a substantial amount is set forth in answer to paragraph (a)(1) above, describe briefly the method employed by the Registrant to reacquire such securities* 

Not applicable.

*5.* *A statement as of the close of the last fiscal year of the Registrant giving the estimated total of:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Internal floating indebtedness of the Registrant. (Total to be stated in the currency of the Registrant.)* 

Reference is made to page 67 of Exhibit 99.2 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *External floating indebtedness of the Registrant. (Total to be stated in the respective currencies in which payable.)* 

The total external floating indebtedness of the registrant at March 31, 2025, was CAD$2.76 billion. Reference is made to page 37 of Exhibit 99.1 and page 57 of Exhibit 99.2 hereto.

*6.* *Statement of the receipts, classified by source, and of the expenditures, classified by purpose, of the Registrant for each fiscal year of the Registrant ended since the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.* 

Reference is made to pages 26-30 of Exhibit 99.1 hereto.

*7.* *(a)* *If any foreign exchange control, not previously reported, has been established by the Registrant (or if the Registrant is other than a national government, by its national government), briefly describe the effect of any such action, not previously reported.* 

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *If any foreign exchange control previously reported has been discontinued or materially modified, briefly describe the effect of any such action, not previously reported.* 

Not applicable.

iii

------

This Annual Report comprises:

*(a)* The cover page and pages numbered *ii* to *vi* consecutively.

*(b)* *The following exhibits:* 

---

| | |
|:---|:---|
| *99.1* | *Province of Saskatchewan Current Description;* |
| *99.2* | *Volume 1 of the Public Accounts for the registrant for the year ending March 31, 2025; and* |
| *99.3* | *Saskatchewan First Quarter Financial Report 2025-26.* |

---

This Annual Report is filed subject to the Instructions for Form 18-K for Foreign Government and Political Subdivisions thereof.

iv

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | [Province of Saskatchewan Current Description.](d35755dex991.htm) |
| 99.2 | [Volume 1 of the Public Accounts for the registrant for the year end March 31, 2025.](d35755dex992.htm) |
| 99.3 | [Saskatchewan First Quarter Financial Report 2025-26.](d35755dex993.htm) |

---

v

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report to be signed on its behalf by the undersigned, thereto duly authorized, at Regina, Saskatchewan, on the 19<sup>th</sup> day of September, 2025.

---

| | |
|:---|:---|
| Province of Saskatchewan | Province of Saskatchewan |
| By: | /s/ Rod Balkwill |
| Assistant Deputy Minister and CIO, Provincial Treasury Office | Assistant Deputy Minister and CIO, Provincial Treasury Office |

---

vi

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g35755g97w09.jpg)

**Province of Saskatchewan** 

**(Canada)** 

This description of the Province of Saskatchewan is dated as of (September 18, 2025) and appears as Exhibit 99.1 to the Province's Annual Report on Form 18-K to the U.S. Securities and Exchange Commission for the fiscal year ended March 31, 2025.

**This document (otherwise than as a prospectus contained in a registration statement filed under the Securities Act of 1933) does not constitute an offer to sell or the solicitation of an offer to buy any Securities of the Province of Saskatchewan. The delivery of this document at any time does not imply that the information herein is correct as of any time subsequent to its date.** 

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  **TABLE OF CONTENTS** | 2 |
|  FURTHER INFORMATION | 3 |
|  FORWARD-LOOKING STATEMENTS | 3 |
|  SUMMARY | 4 |
|  INTRODUCTION | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provincial Government | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constitutional Framework | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal | 7 |
|  ECONOMY | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Developments | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Economic Indicators | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Gross Domestic Product* | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Real Gross Domestic Product<br>by Industry at basic prices* | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Exports* | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Capital Expenditures* | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Labour Market* | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Income and Prices* | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Sectors of Saskatchewan's Economy | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Mining, Oil & Natural Gas* | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Agriculture* | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Sector* | 22 |
|  GOVERNMENT FINANCES | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Accounting Policies | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restatements | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summary of Budget Transactions and Funding Requirements | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Program Expenditures / Expenses | 30 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and Investments | 33 |
|  PROVINCIAL DEBT | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funded Debt of the Province | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guaranteed Debt | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Financial Instruments | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Maturities and Sinking Funds | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Debt and Liabilities | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Record | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Public Sector Debt | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension Funds | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Defined Benefit Plans* | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Joint Defined Benefit Plans* | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Defined Contribution Plans* | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Government Business Enterprise – Defined Benefit Pension Plans* | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Government Business Enterprise – Defined Contribution Pension Plans* | 42 |
|  CERTAIN CROWN CORPORATIONS AND AGENCIES | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Introduction | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Investments Corporation of Saskatchewan (CIC) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Introduction* | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Fiscal Year 2024-25 Highlights - Consolidated Basis* | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *LGS* | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *SaskEnegry* | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *SaskTel* | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Saskpower* | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *SGI CANADA* | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Saskatchewan Auto Fund* | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Capital Expenditures* | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Saskatchewan Rate Review Panel* | 45 |
|  FOREIGN EXCHANGE | 46 |
|  OFFICIAL STATEMENTS | 47 |
|  DEBT SUMMARY AND TERM DEBT OUTSTANDING | 48 |

---

------

**FURTHER INFORMATION** 

This document appears as an exhibit to the Province of Saskatchewan's Annual Report to the U.S. Securities and Exchange Commission ("SEC") on Form 18-K for the fiscal year ended March 31, 2025. Additional information with respect to the Province of Saskatchewan is available in such Annual Report, the other exhibits to such Annual Report, and in amendments thereto. Such Annual Report, exhibits and amendments are available on the SEC's website at <u>http://www.sec.gov</u>. Copies of such documents may also be obtained, without charge, from the Province of Saskatchewan, Ministry of Finance, Assistant Deputy Minister of Provincial Treasury Office, 6<sup>th</sup> Floor, 2350 Albert Street, Regina, Saskatchewan, Canada, S4P 4A6.

In this document, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in Canadian dollars. On September 18, 2025, the daily average exchange rate for the U.S. dollar, as reported by the Bank of Canada, was US$1.00 = $1.3797. See "Foreign Exchange" for information regarding the rates of conversion of U.S. dollars and other foreign currencies into Canadian dollars. The fiscal year of the Province of Saskatchewan ends March 31. "Fiscal 2025" and "2024-25" refers to the fiscal year ending March 31, 2025, and unless otherwise indicated, "2024" means the calendar year ended December 31, 2024. Other fiscal and calendar years are referred to in a corresponding manner. Any discrepancies between the amounts listed and their totals in the tables set forth in this document are due to rounding.

**FORWARD-LOOKING STATEMENTS** 

This exhibit includes forward-looking statements. The Province of Saskatchewan has based these forward-looking statements on its current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties, and assumptions about the Province of Saskatchewan, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Province of Saskatchewan's economic and political trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Province of Saskatchewan's ability to control expenses and maintain revenues; and

In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this annual report might not occur.

------

**SUMMARY** 

*The information below is qualified in its entirety by the detailed information provided elsewhere in this document.* 

**PROVINCE OF SASKATCHEWAN** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Economy** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** |
|  | **(in millions unless otherwise indicated)** | **(in millions unless otherwise indicated)** | **(in millions unless otherwise indicated)** | **(in millions unless otherwise indicated)** | **(in millions unless otherwise indicated)** |
|  Gross Domestic Product at Market Prices | $77778.0 | $88352.0 | $115195.0 | $109702.0 | Not available |
|  Household Income | $61218.0 | $62847.0 | $69809.0 | $72213.0 | Not available |
|  Capital Expenditures | $12022.5 | $11928.5 | $13591.3 | $17033.5 | $19919.8 |
|  Annual Increase in Consumer Price Index | 0.62% | 2.61% | 6.61% | 3.90% | 1.45% |
|  Population by July 1 (in thousands) | 1167.4 | 1167.7 | 1178.4 | 1206.4 | 1206.4 |
|  Unemployment Rate | 8.4% | 6.5% | 4.7% | 4.7% | 5.4% |
| **Revenues and Expenses – Summary Entity** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
|  Revenues | $14523.9 | $18136.2 | $20594.6 | $20993.0 | $20856.0 |
|  Current Expenses | 15650.9 | 19604.5 | 19013.9 | 20810.8 | 21104.8 |
|  Provincial Surplus/(Deficit) | 1127.0) | 1468.3) | $1580.7 | $182.2 | 248.9) |
| **Public Sector Funded Debt** | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** | **As at March 31** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
|  Government Services Organization (GSO) General | $15678.9 | $19013.5 | $19175.8 | $20178.7 | $22686.6 |
|  Government Business Enterprise (GBE) Specific | 10184.4 | 10657.3 | 11306.5 | 12008.3 | 12919.8 |
|  Total Summary Entity Funded Debt | $25863.2 | $29670.7 | $30482.3 | $32187.0 | $35606.3 |
|  Sinking Funds | $2280.1 | $2433.8 | $2546.0 | $2924.8 | $3313.4 |
|  Gross Debt per Capita ($) | $22148.63 | $25285.72 | $25378.91 | $26103.21 | $28404.01 |
|  Gross Debt as a Percentage of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Income | 29.63% | 35.07% | 35.90% | 38.92% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Domestic Product at Current Market Prices | 35.53% | 41.74% | 40.04% | 41.32% | 44.22% |

---

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![LOGO](g3575599g15.jpg)

------

**INTRODUCTION** 

**Overview** 

The Province of Saskatchewan ("Saskatchewan" or "the Province") was established as a province of Canada in 1905. Saskatchewan is centrally located in Western Canada and is bordered by the provinces of Manitoba to the east and Alberta to the west. The Province shares its 650-kilometer southern border with the American states of North Dakota and Montana and its 450-kilometer northern border with the Northwest Territories of Canada. With a 1,250-kilometer distance from north to south, Saskatchewan covers an area of 652,330 square kilometers.

The sparsely populated northern third of the Province is part of Canada's Precambrian Shield and consists of forests, rivers and thousands of fresh water lakes. A sizeable commercial forest region is located across the entire central part of Saskatchewan. The southern half of the Province is part of the great continental plain of North America, consisting of a mixed agricultural and parkland area merging southward into open plains, a grain-growing region where the majority of the Province's population resides. About 40% of all of Canada's cultivated farmland is located in Saskatchewan.

The population of Saskatchewan was approximately 1,253,569 on July 1, 2025, compared with approximately 1,233,068 on July 1, 2024, and 1,117,736 on July 1, 2015. The Province's two largest urban areas are the cities of Regina, the capital of Saskatchewan, with a population of approximately 255,865 on July 1, 2024, and Saskatoon, with a population of approximately 308,626 as of July 1, 2024.

The climate of Saskatchewan is generally dry, with temperatures varying markedly between very distinct seasons. The following table sets forth statistics on Saskatchewan's population, area and climate.

**Saskatchewan Statistics** 

---

| | | | |
|:---|:---|:---|:---|
| **Population** |  | **Area** |  |
| 1,253,569 (July 1, 2025) | 1,253,569 (July 1, 2025) | &nbsp;&nbsp;&nbsp;&nbsp; *Land:* | &nbsp;&nbsp;&nbsp;&nbsp; *Land:* |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;• 570,700 | square kilometers |
| **Major Urban Centres** | **Major Urban Centres** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *220350* | *square miles* |
| &nbsp;&nbsp;&nbsp;&nbsp; Regina | &nbsp;&nbsp;&nbsp;&nbsp; Regina | &nbsp;&nbsp;&nbsp;&nbsp; *Fresh Water:* | &nbsp;&nbsp;&nbsp;&nbsp; *Fresh Water:* |
| &nbsp;&nbsp;&nbsp;&nbsp;• Capital of Saskatchewan | &nbsp;&nbsp;&nbsp;&nbsp;• Capital of Saskatchewan | &nbsp;&nbsp;&nbsp;&nbsp;• 81,630 | square kilometers |
| &nbsp;&nbsp;&nbsp;&nbsp;• 255,395 (July 1, 2024)\* | &nbsp;&nbsp;&nbsp;&nbsp;• 255,395 (July 1, 2024)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *31520* | *square miles* |
| &nbsp;&nbsp;&nbsp;&nbsp; Saskatoon | &nbsp;&nbsp;&nbsp;&nbsp; Saskatoon | &nbsp;&nbsp;&nbsp;&nbsp; *Total:* | &nbsp;&nbsp;&nbsp;&nbsp; *Total:* |
| &nbsp;&nbsp;&nbsp;&nbsp;• Centre of Saskatchewan's resource-based and advanced technology industries | &nbsp;&nbsp;&nbsp;&nbsp;• Centre of Saskatchewan's resource-based and advanced technology industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• 652,330<br>*251,870* | square kilometers<br>*square miles* |
| &nbsp;&nbsp;&nbsp;&nbsp;• 308,626 (July 1, 2024)\* | &nbsp;&nbsp;&nbsp;&nbsp;• 308,626 (July 1, 2024)\* |  |  |
| **Population Density** | **Population Density** | &nbsp;&nbsp;&nbsp;&nbsp; *Farmland:* | &nbsp;&nbsp;&nbsp;&nbsp; *Farmland:* |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 person per 0.53 square kilometer *(per 0.20 square mile)* | &nbsp;&nbsp;&nbsp;&nbsp; 1 person per 0.53 square kilometer *(per 0.20 square mile)* | &nbsp;&nbsp;&nbsp;&nbsp;• 268,655 | square kilometers |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *103730* | *square miles* |
| **Mean Temperatures Range (Regina)** | **Mean Temperatures Range (Regina)** | &nbsp;&nbsp;&nbsp;&nbsp; *Cultivated Farmland:* | &nbsp;&nbsp;&nbsp;&nbsp; *Cultivated Farmland:* |
| &nbsp;&nbsp;&nbsp;&nbsp; January | -11 to -22 degrees Celsius | &nbsp;&nbsp;&nbsp;&nbsp;• 202,470 | square kilometers |
| &nbsp;&nbsp;&nbsp;&nbsp; July | 26 to 12 degrees Celsius | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *78170* | *square miles* |
| **Mean Precipitation (Regina)** | **Mean Precipitation (Regina)** | &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Forests:* | &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Forests:* |
| &nbsp;&nbsp;&nbsp;&nbsp; January | 15 millimeters | &nbsp;&nbsp;&nbsp;&nbsp;• 126,300 | square kilometers |
| &nbsp;&nbsp;&nbsp;&nbsp; July | 59 millimeters | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *48760* | *square miles* |
| &nbsp;&nbsp;&nbsp;&nbsp; Year | 364 millimeters |  |  |

---

\* 2025 data for Regina and Saskatoon not yet available.

Sources: Saskatchewan Bureau of Statistics, Statistics Canada

------

**Provincial Government** 

The executive power in the Province of Saskatchewan is vested in the Lieutenant Governor acting upon the advice of the Executive Council, which is responsible to the Legislative Assembly. The Lieutenant Governor is appointed by the Governor General of Canada in Council and the Governor General, in turn, is appointed by a commission under the Great Seal of Canada. The Executive Council, which includes the Premier and Cabinet Ministers of the Provincial Government, is appointed by the Lieutenant Governor on the nomination of the leader of the political party which forms the Government. Members of the Executive Council hold seats in the Legislative Assembly.

Saskatchewan's Legislative Assembly has 61 seats and is elected for a term of four years, subject to earlier dissolution by the Lieutenant Governor acting in accordance with constitutional principles. The Legislative Assembly is usually dissolved by the Lieutenant Governor on the recommendation of the Premier. The most recent Provincial election was held on October 28, 2024 and resulted in a majority for the Saskatchewan Party as the Government of Saskatchewan. As of September 2025, representation is as follows: Saskatchewan Party, 34 seats; and New Democratic Party, 27 seats.

**Constitutional Framework** 

Canada consists of a federation of ten provinces with a constitutional division of powers between the federal and provincial governments. Canada was established by the *Constitution Act, 1867*, an Act of the Parliament of the United Kingdom, and by later enactments, including the *Constitution Act, 1982*, which transferred jurisdiction over the Constitution of Canada (the Constitution) from the United Kingdom to Canada.

Various constitutional issues have been under discussion in Canada for a number of years. On August 20, 1998, in response to a reference from the Federal government, the Supreme Court of Canada ruled that under the Constitution of Canada and international law, Quebec may not secede unilaterally from Canada, but that if the people of Quebec voted to secede by a clear majority vote on a clear question, the other provinces and the Federal Government would be obliged to enter negotiations with Quebec with respect to secession, such negotiations to be guided by constitutional principles, including federalism, democracy, constitutionalism and the rule of law, and the protection of minorities.

Under the Constitution, each provincial Legislature has exclusive authority to borrow money on the sole credit of that province and the authority to raise revenue for provincial purposes through direct taxation within its territorial limits. Legislatures can also raise revenue through taxation in respect of non-renewable natural resources, forestry resources and sites and facilities for electricity production and generation. Each province owns minerals and other resources on its provincial Crown lands and may own sub-surface resources on its other lands. Each province has the right to levy royalties on all lands and minerals which it owns. Each province has the legislative authority to regulate the exploration for and development, conservation and management of non-renewable natural resources, forestry resources and electricity generation. Each province also has legislative authority in the areas of education, health, social services, property and civil rights, natural resources, municipal institutions and generally all matters of a purely local or private nature.

The Parliament of Canada is empowered to borrow money and to raise revenue by any mode or system of taxation. Parliament has legislative authority over, among other things, the federal public debt and federal property, the regulation of trade and commerce, currency and coinage, banks and banking, bankruptcy and insolvency, navigation and shipping, foreign affairs, defence, postal service and unemployment insurance. It also has authority over matters not assigned to the provincial legislatures.

**Legal** 

The Government is involved in various legal actions, including aboriginal land claims, claims for damages to persons and property and disputes over taxes and funding, the outcome of which is not determinable. Each year, Saskatchewan's Public Accounts Volume 1 discloses any potential liabilities resulting from these actions that can be reasonably estimated (see additional details on page 65 of Exhibit 99.2, Public Accounts 2024-25, Volume 1).

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**ECONOMY** 

Saskatchewan has a modern, open and diversified economy. Approximately two-thirds of all goods and services produced in the province are exported. Major exports include grains, oilseeds, crude oil, potash, natural gas, uranium and manufactured goods. While many of the goods and services producing industries are directly or indirectly related to agriculture and natural resources, the provincial economy continues to diversify into other service sectors, such as the growing technology sector in the province with activities around information technology, bio-technology, agriscience, etc. Saskatchewan's abundance of renewable and non-renewable resources has made it the largest producer of wheat, the second largest producer of crude oil and the third largest producer of natural gas in Canada. Saskatchewan is one of the world's leading suppliers of potash and uranium. The provincial government also operates crown-owned businesses in electricity generation and transmission, natural gas transmission, auto insurance and telecommunications.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound<br>Annual rate<br>of growth<sup>(1)</sup>**<br>**2020-2024** |
|  | *(in millions of $ in current prices unless otherwise indicated)* | *(in millions of $ in current prices unless otherwise indicated)* | *(in millions of $ in current prices unless otherwise indicated)* | *(in millions of $ in current prices unless otherwise indicated)* | *(in millions of $ in current prices unless otherwise indicated)* | *(in millions of $ in current prices unless otherwise indicated)* | |
|  Gross Domestic Product (Saskatchewan) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At Market Prices <sup>(2)</sup> | $| 77778 | $88352 | $115195 | $109702 | \* | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chained 2017 Dollars |  | 77761 | 75722 | 81201 | 83105 | \* | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GDP at Basic Prices (Chained 2017) |  | 72791 | 71077 | 76121 | 77896 | 80519 | 2.6% |
|  Gross Domestic Product (Canada) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At Market Prices <sup>(2)</sup> |  | 2220527 | 2535818 | 2850940 | 2933810 | \* | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chained 2017 Dollars |  | 2128408 | 2255059 | 2349525 | 2385443 | \* | 2.1% |
|  Household Income (Saskatchewan) |  | 61218 | 62847 | 69809 | 72213 | \* | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Income ($ per capita) |  | 52440 | 53821 | 59239 | 59695 | \* | 6.3% |
|  Capital Expenditures |  | 12023 | 11929 | 13591 | 17034 | 19920 | 13.5% |
|  Retail Trade |  | 20319 | 23312 | 25094 | 25181 | 25698 | 6.0% |
|  Value of Manufacturing Sales |  | 15100 | 20097 | 24931 | 23394 | 21863 | 9.7% |
|  Unemployment Rate |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan |  | 8.4% | 6.5% | 4.7% | 4.7% | 5.4% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada |  | 9.7% | 7.5% | 5.3% | 5.4% | 6.4% | N/A |
|  Annual Increase in Consumer Price Index: | Annual Increase in Consumer Price Index: | Annual Increase in Consumer Price Index: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan |  | 0.6% | 2.6% | 6.6% | 3.9% | 1.4% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada |  | 0.7% | 3.4% | 6.8% | 3.9% | 2.4% | N/A |
|  Wholesale Trade (dollars)<sup>(3)</sup> |  | 27783 | 32197 | 47363 | 63146 | 49420 | 15.5% |
|  Value of Building Permits (dollars) |  | 1392 | 1747 | 2146 | 2425 | 2887 | 20.0% |
|  New Housing Starts (units) |  | 3087 | 4172 | 4211 | 4619 | 4319 | 8.8% |
|  New Motor Vehicle Sales (units) |  | 41906 | 42649 | 41840 | 44671 | 50759 | 4.9% |

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| | |
|:---|:---|
| Notes: | (1) Compound annual rate of growth is determined by distributing the aggregate amount of growth during the relevant period assuming a single annual rate of growth compounded annually. These rates are not adjusted for inflation unless otherwise indicated. Compound annual rate of growth was calculated using data from 2019 to 2023, as 2024 data is not yet available.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Gross Domestic Product ("GDP") at market prices represents the value added by each of the factors of production plus indirect taxes less subsidies. GDP at Basic Prices represents the value added by each of the factors of production.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Wholesale trade excludes petroleum, petroleum products and other hydrocarbons, oilseed and grain.

N/A = not applicable; \* Data not yet available.

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| | |
|:---|:---|
| Sources: | Statistics Canada. Table 36-10-0221-01 Gross domestic product, income-based, provincial and territorial, annual (x 1,000,000); Table 36-10-0222-01 Gross domestic product, expenditure-based, provincial and territorial, annual (x 1,000,000); Table 36-10-0402-01 Gross domestic product (GDP) at basic prices, by industry, provinces and territories (x 1,000,000); Table 36-10-0226-01 Household sector, selected indicators, provincial and territorial; Table 34-10-0035-01 Capital and repair expenditures, non-residential tangible assets, by industry and geography (x 1,000,000); Table 20-10-0056-01 Retail trade sales by province and territory (x 1,000); Table 16-10-0048-01 Manufacturing sales by industry and province, monthly (dollars unless otherwise noted) (x 1,000); Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle, last 5 months; Table 17-10-0009-01 Population estimates, quarterly; and Table 17-10-0009-01 Population estimates, quarterly; Table 20-10-0074-01 Wholesale trade, sales (x 1,000); Table 34-10-0292-01 Building permits, by type of structure and type of work (x 1,000); Table 34-10-0135-01 Canada Mortgage and Housing Corporation, housing starts, under construction and completions, all areas, quarterly; and Table 20-10-0085-01 New motor vehicle sales.  |

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**Recent Developments** 

Saskatchewan's economy expanded by a 3.4 per cent in 2024, driven by strong growth in construction, agriculture, and resource extraction. This momentum has carried into 2025, with a resilient domestic economy characterized by a strong labour market, healthy consumer spending, and robust construction activity. This domestic strength is helping to cushion the impact of external headwinds, including U.S.-led trade tensions, subdued global demand, and softness in oil markets.

Saskatchewan's real GDP is expected to grow by 1.8 per cent in 2025, according to the average of the private sector forecasts as of August 2025.

**RECENT ECONOMIC PERFORMANCE** 

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| | | | |
|:---|:---|:---|:---|
|  | **Saskatchewan** | **Canada** | **Covering Period** |
|  | *(per cent change unless noted otherwise)* | *(per cent change unless noted otherwise)* |  |
|  Employment | 2.7% | 1.7% | Jan - Jul 2025 |
|  Unemployment rate, % | 5.0 | 6.9 | Jan - Jul 2025 |
|  Employment rate, % | 63.9 | 60.9 | Jan - Jul 2025 |
|  Consumer price index | 2.1% | 2.0% | Jan - Jul 2025 |
|  Average weekly earnings | 4.9% | 4.3% | &nbsp;&nbsp;&nbsp;&nbsp;Jan - June 2025 |
|  Retail sales | 5.7% | 4.8% | Jan - Jun 2025 |
|  Wholesale trade <sup>(1)</sup> | 3.3% | 2.4% | Jan - Jun 2025 |
|  New motor vehicle sales | 16.3% | 4.9% | Jan - Jun 2025 |
|  Sales in food services and drinking places | 7.1% | 6.2% | &nbsp;&nbsp;&nbsp;&nbsp;Jan - June 2025 |
|  Manufacturing sales | (5.1%) | (1.2%) | Jan - Jun 2025 |
|  International goods exports | (3.1%) | 2.8% | Jan - Jul 2025 |
|  International goods imports | (4.7%) | 5.0% | Jan - Jul 2025 |
|  Building permits | 54.4% | 6.7% | Jan - Jun 2025 |
|  Housing starts | 77.8% | 2.8% | Q1 - Q2 2025 |
|  Total investment in building construction, all types | 22.9% | 8.2% | Jan - Jun 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential | 30.4% | 10.1% | Jan - Jun 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-residential | 11.2% | 4.2% | Jan - Jun 2025 |

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Notes:

(1) Wholesale trade excludes petroleum, petroleum products and other hydrocarbons, oilseed and grain.

Sources: Statistics Canada

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**Principal Economic Indicators** 

*Gross Domestic Product* 

Saskatchewan's real GDP at market prices measured in chained 2017 dollars increased by 2.3 per cent in 2023 and at a compound average annual rate of 0.6 per cent in the period from 2019 to 2023. Measured in current market prices, Saskatchewan's nominal GDP grew at a compound average annual rate of 6.7 per cent in the same period.

The following table sets forth the composition of Saskatchewan's GDP both at current market prices and in chained 2017 dollars for the five years (2019 to 2023).

**GROSS DOMESTIC PRODUCT** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2019** | **2020** | **2021** | **2022** | **2023** | **Compound**<br> **Annual<br>Growth Rate**<br>**2019-2023** |
|  | *(in millions of $ in current prices unless otherwise indicated)* | *(in millions of $ in current prices unless otherwise indicated)* | *(in millions of $ in current prices unless otherwise indicated)* | *(in millions of $ in current prices unless otherwise indicated)* | *(in millions of $ in current prices unless otherwise indicated)* | |
|  **GDP - Current Market Prices** |  |  |  |  |  |  |
|  Final Consumption Expenditures | $57333 | $55623 | $60038 | $65074 | $68108 | 4.4% |
|  Gross Fixed Capital Formation | 19957 | 17083 | 18266 | 20542 | 23204 | 3.8% |
|  Investment in Inventories | 1051 | (1689) | (2291) | 4955 | (461) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Farm | 787 | (314) | 1790 | 1201 | 993 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farm | 262 | (1355) | (4088) | 3679 | (1476) | N/A |
|  Exports of Goods and Services | 54626 | 49986 | 62233 | 84499 | 80080 | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Imports of Goods and Services | 48439 | 43237 | 49938 | 59956 | 61304 | 6.1% |
|  **Total** | $84501 | $77778 | $88352 | $115195 | $109702 | 6.7% |
|  **GDP - Chained 2017 Dollars** |  |  |  |  |  |  |
|  Final Consumption Expenditures | 55696 | 53347 | 56057 | 58031 | 58986 | 1.4% |
|  Gross Fixed Capital Formation | 19286 | 16374 | 16716 | 17341 | 18614 | (0.9%) |
|  Investment in Inventories | 1599 | (1058) | (2992) | 3794 | (253) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Farm | 921 | 317 | 1340 | 601 | 109 | (41.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farm | 678 | (1346) | (3743) | 2735 | (273) | N/A |
|  Exports of Goods and Services | 50711 | 51082 | 49120 | 47485 | 52009 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Imports of Goods and Services | 46225 | 42223 | 43862 | 45968 | 47288 | 0.6% |
|  **Total** | $81221 | $77761 | $75722 | $81201 | $83105 | 0.6% |

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Notes: (1) N/A = not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Components may not add up to total due to the use of chained fisher price methodology.

Source: Statistics Canada. Table 36-10-0222-01 Gross domestic product, expenditure-based, provincial and territorial, annual (x 1,000,000)

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***Real Gross Domestic Product by Industry at basic prices***

The following table sets forth Saskatchewan's real GDP at basic prices by industry for the five years ending on December 31, 2024.

**REAL GDP AT BASIC PRICES BY INDUSTRY** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Share of<br>2024** | **Annual<br>Growth Rate** | **%<br>Change** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Total** | **2020-2024** | **from 2023** |
|  | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* |  |  |  |
|  **Goods-Producing Industries** |  |  |  |  |  |  |  |  |
|  Agriculture, forestry, fishing and hunting | $7288 | $3000 | $5358 | $5147 | $5546 | 6.9% | (6.6%) | 7.8% |
|  Mining | 11457 | 12023 | 12595 | 12782 | 13500 | 16.8% | 4.2% | 5.6% |
|  Utilities | 2249 | 2303 | 2350 | 2375 | 2431 | 3.0% | 2.0% | 2.3% |
|  Construction | 5083 | 5028 | 5202 | 5639 | 6385 | 7.9% | 5.9% | 13.2% |
|  Manufacturing | 4347 | 4568 | 4695 | 4980 | 4749 | 5.9% | 2.2% | (4.6%) |
|  | $30321 | $26519 | $29826 | $30358 | $31997 | 39.7% | 1.4% | 5.4% |
|  **Services Industries** |  |  |  |  |  |  |  |  |
|  Transportation and Warehousing | 3213 | 3362 | 3542 | 3816 | 3879 | 4.8% | 4.8% | 1.7% |
|  Finance, Insurance & Real Estates | 11176 | 11673 | 11878 | 12060 | 12276 | 15.2% | 2.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8% |
|  Wholesale & Retail Trade | 7749 | 8172 | 8097 | 8361 | 8457 | 10.5% | 2.2% | 1.1% |
|  Business Services | 6637 | 7171 | 7602 | 7805 | 7898 | 9.8% | 4.4% | 1.2% |
|  Institutions | 8896 | 9423 | 9609 | 9898 | 10212 | 12.7% | 3.5% | 3.2% |
|  Public Administration | 4880 | 5005 | 5121 | 5189 | 5176 | 6.4% | 1.5% | (0.3%) |
|  | $42487 | $44745 | $45802 | $47140 | $47891 | 59.5% | 3.0% | 1.6% |
|  Real GDP at Basic Prices | $72791 | $71077 | $76121 | $77896 | $80519 | 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6% | 3.4% |

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| | |
|:---|:---|
| Notes: | (1) Components may not add up to total due to the use of chained fisher price methodology.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Wholesale trade excludes petroleum, petroleum products and other hydrocarbons, oilseed and grain.

Source: Statistics Canada. Table 36-10-0402-01 Gross domestic product (GDP) at basic prices, by industry, provinces and territories (x1,000,000).

***Exports***

Saskatchewan's international exports of goods and services to other countries were $54.2 billion in 2023 and accounted for 67.7 per cent of total exports. The other 32.3 per cent of exports consisted of trade with other Canadian provinces. International exports increased at a compound average annual rate of 11.1 per cent over the period from 2019 to 2023. Total exports of goods and services to other provinces were $25.9 billion in 2023 and increased at a compound average annual rate of 8.0 per cent from 2019 to 2023.

The trade balance was $18.8 billion in 2023, an average annual increase of 32.0 per cent since 2019.

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The following table sets forth details of Saskatchewan's exports and imports at current market prices for the five calendar years ending in 2023.

**TRADE IN CANADA AND ABROAD** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2019** | **2020** | **2021** | **2022** | **2023** | **Compound**<br>**Annual**<br>**Growth<br>Rate**<br>**2019-2023** |<br>**Share of**<br>**Total 2023** |
|  | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* |  |  |
|  **Exports** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To other countries | $35608 | $33118 | $41264 | $58751 | $54200 | 11.1% | 67.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods | 33661 | 31287 | 39203 | 56326 | 51450 | 11.2% | 64.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 1947 | 1831 | 2061 | 2425 | 2750 | 9.0% | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To other provinces | 19018 | 16868 | 20969 | 25748 | 25880 | 8.0% | 32.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods | 11741 | 10281 | 13694 | 17351 | 17111 | 9.9% | 21.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 7277 | 6587 | 7275 | 8397 | 8769 | 4.8% | 11.0% |
|  **Total exports of goods and services** | $**54626** | $**49986** | $**62233** | $**84499** | $**80080** | 10.0% | **100.0%** |
|  **Imports** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From other countries | $20825 | $18705 | $21477 | $26485 | $27404 | 7.1% | 44.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods | 17576 | 15962 | 18602 | 22623 | 22997 | 7.0% | 37.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 3249 | 2743 | 2875 | 3862 | 4407 | 7.9% | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From other provinces | 27614 | 24532 | 28461 | 33471 | 33900 | 5.3% | 55.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods | 11833 | 10472 | 13468 | 16804 | 15690 | 7.3% | 25.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | 15781 | 14060 | 14993 | 16667 | 18210 | 3.6% | 29.7% |
|  **Total imports of goods and services** | $**48439** | $**43237** | $**49938** | $**59956** | $**61304** | 6.1% | **100.0%** |
|  **Balance of Trade** | $**6187** | $**6749** | $**12295** | $**24543** | $**18776** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.0% |  |

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Sources: Statistics Canada. Table 36-10-0222-01 Gross domestic product, expenditure-based, provincial and territorial, annual (x 1,000,000)

**INTERNATIONAL MERCHANDISE TRADE** 

Saskatchewan's international merchandise exports fell by 8.4 per cent (-$4.2 billion) in 2024 compared to the previous year. The decline was largely driven by a sharp 37.0 per cent (-$3.7 billion) drop in exports of metal ores and non-metallic minerals, along with an 8.6 per cent (-$1.7 billion) decrease in farm, fishing, and intermediate food products. These losses were partially offset by a 12.1 per cent (+$1.7 billion) increase in energy exports.

Farm and intermediate food products, energy products (crude oil) and non-metallic minerals (potash) are Saskatchewan's principal exports, accounting for 40.7 per cent, 35.4 per cent and 17.6 per cent, respectively, of total international exports in 2024. From 2020 to 2024, total international merchandise exports increased by 11.0 per cent per year on average, while imports increased by an average of 9.8 per cent per year.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth Rate**<br>**2020-2024** |<br>**Share of**<br>**Total**<br>**2024** |
|  | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* |  |  |  |
|  **Exports** |  |  |  |  |  |  |  |
|  Farm, fishing and intermediate food products | $16293 | $17415 | $18381 | $20170 | $18433 | 3.1% | 40.7% |
|  Energy products | 5270 | 9419 | 14481 | 14299 | 16024 | 32.1% | 35.4% |
|  Metal ores and non-metallic minerals | 6052 | 7155 | 16350 | 11702 | 7956 | 7.1% | 17.6% |
|  Other | 2153 | 3051 | 3323 | 3252 | 2844 | 7.2% | 6.3% |
|  Total Exports | $**29768** | $**37039** | $**52534** | $**49423** | $**45257** | 11.0% | 100.0% |
|  **Imports** |  |  |  |  |  |  |  |
|  Chemical, plastic and rubber products | $1725 | $2008 | $2785 | $2668 | $2779 | 12.7% | 16.8% |
|  Machinery, equipment and parts | 2953 | 3655 | 5353 | 5960 | 6321 | 21.0% | 38.2% |
|  Motor vehicles and parts | 1052 | 1366 | 1716 | 1862 | 2197 | 20.2% | 13.3% |
|  Others | 4304 | 4060 | 5236 | 5286 | 5262 | 5.2% | 31.8% |
|  Total | $**10034** | $**11089** | $**15089** | $**15775** | $**16560** | 13.3% | 100.0% |
|  **Balance of Trade** | $**19734** | $**25951** | $**37444** | $**33648** | $**28697** | 9.8% |  |

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Source: Statistics Canada. Table 12-10-0175-01 Int merchandise trade by province, commodity, and Principal Trading Partners (x 1,000)

The United States is Saskatchewan's largest trading partner, followed by China. In 2024, Saskatchewan sold $26.6 billion of goods to the United States, which accounted for 58.8 per cent of total international exports. Approximately $4.4 billion of goods were sold to China, which accounted for 9.7 per cent of total international exports.

On the import side, the United States, Germany and China remained Saskatchewan's largest import partners. In 2024, nearly 87.0 per cent of Saskatchewan's imports originated from these three countries. Between 2020 and 2024, imports from these three countries increased significantly.

**INTERNATIONAL MERCHANDISE EXPORTS AND IMPORTS BY TOP 10 TRADING PARTNERS** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth Rate**<br>**2020-2024** |<br>**Share of**<br>**Total 2024** |
|  | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* |  |  |  |
|  **International Exports** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | $13130 | $19907 | $29332 | $27077 | $26630 | 19.3% | 58.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other countries | 4745 | 4608 | 6036 | 5043 | 4356 | (2.1%) | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 3862 | 4144 | 5076 | 5476 | 4371 | 3.1% | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 1233 | 1329 | 1205 | 1009 | 929 | (6.8%) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1002 | 604 | 1394 | 1305 | 1463 | 9.9% | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 978 | 1236 | 2556 | 2567 | 1135 | 3.8% | 2.5% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth Rate**<br>**2020-2024** |<br>**Share of**<br>**Total 2024** |
|  | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 679 | 911 | 1657 | 845 | 869 | 6.3% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 712 | 993 | 1021 | 962 | 639 | (2.7%) | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algeria | 292 | 557 | 575 | 765 | 615 | 20.4% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 543 | 377 | 595 | 482 | 506 | (1.7%) | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 27176 | 34664 | 49446 | 45531 | 41511 | 11.2% | 91.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 2593 | 2375 | 3087 | 3892 | 3746 | 9.6% | 8.3% |
|  Total All Countries | $29768 | $37039 | $52534 | $49423 | $45257 | 11.0% | 100.0% |
|  **International Imports** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | $8238 | $8859 | $12280 | $12677 | $13349 | 12.8% | 80.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other countries | 315 | 465 | 584 | 617 | 755 | 24.4% | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 410 | 403 | 503 | 563 | 507 | 5.5% | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 255 | 335 | 499 | 568 | 557 | 21.6% | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 207 | 239 | 354 | 416 | 500 | 24.6% | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 103 | 287 | 152 | 155 | 182 | 15.4% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 150 | 86 | 98 | 114 | 117 | (6.2%) | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 67 | 86 | 92 | 106 | 94 | 8.9% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 53 | 68 | 103 | 99 | 112 | 20.5% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 41 | 39 | 98 | 92 | 51 | 5.7% | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-total | 9839 | 10866 | 14763 | 15408 | 16224 | 13.3% | 98.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 196 | 222 | 326 | 367 | 336 | 14.5% | 2.0% |
|  Total All Countries | $10034 | $11089 | $15089 | $15775 | $16560 | 13.3% | 100.0% |

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Source: Statistics Canada. Table 12-10-0175-01 International merchandise trade by province, commodity, and Principal Trading Partners (x 1,000)

***Capital Expenditures***

Capital expenditures consist of investments in capital by both the private and public sectors. The following table sets forth information on Saskatchewan's capital expenditures for the 2020 to 2024 calendar years.

**CAPITAL EXPENDITURES** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **North American Industry Classification System** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* |
|  Agriculture, forestry, fishing and hunting | $1473.0 | x | x | $2394.0 | $2293.2 |
|  Mining, quarrying, and oil and gas extraction<sup>1</sup> | 4450.9 | &nbsp;&nbsp;&nbsp;&nbsp;4098.1 | &nbsp;&nbsp;&nbsp;&nbsp;4959.1 | &nbsp;&nbsp;&nbsp;&nbsp;6507.8 | 8859.1 |
|  Utilities | 1397.7 | 1297.7 | 1483.3 | 1707.4 | 2051.5 |
|  Construction | 153.1 | 227.8 | 248.5 | 449.8 | 497.2 |
|  Manufacturing | 341.9 | 509.6 | 761.0 | 985.9 | 1081.8 |
|  Wholesale trade<sup>2</sup> | x | 303.3 | 360.3 | 298.5 | 208.2 |
|  Retail trade<sup>2</sup> | 236.0 | 218.3 | 272.7 | 300.4 | 268.0 |
|  Transportation and warehousing | x | x | 900.9 | 932.3 | 830.4 |
|  Information and cultural industries | x | x | 406.3 | x | 641.0 |
|  Finance and insurance | 71.1 | x | 52.1 | x | 95.8 |
|  Real estate and rental and leasing | 276.0 | 279.9 | 390.3 | 453.1 | 319.7 |
|  Professional, scientific and technical services<sup>2</sup> | 66.4 | x | 62.4 | F | 139.6 |
|  Management of companies and enterprises<sup>2</sup> | x | x | 141.0 | 134.2 | 128.7 |
|  Administrative and support, waste management and remediation services<sup>2</sup> | F | x | F | 77.6 | 42.0 |
|  Educational services | 253.2 | 308.4 | 289.1 | 338.7 | 347.4 |
|  Health care and social assistance | 223.8 | 261.2 | 255.7 | 399.1 | 435.7 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **North American Industry Classification System** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* | *(millions of dollars)* |
|  Arts, entertainment and recreation | 71.7 | x | 122.2 | x | 46.0 |
|  Accommodation and food services<sup>2</sup> | 109.8 | F | x | 75.4 | 81.1 |
|  Other services<sup>2</sup> | 51.3 | x | 42.1 | 69.1 | 92.9 |
|  Public administration | 1032.8 | 1235.8 | 1165.9 | 1241.7 | 1460.5 |
|  | $12022.5 | $11928.5 | $13591.3 | $17033.5 | $19919.8 |
|  Capital, construction | $7922.6 | $7385.8 | $8272.1 | $10257.1 | $12809.1 |
|  Capital, machinery and equipment | 4099.9 | 4542.7 | 5319.2 | 6776.4 | 7110.7 |
|  | $12022.5 | $11928.5 | $13591.3 | $17033.5 | $19919.8 |
|  Private Sector | $8964.9 | $8463.9 | $9922.6 | $12562.4 | $14733.8 |
|  Public Sector | 3057.6 | 3464.6 | 3668.7 | 4471.1 | 5186.0 |
|  | $12022.5 | $11928.5 | $13591.3 | $17033.5 | $19919.8 |

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<sup>1</sup> Includes oil and natural gas extraction, potash, uranium, and other minerals.

Notes: (1) Wholesale trade excludes petroleum, petroleum products and other hydrocarbons, oilseed and grain. (2) Certain data (indicated by "x") is not available due to the confidential nature of the information. Other data (indicated by "F") is too unreliable to be published.

Sources: Statistics Canada. Table 34-10-0035-01 Capital and repair expenditures, non-residential tangible assets, by industry and geography (x 1,000,000); Table 34-10-0038-01 Capital and repair expenditures, non-residential tangible assets, by type of ownership and geography (x 1,000,000).

***Labour Market***

Population growth has driven up the growth in labour force in Saskatchewan. In 2024, the Province's labour force was at its all-time high at 636,808, a growth of 41,942 from 2020. Employment grew by approximately 56,892 in the Province from 2020 to 2024. The unemployment rate was the second lowest among provinces in 2024.

The following table sets forth selected labour force statistics for Saskatchewan and Canada for the five calendar years ending in 2024.

**LABOUR MARKET STATISTICS** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth Rate**<br>**2020-2024** |
|  | *(thousands, except percentages)* | *(thousands, except percentages)* | *(thousands, except percentages)* | *(thousands, except percentages)* | *(thousands, except percentages)* |  |
|  **Labour Force** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan | 594.9 | 597.1 | 605.9 | 616.0 | 636.8 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 19999.8 | 20505.6 | 20838.3 | 21493.0 | 22134.8 | 2.6% |
|  **Employed** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan | 545.4 | 558.3 | 577.8 | 587.0 | 602.2 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 18068.5 | 18964.1 | 19739.5 | 20334.7 | 20730.5 | 3.5% |
|  **Employment Rate, %** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan | 61.7 | 63.1 | 64.6 | 64.0 | 63.7 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 58.1 | 60.5 | 62.0 | 62.2 | 61.3 | N/A |
|  **Unemployed** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan | 49.5 | 38.8 | 28.1 | 29.1 | 34.6 | (8.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1931.3 | 1541.5 | 1098.8 | 1158.3 | 1404.2 | (7.7%) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth<br>Rate**<br>**2020-2024** |
|  | *(thousands, except percentages)* | *(thousands, except percentages)* | *(thousands, except percentages)* | *(thousands, except percentages)* | *(thousands, except percentages)* |  |
|  **Unemployment Rate, %** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan | 8.4 | 6.5 | 4.7 | 4.7 | 5.4 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 9.7 | 7.5 | 5.3 | 5.4 | 6.4 | N/A |
|  **Participation Rate, %** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan | 67.3 | 67.5 | 67.7 | 67.2 | 67.4 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 64.4 | 65.4 | 65.5 | 65.8 | 65.5 | N/A |

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| | |
|:---|:---|
| Notes: | (1) Components may not add up to total due to rounding.  |

---

Source: Statistics Canada. Table 14-10-0287-03: Labour force characteristics by province, monthly, seasonally adjusted

Between 2020 and 2024, business & community services, transportation & warehousing, and wholesale & retail trade were the leading sectors in terms of employment creation.

The following table sets forth selected statistics of employment by industry for the province.

**EMPLOYMENT BY INDUSTRY** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Share**<br> **of 2024** |
|  | | | | | | | **Share**<br> **of 2024** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth Rate**<br>**2020-2024** | **Total** |
|  | *(thousands unless otherwise indicated)* | *(thousands unless otherwise indicated)* | *(thousands unless otherwise indicated)* | *(thousands unless otherwise indicated)* | *(thousands unless otherwise indicated)* |  |  |
|  **Goods-Producing Industries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture & Forestry | 37.5 | 32.1 | 29.7 | 25.8 | 27 | (7.9%) | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining, oil & gas | 20.6 | 21.4 | 19.7 | 20.5 | 22 | 1.7% | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 6.7 | 6 | 6.6 | 7.6 | 6.2 | (1.9%) | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 39.4 | 42.6 | 46 | 42.7 | 42.7 | 2.0% | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 30.5 | 31.2 | 31.4 | 32.4 | 32.4 | 1.5% | 5.4% |
|  | 134.7 | 133.3 | 133.4 | 129 | 130.3 | (0.8%) | 21.6% |
|  **Service Industries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation & Warehousing | 23.7 | 23.7 | 25.4 | 28.2 | 29 | 5.2% | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale & Retail Trade | 86.6 | 94.1 | 97.5 | 98.8 | 100.1 | 3.7% | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance, Insurance and Real Estate | 29.2 | 28.2 | 30.6 | 28.9 | 27.8 | (1.2%) | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business & Community Services | 237.7 | 243.2 | 255.6 | 266.2 | 277.9 | 4.0% | 46.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public administration | 33.4 | 35.9 | 35.3 | 36 | 37.1 | 2.7% | 6.2% |
|  | 410.6 | 425.1 | 444.4 | 458.1 | 471.9 | 3.5% | 78.4% |
|  **Total** | 577 | 547.5 | 561.6 | 581.5 | 592 | 0.6% | 100.0% |

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| | |
|:---|:---|
| Notes: | (1) Components may not add up to total due to rounding.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Wholesale trade excludes petroleum, petroleum products and other hydrocarbons, oilseed and grain.

Source: Statistics Canada. Table 14-10-0023-01 Labour force characteristics by industry, annual (x 1,000)

***Income and Prices***

Saskatchewan's primary household income and household disposable income increased at a compound average annual rate of 5.6 per cent and 4.5 per cent, respectively, from 2020 to 2024. The following table presents household income for Saskatchewan for the five years ending on December 31, 2024.

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**HOUSEHOLD INCOME** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth Rate**<br>**2020-2024** |
|  |  | *(thousands unless otherwise indicated)* | *(thousands unless otherwise indicated)* | *(thousands unless otherwise indicated)* | *(thousands unless otherwise indicated)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation of Employees | $31408 | $33926 | $36219 | $38200 | $40008 | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Mixed Income | 7983 | 7370 | 11144 | 9965 | 10238 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property Income Received | 6310 | 6737 | 7903 | 8982 | 9848 | 11.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current Transfers Received | 15517 | 14815 | 14543 | 15066 | 16098 | 0.9% |
|  **Household Income** | $**61218** | $**62847** | $**69809** | $**72213** | $**76192** | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Property Income Paid | 1800 | 1551 | 1885 | 2783 | 3158 | 15.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Current Transfers Paid | 16521 | 17894 | 19048 | 20403 | 16098 | (0.6%) |
|  **Household Disposable Income** | $**42897** | $**43402** | $**48876** | $**49027** | $**51210** | 4.5% |

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Source: Statistics Canada.

From 2021 to 2023, inflation, as measured by the growth of the Consumer Price Index (CPI), outpaced average wage growth in both Saskatchewan and across Canada. However, in 2024, average wages grew faster than the CPI, resulting in a boost to real incomes for workers.

**CPI AND AVERAGE WEEKLY WAGES AND SALARIES, INDUSTRIAL** 

**AGGREGATE (PERCENT INCREASE OVER PREVIOUS YEAR)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Saskatchewan** | **Saskatchewan** | **Canada** | **Canada** |
|  | **Average Weekly Wages** | **CPI** | **Average Weekly Wages** | **CPI** |
| 2020.0 | 4.91% | 0.62% | 6.75% | 0.72% |
| 2021.0 | 1.34% | 2.61% | 2.96% | 3.40% |
| 2022.0 | 3.00% | 6.61% | 3.10% | 6.80% |
| 2023.0 | 2.32% | 3.90% | 3.41% | 3.88% |
| 2024.0 | 4.19% | 1.45% | 4.60% | 2.38% |

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Sources: Statistics Canada. Table 14-10-0204-01 Average weekly earnings by industry, annual; and Table 18-10-0005-01 Consumer Price Index, annual average, not seasonally adjusted

**Key Sectors of Saskatchewan's Economy** 

***Mining, Oil & Natural Gas***

Mining, quarrying, oil and gas comprise the largest GDP contributing sector in Saskatchewan. The dominant commodities from the sector include crude oil, potash, natural gas and uranium.

In 2024, the total value of mineral sales amounted to $24.3 billion, a decrease of 7.6 per cent from the prior year, largely due to weak potash prices. Crude oil, natural gas and potash accounted for nearly 88.0 per cent of the total value of mineral sales in 2024.

In the first five months of 2025, the value of oil production decreased by 10.7 per cent compared to while the value of natural gas sales increased by 1.7 per cent, compared to the same period in 2024. The value of

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potash sales increased by 1.3 per cent, and the value of uranium sales increased by 58.0 per cent in the six months of 2025, compared to the same period in 2024.

The following table sets forth Saskatchewan's value and volume of mineral sales for the five calendar years ending in 2024.

**MINERAL SALES** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth Rate**<br>**2020-2024** |<br>**Share of**<br>**Total**<br>**2024** |<br>**% Change**<br>**from**<br>**2023** |
| **Value of Sales** | *(millions of dollars unless otherwise indicated)* | *(millions of dollars unless otherwise indicated)* | *(millions of dollars unless otherwise indicated)* | *(millions of dollars unless otherwise indicated)* | *(millions of dollars unless otherwise indicated)* |  |  |  |
|  Oil | $5550 | $10868 | $16333 | $13068 | $13306 | 24.4% | 54.6% | 1.8% |
|  Natural Gas | 314 | 453 | 654 | 359 | 193 | (11.5%) | 0.8% | (46.3%) |
|  Potash | 5467 | 7556 | 17978 | 10866 | 7878 | 9.6% | 32.4% | (27.5%) |
|  Uranium | 317 | 611 | 990 | 1630 | 2552 | 68.4% | 10.5% | 56.5% |
|  Other<sup>1</sup> | 264 | 394 | 498 | 399 | 421 | 12.4% | 1.7% | 5.7% |
|  **Total** | 11912 | 19886 | 36450 | 26322 | 24350 | 19.6% | 100.0% | (7.5%) |
|  **Volume of Production** |  |  |  |  |  |  |  |  |
|  Oil (millions of barrels) | 159 | 162 | 166 | 166 | 164 | 0.8% |  | (0.8%) |
|  Natural Gas (millions of cubic metres) | 4464 | 4042 | 3867 | 3865 | 3660 | (4.8%) |  | (5.3%) |
|  Potash (thousands of tonnes) | 13618 | 14242 | 14355 | 14002 | 15120 | 2.6% |  | 8.0% |

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<sup>1</sup> Includes gold, sodium sulphate, salt, coal, and base metals and bentonite.

Sources: Saskatchewan Bureau of Statistics (historical data); Ministry of Energy and Resources (current year data).

*Oil*.*** Saskatchewan is the second largest crude oil producing province in Canada. Subject to change due to price fluctuations and technology improvements, remaining economically recoverable reserves in the province are estimated to be 1.2 billion barrels of crude oil.

In 2024, the value of Saskatchewan's oil production increased by 1.8 per cent, and the volume of oil production dipped marginally. However, both are expected to decline in 2025, with the value of oil production projected to fall by about 11.4 per cent due to lower oil prices and the volume by 1.4 per cent compared to 2024.

Saskatchewan's crude oil production is of light, medium and heavy gravity. The major market for Saskatchewan's oil is the upper Midwest of the United States (approximately 65 to 75 per cent).

Currently, Saskatchewan has two facilities capable of upgrading heavy oil: The Husky Energy Lloydminster Upgrader in Lloydminster and the Co-op Refinery Complex in Regina. Husky's upgrader currently has a throughput capacity of 82,000 barrels of heavy crude oil per day, while the Co-op Refinery Complex has the ability to process 135,000 barrels of crude oil per day. The Moose Jaw Refinery, an affiliate of Gibson Energy Ltd., currently processes about 22,000 barrels per day for use as roofing flux and high-quality road asphalt.

Many local and national oil and natural gas companies are actively involved in exploration and development in the Province. The oil industry has experienced success with deep drilling discoveries and is adopting technological improvements, for example, new waterflood and enhanced oil recovery (EOR) techniques, including carbon dioxide injection for EOR. The oil industry in the Province invested approximately $14.1 billion in the period from 2020 to 2024, exploring for and developing oil reserves. From 2020 to the end of 2024, 6,433 oil wells were drilled in Saskatchewan. In 2024, 1,275 oil wells were drilled in the Province.

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*Natural Gas.* The volume of Saskatchewan natural gas produced decreased by 5.3 per cent in 2024 from 2023, while the value of natural gas production available for use or sale decreased by 46.3 per cent in the same period. The value and volume of natural gas production are projected to decline further in 2024. The natural gas industry in the Province invested approximately $2.8 million in the period from 2020 to 2024, exploring for and developing natural gas reserves (note this value does not include investment from TransGas or other pipeline companies in Saskatchewan as well as gas plant cost). During this period, three natural gas wells were drilled.

*Potash.* Saskatchewan has ten potash mines that produce potash from massive reserves located in southern Saskatchewan. By conservative estimates, Saskatchewan could supply world demand at current levels for several hundred years. Potash production in Saskatchewan is highly mechanized and relatively low-cost because of the regularity and thickness of deposits and the predictability of ore grades.

In 2024, the Saskatchewan potash industry accounted for about 31 per cent of the world's production and world trade. Saskatchewan's largest potash market is the United States, followed by Brazil, Indonesia, and China. There are a large number of multinational companies active in the Province's potash industry. The Saskatchewan government implemented changes in 2003 and 2005 to the potash tax system to promote sales and investment by the potash industry. As a result of the tax changes and strong demand growth, the potash industry is expected to be one of the main engines of economic growth for Saskatchewan's economy in the future.

The Saskatchewan potash industry has spent over $20 billion since 2005, expanding existing mines and developing new mines in the Province, including the K+S solution mine at Bethune, Saskatchewan, the first new potash mine built in the Province since the 1970s. The BHP Jansen Stage 1 potash mine project, which began construction in 2021, is now 68% complete as of mid-2025. First production from Stage 1 is expected in mid-2027, a delay from the original timeline due to rising costs and inflationary pressures. Furthermore, a $6.4 billion investment for the Jansen Stage 2 was approved in 2024. The stage, which is expected to take about six years to construct, will deliver its first production by the 2031 fiscal year. The Stage 2 investment will be used for the development of additional mining districts, expansion of processing facilities and the addition of more rail cars.

*Uranium.* Saskatchewan's uranium production in 2023 represented 20 per cent of the global production, securing its position as the second largest producer behind Kazakhstan. Saskatchewan is the sole producer of uranium in Canada and has been producing uranium continuously since 1953. Uranium production is from the Athabasca Basin in northern Saskatchewan, which contains the largest, high-grade uranium deposits in the world and has significant potential for the discovery of additional deposits. Saskatchewan is recognized as a long-term and stable source of uranium.

Cigar Lake began commercial production in 2015. In 2024, the Cigar Lake uranium mine produced a total production of 16.9 million pounds of uranium ore, up 11.9 per cent from 2023. The ore from Cigar Lake is milled at the McClean Lake uranium mill located in northern Saskatchewan. Construction of the McClean Lake operation began in 1994. The mining and milling of uranium ore from five open-pit mines have been completed and no conventional mining has been carried out at McClean Lake since 2008. Uranium ore mined at Cigar Lake is processed at the McClean Lake mill. Uranium production at the Cigar Lake is forecasted at 18.0 million pounds for 2025.

Future uranium production is forecast from several other deposits, including an expansion at McArthur River which has received regulatory approval, the potential restart of Cameco's Rabbit Lake operation and potential for underground development at McClean Lake, the Midwest project and the Millennium project. The McArthur River project began production in 1999 with the ore being processed at the Key Lake mill. Operations at the McArthur River and Key Lake facilities were suspended indefinitely in 2018 due to continued weakness in the uranium market. However, McArthur River mine and Key Lake were restarted in 2022 and started operation by transitioning back to production through the first three quarters of 2022, with no packaged pounds until the fourth quarter. Production ramp-up activities continued in 2024. McArthur River/Key Lake production was 20.4 million pounds in 2024, up 51.0 per cent from 2023.

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Multiple exploration companies are working towards developing new uranium mines in Saskatchewan. The most advanced projects are NexGen Energy's Rook 1 project, Denison Mines' Wheeler River project, and Fission Uranium's Patterson Lake South project.

The Rabbit Lake mine, opened in 1975, was the longest-operating uranium mine in North America. Rabbit Lake was transitioned into a safe state of care and maintenance in 2016. In October 2023, a 15-year renewal licence was granted to Rabbit Lake, which will allow it to operate until October 2038 once it has resumed operations.

***Agriculture***

Agriculture is the second largest goods producing industry in Saskatchewan. Based on the 2021 Census of Agriculture, Saskatchewan has 34,128 farms. With slightly less than half of the total land area of the province utilized for farming, Saskatchewan has approximately half of the cultivated farmland in all of Canada.

Saskatchewan is famous for its crop production. Canola has been one of Saskatchewan's largest crops in terms of volume and value, followed by wheat and durum. Saskatchewan farmers harvested about 36 million tonnes of major crops in 2024, an increase of 9.3 per cent compared to the harvest in 2023.

Livestock production is also important in Saskatchewan. Approximately one-quarter of the total Canadian beef cattle herd is located in the province. Other livestock raised in Saskatchewan include hogs, sheep, lambs, poultry and dairy cattle.

**CROP PRODUCTION** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Average** |
| **Crop** | **2020** | **2021** | **2022** | **2023** | **2024** | **(2020-2024)** |
|  | *(metric tonnes)* | *(metric tonnes)* | *(metric tonnes)* | *(metric tonnes)* | *(metric tonnes)* | *(metric tonnes)* |
|  Barley | 4385100 | 2499078 | 3550934 | 3226892 | 3035313 | 3339463 |
|  Canola | 10967900 | 6968814 | 9923300 | 10425800 | 10399494 | 9737062 |
|  Durum | 5211200 | 2416061 | 4516489 | 3285500 | 4480601 | 3981970 |
|  Flaxseed | 453100 | 245890 | 347727 | 223810 | 196015 | 293308 |
|  Oats | 2296400 | 1152532 | 2567136 | 1034149 | 1469992 | 1704042 |
|  Pulse<sup>1</sup> | 5241800 | 2634205 | 3727709 | 3068281 | 3933742 | 3721147 |
|  Specialty Crops<sup>2</sup> | 283500 | 166053 | 258928 | 231792 | 316504 | 251355 |
|  Wheat | 11027200 | 6417821 | 10776900 | 11427900 | 12023004 | 10334565 |
|  Other<sup>3</sup> | 282600 | 161118 | 194501 | 128066 | 255101 | 204277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total<sup>4</sup>** | 40148800 | 22661572 | 35863624 | 33052190 | 36109766 | 33567190 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Crop** | | | | |
|  | **% of Total**<br>**Sask 2024** | **% of Total**<br>**Sask 2020-2024** | **% of Total**<br>**Canada 2024** | **% of Total**<br>**Canada 2020-2024** |
|  | *(percentage)* | *(percentage)* | *(percentage)* | *(percentage)* |
|  Barley | 8.4% | 9.9% | 37.3% | 37.3% |
|  Canola | 28.8% | 29.0% | 54.2% | 53.4% |
|  Durum | 12.4% | 11.9% | 76.3% | 78.5% |
|  Flaxseed | 0.5% | 0.9% | 76.0% | 76.4% |
|  Oats | 4.1% | 5.1% | 43.8% | 45.6% |
|  Pulse<sup>1</sup> | 10.9% | 11.1% | 63.2% | 61.6% |
|  Specialty Crops<sup>2</sup> | 0.9% | 0.7% | 83.8% | 84.1% |
|  Wheat | 33.3% | 30.8% | 41.3% | 38.2% |
|  Other<sup>3</sup> | 0.7% | 0.6% | 1.0% | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total<sup>4</sup>** | 100.0% | 100.0% | 37.0% | 36.0% |

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<sup>1</sup> Includes dry beans, chick peas, faba beans, lentils and peas.

<sup>2</sup> Includes canary seed and mustard seed.

<sup>3</sup> Includes buckwheat, corn for grain, hemp, mixed grains, rye, soybeans and triticale.

<sup>4</sup> Tame hay and silage have not been included. Components may not add due to rounding.

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| | |
|:---|:---|
| Sources: | Statistics Canada. Table 32-10-0359-01 Estimate areas, yield, production, ave farm price and total farm value of principal field crops  |

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Farm revenue comprises three components: crop receipts, livestock receipts and government program payments. Total farm cash receipts reached $21.4 billion in 2024, down 5.8 per cent from 2023.

Saskatchewan's 2024 realized net farm income was nearly $4.0 billion, compared to $5.3 billion in 2023. Realized net farm income is the result of deducting farm operating expenses and depreciation cost from farm cash receipts.

The following table sets forth Saskatchewan's farm cash receipts for the five years ending in 2024.

**FARM CASH RECEIPTS** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth Rate**<br>**2020-2024** |<br>**Share of**<br>**Total 2024** |<br>**% Change**<br>**from 2023** |
| **Crop Cash Receipts** | *(millions)* | *(millions)* | *(millions)* | *(millions)* | *(millions)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheat & Durum | $3850 | $4234 | $5255 | $5752 | $4663 | 4.9% | 29.9% | (18.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canola | 5893 | 6329 | 6820 | 7433 | 7120 | 4.8% | 45.7% | (4.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barley | 627 | 737 | 766 | 773 | 549 | (3.3%) | 3.5% | (29.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Crop<sup>1</sup> | 3203 | 3087 | 2991 | 3299 | 3253 | 0.4% | 20.9% | (1.4%) |
|  **Total Crop Receipts** | 13573 | 14388 | 15832 | 17256 | 15586 | 3.5% | 100.0% | (9.7%) |
|  **Livestock Cash Receipts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cattle & Calves | $1353 | $1619 | $1737 | $2365 | $2676 | 18.6% | 68.3% | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hogs | 364 | 478 | 515 | 477 | 535 | 10.1% | 13.6% | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other<sup>2</sup> | 537 | 603 | 655 | 694 | 708 | 7.1% | 18.1% | 2.0% |
|  **Total Livestock** | 2254 | 2701 | 2907 | 3537 | 3919 | 14.8% | 100.0% | 10.8% |
|  **Government program payments** | $645 | $2203 | $2392 | $1911 | $1890 | 30.8% |  | (1.1%) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **Compound**<br>**Annual**<br>**Growth Rate**<br>**2020-2024** |<br>**Share of**<br>**Total 2024** |<br>**% Change**<br>**from 2023** |
| **Crop Cash Receipts** | *(millions)* | *(millions)* | *(millions)* | *(millions)* | *(millions)* |  |  |  |
|  **Total Farm Cash Receipts** | $**16473** | $**19291** | $**21131** | $**22704** | $**21394** | 6.8% |  | (5.8%) |
|  **Realized Net Farm Income** | $3690 | $5094 | $4116 | $5303 | $3960 | 1.8% |  | (25.3%) |

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<sup>1</sup> Includes net deferments.

<sup>2</sup> Includes sheep, lambs, dairy products, poultry, eggs and other livestock products.

Sources: Statistics Canada. Table 32-10-0045-01 Farm cash receipts, annual (x 1,000); and Table 32-10-0052-01 Net farm income (x 1,000)

***Service Sector***

The service sector contributes a substantial part of the province's economic growth and creates the vast majority of jobs. In 2024, services accounted for nearly 60.0 per cent of overall output and 78.4 per cent of total employment in the Province.

Of these, the biggest sector in terms of output share and employment is business, personal and community services. Output from the business, personal and community services sector accounts for more one-fifth of the entire economy and approximately four out of ten jobs in the Province. This sector consists of education and related services; health care institutions, including hospitals, nursing homes and welfare services; religious organizations; amusement and recreation services; business services such as management and business consultants and computer services; personal services; and accommodation and food.

Finance, insurance and real estate, which constitute a large component of the service-producing industries, represented 4.6 per cent of the employment in 2024. This segment includes banks and other institutions delivering financial services, insurance carriers and agencies and real estate companies.

**GOVERNMENT FINANCES** 

**Overview** 

The Government of Saskatchewan has general authority for the administration of provincial activities and functions within the province. Responsibility for a variety of such activities and functions has been ceded to local government bodies and agencies under the authority of numerous provincial statutes. Responsibilities of the Government not ceded to local government bodies are carried out directly by the Government and through a number of organizations and provincial Crown corporations.

The Government's budgeting and reporting is focused on the Summary Financial Statements (SFS). This combines the General Revenue Fund (GRF), a general fund of the Government to which all public monies received are credited except where the Legislative Assembly has directed otherwise and from which funds are appropriated by the Saskatchewan Legislative Assembly, with all other organizations and provincial Crown corporations over which the Government has control.

Each year the Minister of Finance presents a budget to the Legislative Assembly that provides estimates of the Government's planned activities during the fiscal year.

On March 19, 2025, the Minister of Finance submitted the budget for the fiscal year 2025-26, which is referred to herein as "Budget 2025-26" filed as Exhibit 99.6 to its Form 18-K/A filed with the Commission on May 28, 2025.

The accounts and financial statements of the Province are examined by the Provincial Auditor, an official appointed by the Lieutenant Governor in Council pursuant to *The Provincial Auditor Act, P-30.01,* who is responsible to the Legislative Assembly and is required to make a report to the Legislative Assembly with respect

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to each fiscal year. The financial statements of certain crown corporations and agencies are also subject to audit by the Provincial Auditor.

**Specific Accounting Policies** 

The Province's financial statements are prepared in accordance with Canadian public sector accounting standards issued by the Public Sector Accounting Board ("PSAB").

*The Government Reporting Entity* 

The Government's budgeting and reporting are focused on the SFS, which combines the GRF, all other organizations and provincial Crown corporations over which the Government has control, and partnership arrangements.

The Government's budgetary and reporting fiscal year begins on April 1 and ends on March 31. Adjustments are made for certain organizations within the reporting entity that have financial year-ends that differ from the Government's fiscal year. Revenue and expenses are recorded on an accrual basis.

*Principles of Consolidation* 

This section describes the accounting treatment for each type of entity included in the Summary Financial Statements of the Province.

A Government Service Organization is an entity that is controlled by the government but is not a Government Business Enterprise or a partnership. Government Service Organizations include government ministries, certain crown corporations, agencies, boards and commissions. Government Service Organizations are consolidated after adjustment to a basis consistent with the accounting policies of the Summary Financial Statement on a line-by-line basis, and inter-organization balances and transactions are eliminated.

A Government Business Enterprise is a self-sufficient organization and has the financial and operating authority to sell goods and services to individuals and organizations outside the government reporting entity as its principal activity. Government Business Enterprises have been accounted for using the modified equity method based on their results prepared in accordance with International Financial Reporting Standards. Using this method, the Government's investment in government business enterprises, which is initially recorded at cost, is adjusted annually to include the Government's proportionate share of net earnings or losses and certain other net equity changes of government business enterprises without adjustment to the accounting policies applied to the General Revenue Fund and other Government Service Organizations. Except for dividends and unrealized inter-entity gains and losses, inter-entity balances and transactions are not eliminated. Net equity of Government Business Enterprises is included in the Summary Financial Statements in the Statement of Financial Position, while any net income or net loss is shown as a separate line item in the Statement of Operations. The largest Government Business Enterprises, in terms of revenues, are Saskatchewan Power Corporation and Saskatchewan Telecommunications (these are discussed further in the "Certain Crown Corporations" section of this document).

A partnership is a contractual arrangement between the government and a party or parties outside the reporting entity. The partners have clearly defined common goals, make financial investments in the partnership, share control of governance decisions, and share, on an equitable basis, the significant risks and benefits associated with the operations of the government partnership. The government's interest in partnerships is accounted for using proportionate consolidation after adjustment to a basis consistent with the accounting policies of the Summary Financial Statements. Inter-entity balances and transactions are eliminated.

A current listing of the organizations within the summary government reporting entity is published on Schedule 19 of the Public Accounts 2024-25 Volume 1 on pages 87-89 (Exhibit 99.2).

*Revenues* 

Revenues are recorded on an accrual basis. The main components of revenue include income and consumption taxes, non-renewable resource revenues, income from Government Business Enterprises, interest

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and other own-source income, and federal transfers such as the Canada Health Transfer and Canada Social Transfer.

Taxation revenue is recognized when the tax has been authorized by the legislature and the taxable event occurs (such as when taxpayers earn income, purchase products and services, or own real property). Tax concessions are recorded as a reduction in taxation revenue.

Revenues from non-renewable resources are recognized based on production, sales, or profits generated from the specific resource.

Other own source revenue is recognized when the Government has the authority to obtain the related economic benefits and is expected to do so. For transactions for which the Government is obligated to provide specific goods or services, such as fees or sales of goods, services, licenses or permits, revenue is recognized as the related performance obligation is satisfied.

Transfers from the federal government are recognized as revenue in the period the transfer is authorized and eligibility criteria are met, except when and to the extent that the transfer stipulations give rise to an obligation that meets the definition of a liability.

*Expenses* 

Expenses are recorded on an accrual basis. The main components of expense include salaries and benefits, transfers, operating costs, financing charges, and amortization. Transfers are recognized in the period during which the transfer is authorized and any eligibility criteria are met. Provisions are recorded for losses on certain loans, investments, loan guarantees, accounts receivable and advances where there has been a loss in value other than a temporary decline. Contingent liabilities are recorded when it is likely that a liability exists and the amount can be reasonably determined.

Additional accounting policies are outlined in the Notes to the Summary Financial Statements in the Public Accounts 2024-25, Volume 1 (Exhibit 99.2).

*Measurement Uncertainty* 

Uncertainty in the determination of the amount at which an item is recorded in the Province's Summary Financial Statements is known as measurement uncertainty. Uncertainty exists whenever estimates are used because it is reasonably possible that there could be a material difference between the recognized amount and another reasonably possible amount. Details regarding amounts recorded in the Summary Financial Statements are provided on page 57 of the Public Accounts 2024-25, Volume 1 (Exhibit 99.2).

The financial information with respect to the Province set forth herein has been derived from several sources, including the Summary Financial Statements of the Province.

Unless otherwise indicated, amounts referred to as "Estimate for the year ended March 31, 2026" have been taken from the Budget 2025-26 tabled on March 19, 2025. The Budget is prepared on the same basis as the Summary Financial Statements (reflecting the Summary entity).

**Restatements** 

*New Accounting Standards* 

No new accounting standards were adopted by the Province in 2024-25. Details regarding prior year changes are provided in the Summary Financial Statements Note 9 of the Public Accounts 2024-25, Volume 1 on page 65 (Exhibit 99.2).

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**Summary of Budget Transactions and Funding Requirements** 

**SUMMARY OF OPERATIONS AND NET FUNDING REQUIREMENTS** 

**OF THE SUMMARY REPORTING ENTITY** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
|  Revenues | $14523.9 | $18136.2 | $20594.6 | $20993.0 | $20856.0 |
|  Program expenses | 14930.1 | 18886.3 | 18197.6 | 19971.2 | 20154.3 |
|  Debt servicing costs | 720.8 | 718.2 | 816.3 | 839.6 | 950.5 |
|  Total expenses | 15650.9 | 19604.5 | 19013.9 | 20810.8 | 21104.8 |
|  Provincial surplus / (deficit) <sup>1</sup> | (1127.0) | (1468.3) | 1580.7 | 182.2 | (248.9) |
|  Net funding requirements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deficit/(Surplus) | 1127.0 | 1468.3 | (1580.7) | (182.2) | 248.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash items <sup>2</sup> | 813.4 | 1147.9 | (12.5) | 459.3 | (67.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating requirements | 1940.4 | 2616.2 | (1593.3) | 277.1 | 181.6 |
|  Dividends received from government business enterprises | (638.6) | (665.4) | (629.5) | (529.0) | (547.0) |
|  Loan advances and investing, net of repayments<sup>3</sup> | 29.5 | 58.7 | 1094.0 | (187.2) | 441.8 |
|  Net acquisitions of tangible capital assets | 828.7 | 940.5 | 952.2 | 1256.5 | 1606.6 |
|  Sinking fund installments | 165.1 | 196.7 | 241.1 | 240.1 | 260.6 |
|  Net refinancing transactions<sup>4</sup> | 1091.5 | 49.9 | 1392.9 | 1100.2 | 961.3 |
|  **Net funding requirement** | **3416.7** | **3196.6** | **1457.5** | **2157.7** | **2904.9** |
|  Financing of net funding requirement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in cash and short-term investments | (126.1) | (192.7) | (217.6) | 135.1 | (553.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt issued (General Revenue Fund) | 3542.8 | 3389.3 | 1675.1 | 2022.7 | 3458.5 |
|  Total | 3416.7 | 3196.6 | 1457.5 | 2157.7 | 2904.9 |
|  Debt issued - General Revenue Fund | 3542.8 | 3389.3 | 1675.1 | 2022.7 | 3458.5 |
|  Debt issued - Government Business Enterprises<sup>5</sup> | 1031.0 | 746.4 | 985.2 | 1072.8 | 1475.2 |
|  Debt issued - Summary Entity | 4573.8 | 4135.7 | 2660.3 | 3095.5 | 4933.7 |

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<sup>1</sup> As of March 19, 2025, the Province was forecasting a surplus of $12.2 million for the 2025-26 fiscal year. This forecast was revised to a deficit of $348.5 million in the Province's First Quarter Report issued August 22, 2025. 

<sup>2</sup> Includes amortization of tangible capital assets, net income from government business enterprises, and other non-cash items.

<sup>3</sup> In 2023-24, loan advances include $300 million advanced by the General Revenue Fund to Government Business Enterprises. Any amounts owed by Government Business Enterprises to the General Revenue Fund at year end are included in Loans Receivable on Schedule 2 of Exhibit 99.2. 

<sup>4</sup> Net refinancing transactions consist of proceeds from sinking funds and repayment of debentures and other long-term obligations.

<sup>5</sup> Government business enterprises are accounted for using the modified equity method; therefore, funding requirements for these entities are not included in this total. 

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Current year estimated borrowing is as follows:

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| | | |
|:---|:---|:---|
|  | **Budget Estimate**<br>**2026** | **First Quarter Forecast**<br>**2026** |
|  General Revenue Fund - Operating | $**1080.0** | $**1280.0** |
|  Saskatchewan Capital Plan | **1769.3** | **1769.3** |
|  **Government Service Organizations<sup>1</sup>** | **2849.3** | **3049.3** |
|  **Government Business Enterprises<sup>1</sup>** | $**1194.1** | $**1712.1** |
|  **Borrowing Requirements<sup>2</sup>** | $**4043.4** | $**4761.4** |

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<sup>1</sup> Almost all borrowing is done by the General Revenue Fund. Where the GRF borrows on behalf of a government entity, the entity is responsible for the principal and interest payments on this debt.

<sup>2</sup> The GRF's 2025-26 borrowing requirements at Budget were estimated to be $4,043.4 million. Of this amount, $1,551.0 million was to refinance existing debt and $2,492.4 million was to assist with financing capital expenditures. At First Quarter, the borrowing requirements were forecast to be $4,761.4 million, which is $718.0 million higher than budget primarily due to the increase in borrowing for GRF-Operating and SaskPower. 

**Revenue** 

*Introduction* 

The Government receives revenue from taxes, non-renewable resources, other provincial sources, transfers from the federal government and net income from Government Business Enterprises. The following table provides a breakdown of revenue by major source, as described in the "Government Finance – Specific Accounting Policies" above, for the five fiscal years ended March 31, 2025, and the Budget Estimate for fiscal year 2025-26. Discussion regarding revenue outlook for the 2025-26 Budget can be found on pages 21-27 of Exhibit 99.6 in the Form 18-K/A filed with the Commission on May 28, 2025.

**SUMMARY REVENUE** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** |
|  | **2021** | **2022** | **2023** | **2024** |<br>**Actual**<br>**2025** | **Budget**<br>**Estimate<sup>1</sup>**<br>**2026** |
|  | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* |
|  **Taxation** |  |  |  |  |  |  |
|  Personal income | $2463322 | $2880468 | $3151505 | $3303775 | $3349463 | $3382100 |
|  Provincial sales | 2100523 | 2383003 | 2721906 | 2894320 | 3139561 | 3331300 |
|  Corporation income | 440134 | 1007821 | 1988552 | 2507176 | 1439549 | 1658500 |
|  Property | 778967 | 763791 | 775267 | 795477 | 807772 | 816100 |
|  Fuel | 441696 | 494657 | 473594 | 475340 | 497029 | 519700 |
|  Other | 657332 | 672523 | 700971 | 675426 | 689583 | 741800 |
|  Total Taxation | $6881974 | $8202263 | $9811795 | $10651514 | $9922957 | $&nbsp;&nbsp;&nbsp;&nbsp;10449500 |
|  **Non-renewable resources** |  |  |  |  |  |  |
|  Oil and natural gas | $378184 | $1009656 | $1129378 | $981147 | $1151637 | $1067700 |
|  Resource surcharge | 263145 | 539770 | 902145 | 516854 | 529503 | 526900 |
|  Potash | 421619 | 1266848 | 2403921 | 754903 | 604095 | 720000 |
|  Uranium |  |  |  |  |  | 290200 |
|  Other | 44826 | 103725 | 167689 | 196247 | 288422 | 94600 |
|  Total non-renewable resources | $1107774 | $2919999 | $4603133 | $2449151 | $2573657 | $2699400 |
|  **Other own-source revenue** |  |  |  |  |  |  |
|  Fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | $250600 | $267700 | $280000 | $356000 | $345000 | incl. in below |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor vehicle licensing | 199300 | 206600 | 211100 | 287000 | 218000 | incl. in below |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education | 150600 | 142300 | 170800 | 203000 | 241000 | incl. in below |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** |
|  | **2021** | **2022** | **2023** | **2024** |<br>**Actual**<br>**2025** | **Budget**<br>**Estimate<sup>1</sup>**<br>**2026** |
|  | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsidized housing rental | 106700 | 108000 | 116600 | 111000 | 126000 | incl. in below |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real property sales and leases | 102800 | 94700 | 102500 | 92000 | 89000 | incl. in below |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 373916 | 385948 | 430545 | 420429 | 416895 | $1321700 |
|  Insurance | 273686 | 743645 | 486775 | 498138 | 555572 | 553600 |
|  Output-Based Performance Standards |  |  |  | 458916 | 362817 | 431500 |
|  Investment income | 151067 | 93168 | 164587 | 268370 | 370502 | 284900 |
|  Transfers from other governments | 81954 | 88588 | 80708 | 84675 | 81651 | 69200 |
|  Miscellaneous | 432328 | 586475 | 529247 | 577676 | 976050 | 604100 |
|  Total Other own-source revenue | $2122951 | $2717124 | $2572862 | $3357204 | $3782487 | $&nbsp;&nbsp;&nbsp;&nbsp;3265000 |
|  **Transfers from the federal government** |  |  |  |  |  |  |
|  Canada Health Transfer | $1296516 | $1331290 | $1389136 | $1469624 | $1563639 | $1634400 |
|  Canada Social Transfer | 465196 | 477679 | 490023 | 488141 | 508014 | 520500 |
|  Crop insurance contributions | 216700 | 267900 | 413200 | 425000 | 476000 | incl. in below |
|  Early learning and child care |  | 68500 | 193800 | 231000 | 316000 | incl. in below |
|  Labour market initiatives | 99900 | 104000 | 89200 | 80000 | 66000 | incl. in below |
|  Agricultural income stability | 60900 | 242900 | 70600 | 231000 | 163000 | incl. in below |
|  Infrastructure | 181400 | 248800 | 178400 | 228000 | 196000 | incl. in below |
|  Other | 812457 | 718065 | 532206 | 480988 | 503640 | 1782100 |
|  **Total Transfers from the federal government** | $3133069 | $3459134 | $3356565 | $3633753 | $3792293 | $3937000 |
|  Net income from government business enterprises | 1278141 | 837651 | 250246 | 901423 | 784591 | 705200 |
|  **Total Revenue** | $14523909 | $18136171 | $20594601 | $20993045 | $20855985 | $21056100 |

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<sup>1</sup> Budget estimates do not provide the same level of detail as is available for actuals.

<sup>2</sup> Starting in 2024-25 Volume 1, Individual Income has been renamed to Personal Income.

*First Quarter Update* 

On August 22, 2025, the Province released its First Quarter Financial Report. Revenue update for the first quarter can be found on page 1-2 of Exhibit 99.3.

*Taxation* 

Revenue from taxation includes personal and corporate income taxes, provincial sales tax, tobacco and vapour products tax, fuel tax and other taxes, including liquor consumption, corporate capital and insurance premiums taxes as well as education property taxes.

Saskatchewan has a tax on income system for individual income tax. The Provincial tax on income is calculated on federally defined taxable income and consists of three income tax brackets. Recent personal income tax rates are displayed in the table below:

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **2025 Saskatchewan's Personal Income Tax Rates** |
| &nbsp;&nbsp;&nbsp;10.5% on first $53,463 |
| &nbsp;&nbsp;&nbsp;12% on next $99,287 |
| &nbsp;&nbsp;&nbsp;14.5% on any remainder |

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Saskatchewan also taxes corporate income. The Province's portion of the general corporate tax rate is 12 per cent, with a reduced tax rate of 10 per cent applied to taxable income related to manufacturing and production (M&P). Corporations involved with M&P activities receive a tax reduction of up to 2.0 per cent, depending on the extent of the company's presence in the province. A small business rate of 1.0 per cent is applied to the first $600,000 of active business income for Canadian Controlled Private Corporations that have taxable capital of less than $10 million. In December 2024, *The Saskatchewan Affordability Act* permanently changed the small business tax rate to 1.0 per cent. Recent changes in the corporate income tax rates are displayed in the table below:

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| | | | |
|:---|:---|:---|:---|
| **Saskatchewan's Corporation Income Tax Rates** | **Saskatchewan's Corporation Income Tax Rates** | **Saskatchewan's Corporation Income Tax Rates** | **Saskatchewan's Corporation Income Tax Rates** |
|  | **Jan. 1, 2018 to<br>Sept. 30, 2020** | **Oct. 1, 2020 to<br>June 30, 2023** | **July 1, 2023<br>and onward** |
|  General | 12% | 12% | 12% |
|  M&P Profits | 10% | 10% | 10% |
|  Small Business | 2% | 0% | 1% |
|  Small Business Threshold | $600000 | $600000 | $600000 |

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Provincial corporate and individual tax is collected by the federal government through the *Canada-Saskatchewan Tax Collection Agreement.* Because the assessments of these taxes are not finalized until after the end of the taxation year, the federal government estimates the tax and remits this amount to the Province in regular instalment payments throughout the fiscal year. In 2023, Bill 122, *The Saskatchewan Revenue Agency Act* (the "Act"), was passed to lay the groundwork for the potential establishment of The Saskatchewan Revenue Agency, a new Treasury Board Crown corporation. The intent is that, in the future, this corporation would be responsible for administering taxes and related programs in Saskatchewan, including control of the provincial portion of the corporate income tax system from the federal government. The Act is not currently in force.

Saskatchewan Provincial Sales Tax (PST) is a consumption tax that applies at a rate of 6.0 per cent (increased from 5.0 per cent in March of 2017) on the purchase of tangible personal property and certain services consumed or used in Saskatchewan. Certain goods, including basic groceries and agricultural equipment along with certain services such as daycare and healthcare, are exempt from the PST. The Province provides consumer rebates on new home construction as well as a rebate to low-income consumers by way of an individual tax credit.

*Non-Renewable Resources* 

Non-renewable resource revenue is collected by the Government in respect of the production and sale of crude oil, natural gas, potash, uranium, other minerals, as well as the sale of Crown petroleum and natural gas rights (Crown land sales).

The Province levies a Crown royalty on oil and natural gas produced from Crown lands and a production tax on oil and natural gas produced from freehold lands. Crown lands account for approximately two-thirds of oil production in Saskatchewan.

The Province levies a Crown royalty on potash produced from Crown lands and a production tax on potash produced from both Crown and freehold lands which are composed of a base payment and a profit tax component pursuant to *The Mineral Taxation Act, 1983* and *The Potash Production Tax Regulations*.

A resource surcharge equal to three per cent of the value of sales of oil, natural gas, potash, uranium, and coal produced in the Province is also levied.

*Other Own-Source* 

Other Own-Source revenue includes health care fees, crop insurance premiums, education fees, investment income, subsidized housing rental fees, motor vehicle licensing fees and other miscellaneous revenues.

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*Transfers from the Federal Government* 

Transfers from the Government of Canada consist of payments made to the Province to support a number of programs. The two major federal transfers to the Province are the Canada Health Transfer ("CHT") and the Canada Social Transfer ("CST").

CHT and CST*:* The CHT and the CST are the Federal Government's contributions to the Province in respect of its health care, post-secondary education, childcare, and social service programs. These federal transfers are determined via an equal per capital cash allocation and do not bear a direct relationship to actual program costs. Annual changes to Saskatchewan's allocation depend on the growth of the total federal funding envelope combined with changes to Saskatchewan's share of the national population as reported by Statistics Canada.

From 2004-05 through 2016-17, the total CHT funding envelope grew by 6% per year. Beginning in 2017-18, the CHT grows at the 3-year average rate of nominal GDP growth, subject to a minimum growth rate of 3% annually. However, from 2023-24 to 2027-28, the minimum CHT growth will be 5% per year, due to a temporary post-pandemic increase in federal health funding. Additionally, as part of the temporary increase in funding, the federal government offered supplemental funding streams that are targeted to specific areas of health (e.g. long-term care). The CST funding envelope grows at a static 3% per year.

In 2025-26, the federal funding allocated to Saskatchewan under the CHT is $1,634 million and $520.5 million is allocated to Saskatchewan under the CST. There is also $178.3 million provided to the Province under two health-related bilateral agreements.

*Equalization:* Equalization is a federal expenditure program that provides unconditional payments to provinces with below-average revenue-raising capacities (fiscal capacities), according to a federal formula. The Constitution states that "Parliament and the Government of Canada are committed to the principle of making Equalization payments to ensure that provincial governments have sufficient revenues to provide reasonably comparable levels of public services at reasonably comparable levels of taxation."

Prior to 2008, Saskatchewan qualified for an Equalization payment in all but seven years from program inception in 1957-58 through to 2007-08. Due primarily to a strong economy relative to other Canadian jurisdictions combined with reforms to the Equalization program introduced in the 2007 federal budget, Saskatchewan has not qualified for an Equalization payment since 2007-08.

*Fiscal Stabilization:* The Federal Government provides provinces with the Fiscal Stabilization Program (FSP) under the *Federal-Provincial Fiscal Arrangements Act*. This legislation provides for federal grants and interest-free loans to provinces that suffer extraordinary declines in their own-source revenues resulting from economic shocks or downturns.

There are two ways in which a province can qualify for a stabilization payment from the Federal Government: (1) a 50 per cent year-over-year decline in resource revenues, net of any offsetting year-over-year increase in non-resource revenues, or (2) a 5 per cent year-over-year decline in non-resource revenues, net of any offsetting year-over-year increase in resource revenues. These eligibility criteria are difficult to achieve and qualification for the program is relatively rare.

Qualifying revenues are calculated in detail according to the provisions of the *Federal-Provincial Fiscal Arrangements Regulations, 2007*. The payment limit under the FSP was increased to $170 per capita (for 2019-20 and 2020-21 claims) and is now indexed to annual Canadian per capita economic growth.

Saskatchewan has qualified for this program only one time, in 2016-17 when non-resource revenues declined by 5.6 per cent. Prior to that claim, Saskatchewan was the only province that had never received a stabilization payment. High revenue growth during the recovery from the pandemic has prevented Saskatchewan from qualifying for the program in recent years, and it is unlikely that Saskatchewan will qualify for the program in the near future.

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*Net income from Government Business Enterprises* 

Government Business Enterprises (GBEs) are self-sufficient government organizations whose principal activity is the sale of goods and services to individuals and organizations outside of the Government Reporting Entity. GBEs include SaskPower, SaskTel, SaskEnergy, and Saskatchewan Government Insurance. Budget amounts for GBEs are incorporated as a single amount using the modified equity method, which includes the Government of Saskatchewan's proportionate share of net earnings or losses.

For additional information regarding income from GBEs, see "Certain Crown Corporations."

**Program Expenditures / Expenses** 

*Introduction* 

The following table provides a breakdown of the expenses related to government programs and services for the five fiscal years ended March 31, 2025, and includes the Budget Estimate for fiscal year 2025-26. Discussion regarding expense outlook for the 2025-26 Budget can be found on pages 27-32 of Exhibit 99.3.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | **Fiscal Year Ended March 31** | |
|  | **2021** | **2022** | **2023** | **2024** |<br>**Actual**<br>**2025** |<br>**Budget**<br>**Estimate<sup>1</sup>**<br>**2026** |<br>**Share**<br>**of Total**<br>**Expense**<br>**2026** |
|  | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* | *(thousands of dollars)* |  |
|  Agriculture | $525934 | $3194351 | $1835020 | $2503867 | $1762572 | $1597600 | 7.6% |
|  Community development | 792587 | 682889 | 758161 | 875135 | 828439 | 858400 | 4.1% |
|  Economic development | 477746 | 520774 | 733943 | 370284 | 361708 | 351900 | 1.7% |
|  Education | 3276875 | 3685349 | 3792179 | 4243326 | 4374753 | 4428100 | 21.0% |
|  Environment and natural resources | 254574 | 403120 | 352956 | 330359 | 553361 | 448600 | 2.1% |
|  Financing charges | 720829 | 718206 | 816252 | 839596 | 950540 | 1058500 | 5.0% |
|  General government | 379395 | 463599 | 512045 | 563077 | 589948 | 642200 | 3.1% |
|  Health | 6338063 | 6882972 | 7010107 | 7676751 | 8009546 | 8004900 | 38.0% |
|  Protection of persons and property | 819709 | 961343 | 988625 | 1073692 | 1166715 | 1094800 | 5.2% |
|  Social services and assistance | 1448377 | 1458370 | 1587321 | 1685105 | 1807088 | 1842200 | 8.8% |
|  Transportation | 616853 | 633494 | 627256 | 649648 | 700179 | 716700 | 3.4% |
|  **Total Expense** | $15650942 | $19604467 | $19013865 | $20810840 | $21104849 | $21043900 | 100.0% |

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<sup>1</sup> Budget estimates do not provide the same level of detail as is available for actuals and totals may not add due to rounding. 

*First Quarter Update* 

On August 22, 2025, the Province released its First Quarter Financial Report. An expense update for the first quarter can be found on page 1-2 of Exhibit 99.3.

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*Agriculture* 

The agriculture theme includes expenses to assist and improve the agriculture and food industry through development activities including research, education, regulation and investment in the sector as well as providing direct support to producers through loans, income stabilization and insurance programs.

The most significant component of Agriculture expense relates to the Saskatchewan Crop Insurance Corporation. *Saskatchewan Crop Insurance Corporation* ("SCIC") is jointly funded by producers and the federal and provincial governments to provide production insurance to Saskatchewan producers. The federal government must agree to any changes as a condition of providing its share of funding. Crop Insurance premiums are shared between producers (40 per cent), the federal government (36 per cent), and Saskatchewan (24 per cent). Administration costs are shared between the federal government (60 per cent) and Saskatchewan (40 per cent). Producers may choose coverage levels of 50, 60, 70, or 80 per cent of their average yield.

The Crop Insurance Program is updated annually to ensure that it continues to meet the risk management needs of Saskatchewan producers. Premium rates and long-term average yields are adjusted to ensure the program remains actuarially sound. Insured prices are set annually to reflect the forecast market value for each crop.

Premium costs are set with the goal of collecting the correct amount of premiums to recover losses over the long term and maintain a sustainable program. However, as payouts are driven by the weather, there can be significant year-to-year variability.

If premiums do not cover indemnities in a given year, SCIC is required to draw down on the reserves available to it in the Crop Insurance Fund and Reinsurance Funds, which are funded by the cumulative premium surplus less past indemnity payments. When these Funds are drawn down, higher premiums are charged in future years to maintain a cushion for future liabilities and to repay any Reinsurance Fund debt. In addition to the public reinsurance funds, SCIC purchases private reinsurance to stabilize premiums following years with high losses to protect both the program and producers.

*AgriStability* is a business risk management program designed to help farm operations facing substantial margin declines caused by production loss, increased costs or market conditions. Coverage is calculated using each participant's historical tax and supplemental information. Costs of AgriStability are shared by the federal and provincial governments on a 60/40 basis.

*Community Development* 

The community development theme includes expenses to maintain and develop engaged and vibrant communities, including financial assistance and infrastructure funding to local governments and other authorities, which in turn provide community services. Community development also includes funding directed to specific community services such as sport, culture, arts, and heritage that improve quality of life.

*Economic Development* 

The economic development theme includes expenses to strengthen, expand and diversify Saskatchewan's economy as well as to promote trade and growth in export markets. The expense arises from activities such as research, marketing, product development, financing, financial assistance, technology and infrastructure. Economic development also includes the strategic management of Saskatchewan's non-renewable resources to support future economic activity.

*Education* 

The education theme includes expenses to develop and maintain a quality pre-kindergarten through post-secondary education system, designed to impart knowledge and information, including activities that

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encourage ongoing learning and the acquisition of specialized skills, providing supports to help students be successful. The education theme also includes funding for early learning and childcare.

Education is the second largest expense of Province, constituting 21.0 per cent of 2025-26 budgeted expenses. The most significant components of Education expense are portions of the Ministries of Advanced Education (responsible for post-secondary education support) and the Boards of Education (responsible for elementary and secondary education support).

*Environment and Natural Resources* 

The environment and natural resources theme includes expenses to protect and improve the quality of the environment through the management of fish, wildlife, forests and land, recycling, and the prevention and clean-up of environmental hazards.

*Financing Charges* 

The financing charges theme includes expenses associated with general debt including interest, foreign exchange gains and losses, discounts and premiums, fees and commissions. It also includes financing costs related to pension and other employee future benefits liabilities, obligations under long-term financing arrangements such as public-private partnerships and capital lease obligations. Please refer to "Pension Funds" for additional information pertaining to the pension liability and related interest expense.

*General Government (formerly Other)* 

The general government theme includes expenses for centralized government services including: government contributions to and management of employee benefit plans; property, vehicle and information technology management; the collection of government revenues; the formation of budgetary policy; the preparation and audit of the Government's public accounts; and the constitutional, political and law enactment aspect of the Government.

*Health* 

Health is the largest expense of the Province, constituting 38.0 per cent of 2025-26 budgeted expenses. Health expense primarily includes the delivery of health services through acute, emergency, rehabilitative, long-term, community-based, and home-based care; cancer prevention, diagnosis and treatment programs; the prevention and control of infectious diseases; the subsidization of prescription drugs; and the education and promotion of healthy lifestyles.

The provinces administer and deliver most of Canada's health care services, with all provincial and territorial health insurance plans expected to meet national principles set out under the *Canada Health Act*. Each provincial and territorial health insurance plan covers medically necessary hospital and doctors' services that are provided on a pre-paid basis, without direct charges at the point of service. The provincial and territorial governments fund these services with assistance from federal cash and tax transfers.

*Protection of Persons and Property* 

The protection of persons and property theme includes expenses to promote and ensure the security, safety and protection of residents and property, which is mainly achieved through a fair justice system, policing programs and supervision and rehabilitation services for offenders. Protection of persons and property also includes services that promote, support and enforce safe work practices and employment standards; provincial emergency management through 911 services, public safety, and disaster assistance and wildfire management; and victims' services.

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*Social Services and Assistance* 

The social services and assistance theme includes expenses to provide financial assistance and services to individuals and families in need because of poverty, abuse, neglect and disability. This includes income support programs, accessible and safe housing, child protection services, adoption services and providing life's needs to persons with intellectual disabilities.

*Transportation* 

The transportation theme includes expenses for the development, construction and maintenance of an integrated provincial transportation system using highways, rural roads, bridges, ferry crossings, airstrips and communication networks.

**Loans and Investments** 

The following table sets forth the balances of loans and investments of the Province for the Summary Entity, net of allowances for uncollectible amounts adopting the accounting policies described in "Government Finance – Specific Accounting Policies" above. Government Business Enterprises are discussed further in the "Certain Crown Corporations" section below.

**LOANS AND INVESTMENTS FOR SUMMARY ENTITY** 

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| | | | |
|:---|:---|:---|:---|
|  | **As at March 31, 2025** | **As at March 31, 2025** | **As at March 31, 2025** |
|  | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** |
|  | **Gross** | **Provisions** | **Net** |
|  Loans receivable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loans, direct lending | $559.3 | $122.1 | $437.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans to Government Business Enterprises | 916.6 |  | 916.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 2.7 | 1 | 1.7 |
|  | $1478.7 | $123.1 | $1355.6 |
|  Investments in Government Business Enterprises |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SaskEnergy Incorporated | $1310.5 | $— | $1310.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Power Corporation | 3060.8 |  | 3060.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Telecommunications Holding Corporation | 1351.8 |  | 1351.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Water Corporation | 88.1 |  | 88.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Government Insurance | 685.4 |  | 685.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Auto Fund | 726.9 |  | 726.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workers Compensation Board | 665.2 |  | 665.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Financing Corporation of Saskatchewan | 20.1 |  | 20.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Liquor and Gaming Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lotteries and Gaming Saskatchewan | 150.1 |  | 150.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Gaming Corporation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment | 75.7 |  | 75.7 |
|  | $8134.5 | $— | $8134.5 |
|  Portfolio Investments<sup>1</sup> | $1360.7 | $— | $1360.7 |
|  Total Loans and Investments | $10973.8 | $123.1 | $10850.8 |

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<sup>1</sup> Details of portfolio investments are provided in Schedule 5 (page 72) of the Summary Financial Statements of the Public Accounts 2024-25, Volume 1 (Exhibit 99.2).

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**PROVINCIAL DEBT** 

**Funded Debt of the Province** 

Saskatchewan's financing activities involve the raising of funds through the issue and sale of Province of Saskatchewan debt securities, loans from financial institutions, and changes in deposits held. Funds raised are used to assist in the financing of the capital budgets of, and to provide a temporary credit facility for, general government purposes, Crown corporations and other entities over which the Government has control. Crown corporations are responsible for reimbursing the General Revenue Fund for the costs of servicing the interest and principal associated with debt borrowed on their behalf. In addition to direct borrowing in the name of the Province, the Government provides loan guarantees for purposes such as agriculture and special investment programs.

The following table sets forth the funded debt of the Province for the Summary Entity as described in "Government Finance – Specific Accounting Policies" above, outstanding at March 31 for five fiscal years ending March 31, 2025, each as audited under the Province's accounting policies in effect at the time.

**FUNDED DEBT FOR THE PROVINCE OF SASKATCHEWAN <sup>1</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | **(millions of dollars unless otherwise indicated)** | **(millions of dollars unless otherwise indicated)** | **(millions of dollars unless otherwise indicated)** | **(millions of dollars unless otherwise indicated)** | **(millions of dollars unless otherwise indicated)** |
|  Gross Direct Funded Debt |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Services Organization (GSO) General | $15678.8 | $19013.5 | $19175.8 | $20178.7 | $22686.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Business Enterprise (GBE) Specific | 10184.4 | 10657.3 | 11306.5 | 12008.3 | 12919.8 |
|  | $25863.2 | $29670.8 | $30482.3 | $32187.0 | $35606.4 |
|  Gross Debt Raised for the purpose of:<sup>2</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Revenue Fund Operating | $8048.6 | $9914.8 | $8451.9 | $7463.8 | $7463.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Revenue Fund Capital | 6999.8 | 8504.3 | 9771.1 | 11491.1 | 14021.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total General Revenue Fund | $15048.3 | $18419.1 | $18223.0 | $18954.9 | $21485.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Power Corporation | 6995.5 | 7055.5 | 7940.3 | 8655.1 | 9389.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SaskEnergy Incorporated | 1724.8 | 1872.5 | 1946.4 | 2005.4 | 2042.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Telecommunications Holding Corporation | 1304.9 | 1532.5 | 1626.7 | 1789.8 | 1944.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Financing Corporation of Saskatchewan | 245.3 | 293.6 | 288.1 | 344.2 | 359.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lotteries and Gaming Saskatchewan | 0.0 | 0.0 | 0.0 | 77.1 | 48.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Liquor and Gaming Authority | 95.0 | 89.8 | 84.0 | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Water Corporation | 88.9 | 88.4 | 95.9 | 111.8 | 111.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Summary Entities | 360.5 | 319.4 | 277.9 | 248.8 | 226.0 |
|  | $25863.2 | $29670.8 | $30482.3 | $32187.0 | $35606.4 |
|  *Government Services Organization (GSO) General* |  |  |  |  |  |
|  Per Capita ($)<sup>3</sup> | $13427.0 | $16203.5 | $15965.4 | $16364.7 | $18097.6 |
|  As a Percentage of: |  |  |  |  |  |
|  Household Income<sup>4</sup> | 17.96% | 22.47% | 22.59% | 24.40% | N/A |
|  Gross Domestic Product at Market Prices<sup>5</sup> | 21.54% | 26.75% | 25.19% | 25.90% | 28.18% |
|  *Government Business Enterprise (GBE) Specific* |  |  |  |  |  |
|  Per Capita ($)<sup>3</sup> | $8721.7 | $9082.2 | $9413.5 | $9738.5 | $10306.4 |
|  As a Percentage of: |  |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | **(millions of dollars unless otherwise indicated)** | **(millions of dollars unless otherwise indicated)** | **(millions of dollars unless otherwise indicated)** | **(millions of dollars unless otherwise indicated)** | **(millions of dollars unless otherwise indicated)** |
|  Household Income<sup>4</sup> | 11.67% | 12.60% | 13.32% | 14.52% | N/A |
|  Gross Domestic Product at Market Prices<sup>5</sup> | 13.99% | 14.99% | 14.85% | 15.42% | 16.05% |
|  *Total Funded Debt* |  |  |  |  |  |
|  Per Capita ($)<sup>3</sup> | $22148.6 | $25285.7 | $25378.9 | $26103.2 | $28404.0 |
|  As a Percentage of: |  |  |  |  |  |
|  Household Income<sup>4</sup> | 29.63% | 35.07% | 35.90% | 38.92% | N/A |
|  Gross Domestic Product at Market Prices<sup>5</sup> | 35.53% | 41.74% | 40.04% | 41.32% | 44.22% |

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<sup>1</sup> Debt repayable in foreign currency has been restated in Canadian dollar equivalents based on the exchange rate in

effect when the loans and swaps were entered into.

<sup>2</sup> Internal funded debt consists of the portion of total debt that has been borrowed for and allocated to other Summary entities, primarily Crown corporations. 

<sup>3</sup> Debt per capita is calculated by dividing debt at March 31<sup>st</sup> by the Province's population at that same date each calendar year.

<sup>4</sup> Debt as a percentage of Household Income is calculated by dividing the debt at March 31<sup>st</sup> by the Province's Household Income for the previous calendar year. Prior year household income data has been revised using 2023 constant dollars as updated by Statistics Canada. 

<sup>5</sup> Debt as a percentage of Gross Domestic Product at Market Prices is calculated by dividing the debt at March 31<sup>st</sup> by the Province's Gross Domestic Product at Market Prices for the previous calendar year. 

Note: N/A = not available

Approximately 36 per cent of the gross debt at March 31, 2025, was incurred for Government Business Enterprises, leaving approximately 64 per cent of the Summary Financial Statement gross debt at March 31, 2025, incurred for general government purposes. The increase in general debt is primarily attributable to the Province's capital plan spending.

During fiscal year 2025, the Government issued and sold $4,879.2 million in debentures and $54.5 million of other loans. Of this total ($4,933.7 million), $3,458.5 million was issued for general purposes, and $1,475.2 million was issued for government business enterprises and miscellaneous summary entities.

During the same period, debentures with a value of $1,298.4 million and other loans with a net value of $215.9 million were redeemed. Of the total amount ($1,514.3 million), $950.6 million was for general purposes, and $563.7 million pertained to government business enterprises.

The Government's sinking funds totalled $3,313.4 million at March 31, 2025. Contributions to the Government's sinking funds amounted to $371.7 million in fiscal year 2025 with redemptions of $89.8 million.

The following table breakdowns the Sinking Fund balances at March 31 for five fiscal years ending March 31, 2025, each as audited under the Province's accounting policies in effect at the time.

**SINKING FUND INVESTMENTS** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** |
|  Sinking Funds<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Services Organization (GSO) General | $1197.3 | $1405.3 | $1491.1 | $1749.9 | $2002.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Business Enterprise (GBE) Specific | 1082.8 | 1028.5 | 1054.9 | 1175.0 | 1311.4 |
|  | $2280.1 | $2433.8 | $2546.0 | $2924.8 | $3313.4 |

---

<sup>1</sup> Totals may not add due to rounding. 

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The following table sets forth the Summary Financial Statement gross debt characteristics at March 31, 2025.

**GROSS DEBT CHARACTERISTICS** 

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| | | | |
|:---|:---|:---|:---|
|  | Percentage<br>of Total | Weighted Average<br>Term to Maturity<sup>1</sup><br>(years) | Weighted Average<br>Interest Rate<sup>1</sup> |
|  Debentures<sup>2</sup> | 94% | 16.3 | 3.8% |
|  Canada Pension Plan Debentures<sup>3</sup> | 2% | 10.9 | 3.7% |
|  Promissory Notes | 4% | 0.1 | 2.9% |
|  Other Loans | 0% | —<sup>4</sup> | -—<sup>4</sup> |
|  Gross Debt | 100% | 13.9 | 3.5% |

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<sup>1</sup> Weighted by the total principal amount of each loan issue. 

<sup>2</sup> Includes all public and private debentures issued by the GRF other than those issued to the Canada Pension Plan.

<sup>3</sup> The Canada Pension Plan (CPP) is a compulsory national pension plan in which residents of all provinces, except Quebec, participate. Provincial securities sold to the CPP prior to July 1, 2005, are payable 20 years after their respective dates of issue. Effective July 1, 2005, no new loan capital is available to provinces. However, provinces are permitted to roll over maturing securities and may choose the term of the new securities within the parameters of not less than five years and not more than 30 years. The securities are not negotiable, not transferable or assignable, but are redeemable in whole or in part before maturity at the option of the Minister of Finance of Canada, on six months' prior notice when he deems it necessary in order to meet the requirements of the Canada Pension Plan or at the option of the Province with at least one month prior notice to the Minister of Finance of Canada. 

<sup>4</sup> Not calculated.

**Guaranteed Debt** 

The following table sets forth guaranteed debt for the five fiscal years ended March 31, 2025.

**GUARANTEED DEBT** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** |
|  Guaranteed Debt | $0.3 | $0.3 | $0.2 | $0.2 | $0.2 |

---

The majority of guaranteed debt consists of guarantees pertaining to agriculture programs.

Authority for the Government to guarantee the debt of others must be provided in specific legislation since no general statutory authority exists. *The Financial Administration Act, 1993* provides that no department, board, commission or agent of the Government shall provide a guarantee or a program of guarantees of loans or other liabilities by which guarantee or program of guarantees the Government of Saskatchewan would be liable to make any payment with respect to the loans or liabilities, unless the guarantee or program of guarantees, as the case may be, has received the prior approval of the Minister of Finance. Certain Crown corporations are separately authorized to provide guarantees of the debt of others.

The Government of Saskatchewan provided Royal Trust with a guarantee and indemnity in 1983 respecting the liability and obligations of CIC Mineral Interest Corporation pursuant to each of two lease

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agreements of CIC Mining Corporation (previously the Potash Corporation of Saskatchewan Mining Limited) for the purchase of mining equipment. The Government has been released from all such guarantees but remains contingently liable for indemnity related to damages caused by the equipment and provisions governing the payment of taxes for the period during which its guarantees to Royal Trust were in place.

The Saskatchewan Indigenous Investment Financing Corporation (SIIFC), a Crown Corporation operating under *The Saskatchewan Indigenous Investment Finance Corporations Act* was established to provide loan guarantees to Indigenous communities or organizations to contribute directly to long-term, sustainable growth of Saskatchewan's natural resources and value-added agriculture economy and related infrastructure. The SIIFC may guarantee approved loans up to $75 million.

In June of 2024, SIIFC announced that it would provide an aggregate amount of up to $100 million in loan guarantees to six Indigenous partners to support their investment in Enbridge's new renewable wind energy project southeast of Weyburn, Saskatchewan. The partners would receive an aggregate amount of up to $100 million in loan guarantees from SIIFC to support acquiring at least 30 per cent equity in the project. As of March 31, 2025, no loan guarantees have been issued by SIIFC. The current year budget and first quarter forecast anticipates that SIIFC will have guaranteed an estimated $75 million in loans by March 31, 2026.

**Derivative Financial Instruments** 

The Province is party to financial instruments, either to hedge against the risks associated with fluctuations in foreign exchange rates or to manage risks associated with interest rate fluctuations. Foreign currency contracts are used by the Province to convert the liability for foreign currency borrowing and associated costs into Canadian dollars. The Province uses interest rate swap contracts to convert certain interest payments from floating interest rates to fixed interest rates.

The Ministry of Finance's general policy is to execute derivative transactions only with counterparties that have a minimum credit rating of "A" with a stable outlook as determined by major credit rating agencies.

Details of the Province's floating rate debt and swap contracts are provided in the Summary Financial Statements Note 4 of the Public Accounts 2024-25, Volume 1 on page 57 (Exhibit 99.2).

**Debt Maturities and Sinking Funds** 

The following table sets forth the debt maturity schedule, by principal amount and currency of payment, of the Government's gross debt and related sinking fund balances at March 31, 2025.

**DEBT MATURITY SCHEDULES** 

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| | | |
|:---|:---|:---|
| **Fiscal Year** | | |
| **ending March 31** | **Canadian**<br>**Dollar Debt<sup>1</sup>** | **Sinking Fund**<br>**Balances<sup>2</sup>** |
|  | (thousands) | (thousands) |
| 2026 | $2773040 | $106120 |
| 2027 | 1617249 | 114581 |
| 2028 | 2284430 | 99778 |
| 2029 | 1725253 | 273756 |
| 2030 | 1735863 | 92373 |
|  1 - 5 years | $10135835 | $686608 |
| 2031-2035 | 8054319 | 683297 |
| 2036-2040 | 1029632 | 256813 |
| 2041-2045 | 2246823 | 390987 |
| 2046-2050 | 5775000 | 783780 |

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---

| | | |
|:---|:---|:---|
| **Fiscal Year** | | |
| **ending March 31** | **Canadian**<br>**Dollar Debt<sup>1</sup>** | **Sinking Fund**<br>**Balances<sup>2</sup>** |
|  | (thousands) | (thousands) |
| 2051-2055 | 7004780 | 425318 |
|  After 2055 | 1360000 | 86579 |
|  | $35606388 | $3313381 |

---

<sup>1</sup> For amounts issued initially in foreign currency, the table incorporates the Canadian dollar equivalents based on the exchange rate in effect when the loans and swaps were entered into. 

<sup>2</sup> Sinking fund balances reflects existing funds only and excludes planned future contributions.

Sinking funds are maintained by the Province and certain Crown Corporations for the orderly retirement of a portion of debt. Current regulation requires that a minimum of 1.0 per cent of the face value of issued debt be contributed annually where the debt carries a term of 10 years or more. Additionally, for any debt carrying a term of 10 years or more that is issued specifically for capital spending under the Saskatchewan Capital Plan, a minimum of 2.0 per cent annual contribution is required.

Funds contributed are managed according to approved investment policies. Currently, the Province's sinking fund is invested in securities issued by the Government of Canada, Canadian provinces, Canadian municipalities, and public pension asset managers.

**Other Debt and Liabilities** 

The following table sets forth the amount of unfunded debt of the Summary Entity (as described in "Government Finance – Specific Accounting Policies" above) for the five fiscal years ending March 31, 2025.

**OTHER DEBT & LIABILITIES OF THE SUMMARY ENTITY** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fiscal years Ended March 31** | **Fiscal years Ended March 31** | **Fiscal years Ended March 31** | **Fiscal years Ended March 31** | **Fiscal years Ended March 31** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
|  | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** | **(millions of dollars)** |
|  Accounts Payable & Accrued Liabilities | $3148.9 | $3156.4 | $3467.9 | $4196.5 | $4409.0 |
|  Unearned Revenue | 527.2 | 437.4 | 292.2 | 382.8 | 377.9 |
|  Obligations under long-term financing arrangements | 1440.7 | 1407.4 | 1373.1 | 1099.3 | 1079.1 |
|  Other liabilities | 512.2 | 515.3 | 552.8 | 313.5 | 302.6 |
|  | $5629.0 | $5516.5 | $5686.0 | $5992.2 | $6168.6 |

---

Note: The above listing does not include any amount related to pension liabilities and derivative liabilities.

**Debt Record** 

The Government has always paid the full face amount of the principal of and interest on every direct obligation issued by it and every indirect obligation on which it has been required to meet its guarantee, all promptly when due in the lawful currency of the country where payable at the time of payment thereof, subject during wartime to any applicable laws and regulations forbidding trading with the enemy.

**Other Public Sector Debt** 

The Summary Financial Statements do not disclose the debt of all public entities located within the Province. Responsibility for a variety of provincial functions and powers has been transferred to municipalities and certain other local authorities. Other local bodies raise money for their purposes, in the case of

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municipalities by way of direct levy on persons or property within their jurisdiction or, in other cases, by requisition on municipalities, and may have the power to borrow money, subject to the approval of the Saskatchewan Municipal Board. The Saskatchewan Municipal Board is an autonomous regulatory body established by Provincial statute with broad powers to regulate local government activity.

Notwithstanding that significant financial assistance for operating and capital expenditures is made available to local government bodies by appropriation of the Legislative Assembly, the activities of local government bodies, including borrowing, are conducted independently of the Government. The Government is not directly or contingently liable for debt incurred by these bodies, and, relative to the gross debt of the Summary Financial Statements and the GDP of the Province, debt incurred by these bodies is not significant.

**Pension Funds** 

The Government sponsors several defined benefit pension plans and a defined contribution pension plan. The Government also participates in a joint defined benefit pension plan.

*Defined Benefit Plans* 

Defined benefit plans provide benefits based on length of service and pensionable earnings. A typical defined benefit plan provides pensions equal to 2.0 per cent of a member's average five years' highest salary, multiplied by the years of service to a maximum of 35 years. Employees contribute a percentage of salary, which may vary based on age, to their plan. Pensions and contribution rates are integrated with the Canada Pension Plan.

Actuarial valuations are performed at least triennially. When a valuation is not done in the current fiscal year an actuary extrapolates the most recent valuation. Valuations and extrapolations are based on a number of assumptions about future events, such as inflation rates, interest rates, wage and salary increases and employee turnover and mortality. These assumptions reflect estimates of expected long-term rates and short-term forecasts. Estimates vary based on the individual plan.

The accrued benefit obligation is determined using the projected benefit method prorated on services. Pension plan assets are valued at market-related values based on the actual market values averaged over a four-year period.

The two main defined benefit plans are the *Teachers' Superannuation Plan* (TSP) and the *Public Service Superannuation Plan* (PSSP). The Government mitigated its pension liability exposure when it introduced the Saskatchewan Teachers' Retirement Plan (STRP) in 1980 and the Public Employees' Pension Plan (PEPP) in 1997, and closed the TSP and the PSSP to new members. The Government's contributions to the STRP and PEPP are fixed and there is no pension liability exposure for the Government under these plans (see discussion below).

Other plans include Judges of the Provincial Court Superannuation Plan (Judges), Saskatchewan Transportation Company Employees Superannuation Plan, Anti-TB League Employees Superannuation Plan, and the Pension Plan for the Non-Teaching Employees of the Saskatoon School Division No.13 (PPNTE). Defined benefits are also payable to members of the former Members of the Legislative Assembly Superannuation Fund (MLA).

The Government is required to match employee current service contributions for all plans except the PSSP, Judges and PPNTE. Funding contributions are required for the PPNTE. Separate pension plan assets are maintained for TSP, Judges and PPNTE. For the other plans, employee contributions are received and pension obligations are paid directly by the Government.

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*Joint Defined Benefit Plans* 

Joint defined benefit plans are governed by formal agreements between the joint sponsors (i.e., participating employers and plan members) establishing that the joint sponsors have shared control over the plan. Funding contributions and significant risks of the plan are shared on an equitable basis between the joint sponsors. Accordingly, the Government accounts for only its portion of the plan. Plan assets and surpluses are restricted for member benefits or certain other purposes set out in the agreements. Plan benefits are determined on the same basis as defined benefit plans.

The accrued benefit obligation is determined using the projected benefit method prorated on services. Pension plan assets are valued at market-related values by averaging the difference between the net investment income on a market value basis and the expected investment income, based on the expected rate of return on plan assets, over a five-year period.

The Government also participates in the Saskatchewan Healthcare Employees' Pension Plan (SHEPP), a joint defined benefit plan for employees of the Saskatchewan Health Authority and certain other Government health entities. The Government participating employers contribute to the plan at the ratio of 1.12 to 1 of employee contributions and any actuarially determined deficiency is the responsibility of participating employers and employees at the same ratio. The Government portion of employer contributions represents approximately 98 per cent of total participating employer contributions to the plan.

Information regarding the defined benefit plans and the joint defined benefit plan of government service organizations can be found in Note 5 page 59 of Exhibit 99.2.

*Defined Contribution Plans* 

Defined contribution plans provide pensions based on accumulated contributions and investment earnings. Employees contribute a percentage of salary. The Government provides contributions at specified rates for employee current service. Pension plan assets of government-sponsored defined benefit and defined contribution plans are invested in fixed income securities, equities, real estate, pooled investment funds and short-term monetary items. The investment in government of Saskatchewan securities is insignificant for all plans.

The Government sponsors the Public Employees Pension Plan (PEPP). The Government provides contributions to the plan at specified rates for employee current service. The government also contributes to the Saskatchewan Teachers' Retirement Plan (STRP) which is sponsored by the Saskatchewan Teachers' Federation, as well as the Municipal Employees' Pension Plan (MEPP) and the Regina Civic Employees' Superannuation and Benefit Plan (RCESP). The Government has fully funded its share of contributions to the defined contribution plans.

Information regarding the defined contribution plans of government service organizations can be found in Note 5 page 61 of Exhibit 99.2.

The following reflects pension liability changes for five years ending March 31, 2025:

**PENSION LIABILITY** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(thousands of dollars)* | **2021** | **2022** | **2023** | **2024** | **2025** |
|  Accrued benefit obligation, beginning of year | $7149338 | $7052249 | $6715807 | $6719686 | $6526228 |
|  Current period benefit cost | 16878 | 19894 | 20618 | 19858 | 19478 |
|  Interest cost | 225577 | 204615 | 198905 | 195047 | 203065 |
|  Actuarial losses (gains) | 123838 | (109320) | 236028 | 48320 | (6315) |
|  Benefit payments | (463382) | (451631) | (451672) | (456683) | (459960) |
|  **Accrued Benefit Obligation,**<br> **End of Year** | $**7052249** | $**6715807** | $**6719686** | $**6526228** | $**6282496** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(thousands of dollars)* | **2021** | **2022** | **2023** | **2024** | **2025** |
|  Plan assets, beginning of year | $408326 | $402361 | $395229 | $373499 | $371200 |
|  Employer contributions | 417188 | 409319 | 412097 | 427810 | 429808 |
|  Employee contributions | 4154 | 4966 | 4485 | 4447 | 4911 |
|  Return on plan assets | 36977 | 35236 | 18929 | 19610 | 21236 |
|  Actuarial gains (losses) | (902) | (5022) | (5569) | 2517 | 1706 |
|  Benefit payments | (463382) | (451631) | (451672) | (456683) | (459960) |
|  **Plan Assets, End of Year** | $**402361** | $**395229** | $**373499** | $**371200** | $**368901** |
|  | $6649888 | $6320578 | $6346187 | $6155028 | $5913595 |
|  Unamortized estimation adjustments<sup>1</sup> | (78285) | 104514 | (235370) | (52172) | 19903 |
|  Joint defined benefit plan (SHEPP) net asset | (1175750) | (1494067) | (1573382) | (1831014) | (2145920) |
|  Valuation allowance<sup>2</sup> | 1179992 | 1502824 | 1581562 | 1837198 | 2155886 |
|  **Total Pension Liabilities *(schedule 8 Exhibit 99.2)*** | $**6575845** | $**6433849** | $**6118997** | $**6109040** | $**5943464** |

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<sup>1</sup> Unamortized estimation adjustments are amortized to pension expense over the expected average remaining service life of the related employee group at the time the estimate adjustments arose and commence the year following the adjustment.

<sup>2</sup> The valuation allowance includes amounts that reduce the Government's portion of the SHEPP plan assets to nil as plan assets and surpluses are restricted for member benefits. 

The following reflects the pension expense of government service organizations for five years ending March 31, 2025:

**PENSION EXPENSE** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(thousands of dollars)* | **2021** | **2022** | **2023** | **2024** | **2025** |
|  Defined benefit plans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current period benefit cost | $16878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19894 | $&nbsp;&nbsp;&nbsp;&nbsp;20618 | $&nbsp;&nbsp;&nbsp;&nbsp;19858 | $&nbsp;&nbsp;&nbsp;&nbsp;19478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of estimation adjustments | (360143) | 78501 | (98287) | 229001 | 64054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee contributions | (4154) | (4966) | (4485) | (4447) | (4911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in valuation allowance | (469) | 4515 | (577) | (1996) | 3782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension interest cost (*schedule 15 Exhibit 99.2*) | 188600 | 169379 | 179976 | 175437 | 181829 |
|  Pension (recovery) expense, defined benefit plans | 159288) | $267323 | $97245 | $417853 | $264232 |
|  Other plans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension expense, joint defined benefit plan | $180064 | $190182 | $190832 | $200474 | $206357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension expense, defined contribution plans | 232250 | 242419 | 246770 | 252303 | 273944 |
|  Total Pension Expense (*schedule 17 Exhibit 99.2 footnote 3*) | $253026 | $699924 | $534847 | $870630 | $744533 |

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*Government Business Enterprise – Defined Benefit Pension Plans* 

There are additional employee pension plans of government business enterprises that are accounted for in the investment in government business enterprises.

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The two main defined benefit plans of government business enterprises are the Power Corporation Superannuation Plan (SaskPower) and the Saskatchewan Telecommunications Pension Plan (SaskTel). Other plans include the Saskatchewan Government Insurance Superannuation Plan, the Liquor Board Superannuation Plan, and the Pension Plan for the Employees of the Saskatchewan Workers' Compensation Board (WCB). The WCB pension plan was wound up during 2020-21. The Government contributes the amount necessary to fund the payment of pension benefits.

Information on the defined benefit plans of government business enterprises can be found in Note 5 on page 61 of Exhibit 99.2.

Based on the latest actuarial valuation with extrapolations to the government business enterprises' year end, the present value of the accrued benefit obligation and the fair value of plan assets are shown in Note 5, page 62 of Exhibit 99.2.

*Government Business Enterprise – Defined Contribution Pension Plans* 

Information on government business enterprises' participation in PEPP can be found in Note 5, page 62 of Exhibit 99.2.

**CERTAIN CROWN CORPORATIONS AND AGENCIES** 

**Introduction** 

Saskatchewan's Crown corporations are involved in a broad range of activities, including the provision of electricity, natural gas, telecommunications, insurance and other goods and services, primarily within the province's borders. Crown corporations are almost exclusively commercial enterprises intended to be self-sustaining.

Traditionally, the capital requirements of the Government's enterprises have been financed, with few exceptions, through direct obligations of, or advances by, the General Revenue Fund (GRF). Provincial legislation governing certain Crown corporations provides for the issuance of securities by these enterprises, with or without a guarantee of the Province. Pursuant to The Financial Administration Act, 1993, all borrowings by provincial Crown corporations must be approved by Saskatchewan's Minister of Finance.

For administrative purposes, Saskatchewan's Crown corporations are categorized into two separate groups. As discussed below, most Crown corporations with self-sustaining commercial operations are under the purview of, and report to, Crown Investments Corporation of Saskatchewan. All other Crown corporations report directly to the Treasury Board, which is a committee of the Executive Council.

Self-sustaining Crown corporations are accounted for in accordance with International Financial Reporting Standards (IFRS), and they are consolidated in the Government's financial statements using the modified equity method. Crown corporations that are not self-sustaining are accounted for in accordance with Canadian public sector accounting standards, and are consolidated after eliminating inter-entity balances and transactions.

**Crown Investments Corporation of Saskatchewan (CIC)** 

***Introduction***

CIC is a provincial Crown corporation without share capital, established and operating under the authority of The Crown Corporations Act, 1993. CIC, as a legal entity, does not carry debt. CIC is wholly owned by the Government of Saskatchewan. CIC is responsible for certain government investments, including Crown corporations and financial and operating investments. Crown corporations are designated as being under the purview of CIC by legislation or Order-in-Council.

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As at March 31, 2025, there were six corporations so designated: Lotteries and Gaming Saskatchewan (LGS), Saskatchewan Government Insurance (SGI CANADA), Saskatchewan Power Corporation (SaskPower), Saskatchewan Telecommunications Holding Corporation (SaskTel), Saskatchewan Water Corporation (SaskWater), and SaskEnergy Incorporated (SaskEnergy). Of these corporations, LGS, SaskPower, SaskTel, SaskEnergy and SGI CANADA are the most significant in terms of assets, liabilities, and operating income generated.

The Saskatchewan Auto Fund is not a Crown corporation and is not included in CIC's consolidated results. However, it is administered by Saskatchewan Government Insurance (SGI) and is, therefore, included in the commentary below. CIC is the sole shareholder of CIC Asset Management Inc. (CIC AMI), a wholly owned share capital subsidiary which is domiciled in Canada.

***Fiscal Year 2024-25 Highlights - Consolidated Basis***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(millions of dollars)* | 2020-21 | 2021-22 | 2022-23 | 2023-24 | **2024-25** |
|  LGS/Saskatchewan Gaming Corporation (SGC)<sup>1</sup> | (13.4) | 9.5 | 21.3 | 195.3 | **223.5** |
|  SaskEnergy | 80.8 | 158.3 | 59.4 | 21.1 | **90.5** |
|  SaskTel | 130.8 | 104.4 | 104.1 | 95.4 | **82.2** |
|  SaskPower | 160.2 | 10.7 | (172.1) | 184.6 | **75.7** |
|  SGI CANADA | 172.1 | 81.8 | 34.3 | 78.1 | **43.2** |
|  SaskWater | 7.4 | 8.7 | 8.6 | 8.7 | **8.6** |
|  CIC AMI | 19.5 | (7.3) | (6.2) | 7.1 | **2.5** |
|  Saskatchewan Opportunities Corporation | 0.6 | 1.1 |  |  | **—** |
|  CIC (Separate) | 272.4 | 186.5 | 103.1 | 211.8 | **257.6** |
|  Consolidation adjustments<sup>2</sup> | (245.0) | (192.7) | (135.3) | (223.8) | **(273.1)** |
|  CIC Consolidated net earnings | 585.4 | 361.0 | 17.2 | 578.3 | **510.7** |
|  **Saskatchewan Auto Fund** | 283.4 | (38.9) | (134.1) | (70.3) | **(198.0)** |

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<sup>1</sup> On June 1, 2023, LGS began operations. SGC was reconfigured as a wholly-owned business subsidiary of LGS. 2020-21 to 2022-23 net earnings (loss) were exclusively derived from SGC's casino operations.

<sup>2</sup> Consolidation adjustments reflect the elimination of all inter-entity transactions, such as grants from CIC to Crown corporations, revenues and expenses between Crown corporations, and dividends paid by Crown corporations to CIC.

CIC administered six subsidiary Crown corporations at March 31, 2025. Following is a brief commentary on CIC's five major holdings plus the Saskatchewan Auto Fund that is administered by SGI.

***LGS***

LGS oversees the management of lotteries and gaming activities in Saskatchewan including lotteries, casinos, video lottery terminals (VLTs), and online gaming. A portion of earnings from Saskatchewan lottery and gaming activities are received by LGS and distributed to the GRF and other various organizations in accordance with The Lotteries and Gaming Saskatchewan Corporation Act and Gaming Framework Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings improved by $28.2 million primarily due to operating for 12 months compared to only 10 months in the
prior period. Growth was also experienced at land-based casinos, from VLTs, and from online gaming. These results were primarily driven by strong provincial economic conditions and a focus on enhancing the gaming experience for customers, resulting
in higher guest spend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends declared to CIC were $190.0 million (2023-24 - $139.1 million).

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***SaskEnergy***

SaskEnergy operates a natural gas distribution utility that provides natural gas and related services to residential, farm, commercial, and industrial customers in Saskatchewan. In addition, TransGas Limited (TransGas) is SaskEnergy's wholly owned natural gas transmission and storage subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings increased by $69.4 million primarily due to higher delivery, transportation, and storage revenues and
higher customer capital contributions in 2024-25. Higher delivery service revenues were driven by rate increases, combined with the impact of colder weather than the prior year increasing customer demand for
natural gas as heating energy. Higher transportation and storage revenues were from higher demand, combined with a rate increase to address transmission system expansion and growing demand for natural gas services in Saskatchewan. Lower natural gas
prices led to decreased commodity cost of sales and more favourable fair value adjustments on natural gas contracts. These positive impacts were partially offset by higher inflationary increases to third-party transportation costs and increased
spending on technology programs, facility modifications, and customer energy efficiency programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends declared to CIC were $31.8 million (2023-24 - $20.6 million).

***SaskTel***

SaskTel provides competitive wireless, voice, entertainment, internet, data, equipment, marketing, security, software and consulting products and services. The corporation's major asset is a wholly owned subsidiary, Saskatchewan Telecommunications, which has been the principal supplier of telecommunications in Saskatchewan for over 100 years. SaskTel's operations are regulated by the Canadian Radio-television and Telecommunications Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings decreased by $13.2 million primarily due to the increasing cost of wireless devices and increased
depreciation from continued capital investment in its networks. This was partially offset by higher revenue from a growing wireless customer base, customers opting for higher internet speeds, and increased fibre customers due to the expansion of the
fibre network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends declared to CIC were $32.9 million (2023-24 - $38.2 million).

***SaskPower***

SaskPower is Saskatchewan's energy supplier. It generates, purchases, transmits, distributes, and sells electricity and related products and services. SaskPower supplies electricity from a variety of sources including import, natural gas, coal, hydro, wind, solar, and other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings decreased by $108.9 million primarily due to lower revenues from electricity exports and customer
contributions. Export sales decreased due to lower demand from Alberta and the Southwest Power Pool. SaskPower was also negatively impacted by lower average export sale prices. Customer contributions decreased due to fewer transmission connection
requirements. Maintenance costs were also higher due to the timing of overhaul activities and higher planned maintenance costs on transmission infrastructure. Partially offsetting these earnings decreases was a $136 million Clean Electricity
Transition Grant funding received from the province to advance the technologies and infrastructure needed to support clean electricity operating costs including purchased power agreements and renewable power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends declared to CIC were $nil (2023-24 - $18.5 million).

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***SGI CANADA***

SGI CANADA is the trade name of the property and casualty insurance division of Saskatchewan Government Insurance (SGI) which offers products in five Canadian provinces. It operates as SGI CANADA in Saskatchewan and SGI CANADA Insurance Services Ltd. (SCISL) in Alberta, Manitoba, British Columbia, and Ontario. SCISL also has a wholly-owned subsidiary, Coachman Insurance Company, which operates in Ontario. Products are sold through a network of independent brokers throughout Saskatchewan, Manitoba, Alberta, British Columbia, and Ontario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings decreased by $34.9 million largely due to an increase in claim costs related to several large storm
events that occurred in 2024, including a large hail and windstorm in southeastern Saskatchewan, the wildfires in Jasper, Alberta, a large hailstorm that hit Calgary, Alberta, and flooding in Ontario. This was partially offset by improved investment
earnings and revenue growth in all jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends declared to CIC were $18.0 million (2023-24 - $nil).

***Saskatchewan Auto Fund***

As the compulsory automobile insurance program for Saskatchewan residents, the Auto Fund provides vehicle registrations, driver's licences, basic minimum liability insurance required to operate a vehicle and coverage for damage to or loss of an insured vehicle, subject to a deductible. The Auto Fund is administered by SGI. SGI's role is to oversee the operations of the Auto Fund for the Province of Saskatchewan based on the legislative requirements contained in *The Automobile Accident Insurance Act*.

The Auto Fund does not receive money from, nor pay dividends to, the Province of Saskatchewan, SGI, or CIC. The Auto Fund is operated on a self-sustaining basis viewed over a long-term time frame. Any annual financial excess or deficiencies of the Auto Fund are recorded in its Rate Stabilization Reserve (RSR). The RSR is held on behalf of Saskatchewan's motoring public and cannot be used for any other purpose by the government or the administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss increased by $127.7 million primarily due to increases to claims frequency and severity, as well as increases
to vehicle repair costs due to changes in technology, increased complexity, and inflationary pressures. Catastrophic claims increased due to a large June storm that hit southeastern Saskatchewan. This was partially offset by improved investment
results due to lower interest rates positively impacting fixed income returns.

***Capital Expenditures***

During 2024-25, capital expenditures made by CIC and the Crown corporations under its purview totalled $2.2 billion (2024-25 - $1.8 billion) an increase of $0.4 million from 2023-24. Total consolidated assets administered by CIC were $25.2 billion as of March 31, 2025, an increase of $1.7 billion from 2024-25.

***Saskatchewan Rate Review Panel***

On July 26, 2000, the Saskatchewan Rate Review Panel (Panel) was established. The Panel advises the Government of Saskatchewan on rate applications proposed by SaskEnergy, SaskPower and the Saskatchewan Auto Fund. The Panel reviews each rate application and provides an independent public report on its opinion about the fairness and reasonableness of the rate change, while balancing the interests of the customer, the Crown corporation, and the public. The provincial Cabinet makes the final decision on rate change requests, which can differ from the Panel's recommendation. No rate applications were completed in 2024-25.

------

***FOREIGN EXCHANGE***

Canada maintains a floating exchange rate for the Canadian dollar, which permits the rate to be determined by fundamental market forces without intervention except as required to maintain orderly market conditions.

Closing spot exchange rates for the U.S. dollar in Canada, expressed in Canadian dollars per U.S. dollar, are shown in the table below for 2020 through 2024.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2020** | **2021** | **2021** | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** |
|  Annual average exchange rate |  | 1.3415 |  | 1.2535 |  | 1.3013 |  | 1.3497 |  | 1.3698 |

---

Source: Bank of Canada

On March 31, 2025, the rate for the U.S. dollar in Canada, as reported by the Bank of Canada, was $1.4376.

Unless otherwise specified or the context otherwise requires, the following table sets forth the conversion rates used in this Annual Report for foreign currency borrowings.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2021** | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
|  March 31 average exchange rate |  | 1.2575 |  | 1.2496 |  | 1.3533 |  | 1.3550 |  | 1.4376 |

---

Source: Bank of Canada

------

**OFFICIAL STATEMENTS** 

Information included herein which is designated as being taken from a publication of the Province or Canada, or any agency or instrumentality of either, is included herein upon the authority of such publication as a public official document. The financial statements of the Government included herein under the headings "Summary Financial Statement Supplementary Financial Information" have been taken from the Public Accounts of the Province (subject to certain adjustments for purposes of comparability). All financial information contained herein was obtained from the most recent annual Budget, Public Accounts, or Crown Investments Corporation of Saskatchewan Annual Report, or was prepared by representatives of the Ministry of Finance or of CIC in their official capacities. The information set forth under "Province of Saskatchewan," and other than described in the first sentence of this paragraph, was prepared by representatives of the Ministry of Finance in their official capacities.

------

**DEBT SUMMARY AND TERM DEBT OUTSTANDING** 

**Debt Summary as of March 31, 2025** 

---

| | |
|:---|:---|
| **Summary** | **Thousands** |
|  Payable in Canadian Funds: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Debt Issued to the Public - Medium-Term Notes | $469449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Debt Issued to the Public - Public Issue Debentures | 27935000 |
|  | $28404449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures Issued to the Minister of Finance of Canada | 554254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Term Debt | 5369114 |
|  Term Debt Outstanding | $34327817 |
|  Promissory Notes Outstanding | 1278571 |
|  Gross Debt | $35606388 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Medium-Term Promissory Notes** | | | | | | |
| **Series** | **Date of Original<br>Issue** | **Maturity Date** | **Amount Outstanding** | **CAD** | **Coupon Rate** | **Canadian Dollars** |
|  803854GZ5 | 24-Mar-99 | 5-Mar-29 | 60000000 | CAD | 5.60 | 60000000 |
|  803854HF8 | 17-Feb-00 | 25-Jan-30 | 25000000 | CAD | 6.25 | 25000000 |
|  803854JN91 | 25-Jan-00 | 25-Jan-30 | 169995000 | CAD | 6.35 | 169995000 |
|  803854HE1 | 25-Jan-00 | 25-Jan-30 | 30000000 | CAD | 6.35 | 30000000 |
|  803854JR06 | 13-Feb-09 | 13-Feb-32 | 29954000 | CAD | 6.30 | 29954000 |
|  803854JB5 | 10-Jun-03 | 5-Sep-33 | 104500000 | CAD | 5.80 | 104500000 |
|  803854HY74 | 16-Sep-02 | 5-Sep-42 | 50000000 | CAD | 5.70 | 50000000 |
|  |  |  | $**469449000** |  |  | $**469449000** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Public Issue Debentures** | | | | | | |
| **Series** | **Date of Original<br>Issue** | **Maturity Date** | **Amount Outstanding** | **CAD** | **Coupon Rate** | **Canadian Dollars** |
|  803854FP8 | 30-May-95 | 30-May-25 | 175000000 | CAD | 8.75 | 175000000 |
|  803854KM9 | 27-Jul-20 | 2-Sep-25 | 1200000000 | CAD | 0.80 | 1200000000 |
|  803854KB3 | 14-Mar-16 | 2-Jun-26 | 1575000000 | CAD | 2.55 | 1575000000 |
|  803854KE7 | 24-Feb-17 | 2-Jun-27 | 1000000000 | CAD | 2.65 | 1000000000 |
|  803854KF4 | 18-May-18 | 2-Dec-28 | 1300000000 | CAD | 3.05 | 1300000000 |
|  803854GY8 | 4-Dec-98 | 5-Mar-29 | 350000000 | CAD | 5.75 | 350000000 |
|  803854KJ6 | 4-Oct-19 | 2-Jun-30 | 1400000000 | CAD | 2.20 | 1400000000 |
|  803854KP2 | 12-May-21 | 2-Jun-31 | 1600000000 | CAD | 2.15 | 1600000000 |
|  803854HN | 8-Aug-01 | 5-Sep-31 | 550000000 | CAD | 6.40 | 550000000 |
|  803854KU1 | 24-May-23 | 2-Jun-33 | 1700000000 | CAD | 3.90 | 1700000000 |
|  803854JA70 | 12-May-03 | 5-Sep-33 | 450000000 | CAD | 5.80 | 450000000 |
|  803854JH24 | 12-Aug-04 | 5-Sep-35 | 400000000 | CAD | 5.60 | 400000000 |
|  803854JJ89 | 15-Feb-05 | 5-Mar-37 | 425000000 | CAD | 5.00 | 425000000 |
|  803854JL36 | 26-May-06 | &nbsp;&nbsp;&nbsp;&nbsp;1-Jun-40 | &nbsp;&nbsp;&nbsp;&nbsp;1050000000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75 | 1050000000 |
|  803854JT6 | 3-Feb-12 | 3-Feb-42 | 800000000 | CAD | 3.40 | 800000000 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Public Issue Debentures** | | | | | | |
| **Series** | **Date of Original<br>Issue** | **Maturity Date** | **Amount Outstanding** | **CAD** | **Coupon Rate** | **Canadian Dollars** |
|  803854JU3 | 9-Oct-13 | 2-Jun-45 | 1450000000 | CAD | 3.90 | 1450000000 |
|  803854KA5 | 17-Apr-15 | 2-Dec-46 | 2200000000 | CAD | 2.75 | 2200000000 |
|  803854KC1 | 13-Dec-16 | 2-Jun-48 | 2125000000 | CAD | 3.30 | 2125000000 |
|  803854KH0 | 15-Aug-18 | 2-Jun-50 | 2500000000 | CAD | 3.10 | 2500000000 |
|  803854KN7 | 13-Apr-21 | 2-Dec-52 | 1600000000 | CAD | 2.80 | 1600000000 |
|  803854JX7 | 13-Mar-14 | 2-Mar-54 | 725000000 | CAD | 3.75 | 725000000 |
|  803854KV9 | 27-Jun-23 | 2-Dec-54 | 2000000000 | CAD | 4.20 | 2000000000 |
|  803854KG2 | 26-Jun-18 | 2-Jun-58 | 750000000 | CAD | 2.95 | 750000000 |
|  803854KL1 | 2-Jun-20 | 2-Jun-60 | 310000000 | CAD | 2.35 | 310000000 |
|  803854KT4 | 23-Jan-23 | 2-Jun-62 | 300000000 | CAD | 3.80 | 300000000 |
|  |  |  | $**27935000000** |  |  | $**27935000000** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Canada Pension Plan Debt** | | | | | |
| **Debenture**<br> **Number** | **Date of Issue** | **Maturity Date** | **Amount Outstanding** | **Coupon Rate** | **Canadian Dollars** |
|  CHC-31 | 10-Apr-05 | 10-Apr-25 | 1700000 CAD | 5.05 | 1700000 |
|  CPP-31 | 3-Dec-10 | 3-Dec-25 | 50000000 CAD | 4.15 | 50000000 |
|  CPP-34 | 1-Mar-11 | 1-Mar-26 | 3000000 CAD | 4.33 | 3000000 |
|  CPP-37 | 4-Jul-11 | 4-Jul-26 | 3000000 CAD | 3.85 | 3000000 |
|  CPP-7 | 8-Aug-06 | 8-Aug-26 | 7330000 CAD | 4.86 | 7330000 |
|  CPP-59 | 12-Mar-17 | 12-Mar-27 | 16559000 CAD | 2.68 | 16559000 |
|  CPP-13 | 10-Apr-07 | 10-Apr-27 | 2200000 CAD | 4.60 | 2200000 |
|  CPP-81 | 3-Jun-24 | 5-Jun-29 | 12427000 CAD | 4.00 | 12427000 |
|  CPP-82 | 5-Jun-24 | 5-Jun-29 | 15000000 CAD | 4.00 | 15000000 |
|  CPP-83 | 5-Jun-24 | 5-Jun-29 | 15000000 CAD | 4.00 | 15000000 |
|  CPP-79 | 3-Nov-23 | 3-Dec-29 | 5000000 CAD | 4.59 | 5000000 |
|  CPP-80 | 1-Dec-23 | 3-Dec-29 | 7000000 CAD | 4.01 | 7000000 |
|  CPP-78 | 4-Jul-23 | 4-Jul-30 | 6000000 CAD | 4.04 | 6000000 |
|  CPP-30 | 3-Dec-10 | 3-Dec-30 | 9000000 CAD | 4.32 | 9000000 |
|  CPP-84 | 2-Dec-24 | 1-Dec-31 | 6000000 CAD | 3.70 | 6000000 |
|  CPP-44 | 1-Dec-13 | 1-Dec-33 | 9800000 CAD | 3.94 | 9800000 |
|  CPP-47 | 5-Jun-14 | 5-Jun-34 | 13100000 CAD | 3.51 | 13100000 |
|  CPP-1 | 10-Jul-05 | 10-Jul-35 | 14147000 CAD | 4.71 | 14147000 |
|  CPP-50 | 12-Dec-15 | 12-Dec-35 | 2407000 CAD | 3.29 | 2407000 |
|  CPP-51 | 10-Jan-16 | 10-Jan-36 | 2400000 CAD | 3.18 | 2400000 |
|  CPP-53 | 9-May-16 | 9-May-36 | 22010000 CAD | 3.17 | 22010000 |
|  CPP-54 | 2-Jun-16 | 2-Jun-36 | 23557000 CAD | 3.18 | 23557000 |
|  CPP-56 | 4-Jul-16 | 4-Jul-36 | 15552000 CAD | 2.93 | 15552000 |
|  CPP-57 | 3-Nov-16 | 3-Nov-36 | 4575000 CAD | 2.94 | 4575000 |
|  CPP-73 | 3-Nov-21 | 3-Nov-36 | 1525000 CAD | 2.49 | 1525000 |
|  CPP-74 | 1-Dec-21 | 1-Dec-36 | 3900000 CAD | 2.70 | 3900000 |
|  CPP-60 | 10-Apr-17 | 10-Apr-37 | 2800000 CAD | 3.20 | 2800000 |
|  CPP-61 | 11-May-17 | 11-May-37 | 2600000 CAD | 3.02 | 2600000 |
|  CPP-62 | 11-Jun-17 | 11-Jun-37 | 18991000 CAD | 2.85 | 18991000 |
|  CPP-75 | 13-Jun-22 | 11-Jun-37 | 3900000 CAD | 4.11 | 3900000 |
|  CPP-64 | 3-Mar-18 | 3-Mar-38 | 5000000 CAD | 3.15 | 5000000 |
|  CPP-19 | 11-Jul-08 | 11-Jul-38 | 23684000 CAD | 4.71 | 23684000 |
|  CPP-70 | 1-Sep-19 | 1-Sep-39 | 4500000 CAD | 2.39 | 4500000 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Canada Pension Plan Debt** | | | | | |
| **Debenture**<br> **Number** | **Date of Issue** | **Maturity Date** | **Amount Outstanding** | **Coupon Rate** | **Canadian Dollars** |
|  CPP-71 | 1-Dec-19 | 1-Dec-39 | 33000000 CAD | 2.46 | 33000000 |
|  CPP-72 | 1-Mar-20 | 1-Mar-40 | 5093000 CAD | 2.20 | 5093000 |
|  CPP-49 | 1-Mar-15 | 1-Mar-40 | 10174000 CAD | 2.77 | 10174000 |
|  CPP-29 | 3-May-10 | 3-May-40 | 13000000 CAD | 4.80 | 13000000 |
|  CPP-63 | 1-Mar-18 | 1-Mar-41 | 4600000 CAD | 3.16 | 4600000 |
|  CPP-52 | 1-Mar-16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-Mar-41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10718000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | 10718000 |
|  CPP-55 | 3-Jun-16 | 3-Jun-41 | 5000000 CAD | 3.21 | 5000000 |
|  CPP-41 | 1-Mar-12 | 1-Mar-42 | 76300000 CAD | 3.44 | 76300000 |
|  CPP-77 | 6-Jul-22 | 6-Jul-42 | 50000000 CAD | 4.32 | 50000000 |
|  CPP-76 | 6-Jul-22 | 6-Jul-42 | 12705000 CAD | 4.32 | 12705000 |
|  |  |  | $**554254000** |  | $**554254000** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Other Term Debt** | | | | | | |
| **Series** | **Date of Original<br>Issue** | **Maturity Date** | **Amount Outstanding** | | **Coupon Rate** | **Canadian Dollars** |
|  N/A | 8-Jun-22 | 8-Jun-27 | 1000000000 | USD | 3.51 | 1266800000 |
|  N/A | 28-Jan-25 | 28-Jan-30 | 1000000000 | USD | 4.65 | 1440600000 |
|  N/A | 1-Mar-22 | 1-Mar-32 | 100000000 | CHF | 2.73 | 137931034 |
|  N/A | 2-May-24 | 2-May-34 | 100000000 | CHF | 1.33 | 150262960 |
|  N/A | 8-May-24 | 8-May-34 | 1250000000 | EUR | 3.30 | 1839875000 |
|  N/A | 13-Dec-21 | 13-Dec-41 | 120000000 | EUR | 2.66 | 174500000 |
|  N/A | 6-Oct-20 | 6-Oct-50 | 115000000 | EUR | 2.08 | $179779500 |
|  N/A | Various | Various | 179365286 | CAD | Various | 179365286 |
|  |  |  | $**3864365286** |  |  | $**5369113780** |

---

<sup>1</sup> The Canada Pension Plan (CPP) is a compulsory national pension plan in which residents of all provinces, except Quebec, participate. Provincial securities sold to the CPP prior to July 1, 2005, are payable 20 years after their respective dates of issue. Effective July 1, 2005, no new loan capital is available to provinces. However, provinces are permitted to roll over maturing securities and may choose the term of the new securities within the parameters of not less than five years and not more than 30 years. The securities are not negotiable, not transferable or assignable, but are redeemable in whole or in part before maturity at the option of the Minister of Finance of Canada, on six months' prior notice when he deems it necessary in order to meet the requirements of the Canada Pension Plan or at the option of the Province with at least one month prior notice to the Minister of Finance of Canada 

<sup>2</sup> Sinking funds are required for debt with a term of 10 years or more. Sinking Fund investments consist primarily of debentures of the Province of Saskatchewan, other provincial governments and the Government of Canada.

<sup>3</sup> The Province has executed currency swap contracts to convert any foreign-denominated debt into Canadian-denominated debt. This debt is reflected in the above list in Canadian dollars using the foreign exchange rate effective in the swap contract.

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g35755dsp057.jpg)

Public Accounts 2024-25 Volume 1 Summary Financial Statements

------

<br> **2024-25 Public Accounts of Saskatchewan**<br>Volume 1<br>

**Contents** 

---

| | |
|:---|:---|
| 3 | Letters of Transmittal |
| 4 | Introduction to the Public Accounts |
| Financial Statement Discussion and Analysis | Financial Statement Discussion and Analysis |
| 7 | Highlights |
| 12 | Assessment of Fiscal Health |
| 17 | Details |
| 37 | Risks and Uncertainties |
| Summary Financial Statements | Summary Financial Statements |
| 41 | Responsibility for the Summary Financial Statements |
| 43 | Independent Auditor's Report |
| 47 | Statement of Financial Position |
| 48 | Statement of Operations |
| 49 | Statement of Accumulated Operating Deficit |
| 49 | Statement of Accumulated Remeasurement Gains and Losses |
| 50 | Statement of Change in Net Debt |
| 51 | Statement of Cash Flow |
| 52 | Notes to the Financial Statements |
|  | Schedules to the Financial Statements |
| 67 | Accounts Receivable |
| 67 | Loans Receivable |
| 68 | Investment in Government Business Enterprises |
| 70 | Sinking Fund Investments |
| 72 | Portfolio Investments |
| 73 | Accounts Payable and Accrued Liabilities |
| 74 | Unearned Revenue |
| 75 | Pension Liabilities |
| 76 | Public Debt |
| 78 | Obligations Under Long-Term Financing Arrangements |
| 79 | Other Liabilities |
| 80 | Tangible Capital Assets |
| 81 | Inventories Held for Consumption |
| 82 | Revenue |
| 83 | Expense by Object |
| 83 | Financing Charges |
| 84 | Segmented Reporting |
| 86 | Supplemental Cash Flow Information |
| 87 | Government Reporting Entity |
| 90 | Glossary of Terms |

---

------

Letters of Transmittal

Regina, Saskatchewan

June 2025

*To Her Honour* 

*The Honourable Bernadette McIntyre* 

*Lieutenant Governor of Saskatchewan* 

Your Honour:

I have the honour to submit Volume 1 of the Public Accounts of the Government of Saskatchewan for the fiscal year ended March 31, 2025.

Respectfully submitted,

![LOGO](g35755g0918075205019.jpg)

**JIM REITER** 

*Deputy Premier and* 

*Minister of Finance* 

Regina, Saskatchewan

June 2025

*The Honourable Jim Reiter* 

*Deputy Premier and* 

*Minister of Finance* 

We have the honour to present Volume 1 of the Public Accounts of the Government of Saskatchewan for the fiscal year ended March 31, 2025.

Respectfully submitted,

---

| | |
|:---|:---|
| ![LOGO](g35755g0918075205305.jpg) | ![LOGO](g35755g0918075205409.jpg) |
| **MAX HENDRICKS** | **CHRIS BAYDA** |
| *Deputy Minister of Finance* | *Provincial Comptroller* |

---

Government of Saskatchewan Public Accounts 2024-25<sub>3</sub>

------

Introduction to the Public Accounts

**Introduction to the Public Accounts** 

The 2024-25 Public Accounts of the Government of Saskatchewan (the government) are prepared in accordance with *The Financial Administration Act, 1993* and consist of two volumes. The government is responsible for the integrity and objectivity of the information presented in these two volumes.

**Volume 1** 

***Financial Statement Discussion and Analysis*** provides users of the government's Summary Financial Statements with an overview of the government's performance by presenting comparative financial highlights and variance analysis. The information in the financial statement discussion and analysis should be read in conjunction with the Summary Financial Statements.

***Summary Financial Statements*** provide an accounting of the full nature and extent of the financial affairs and resources of the government. This includes the financial results of the General Revenue Fund, Crown corporations, boards and other entities controlled by the government. A listing of all entities controlled by the government, collectively referred to as the government reporting entity, is provided in schedule 19 of the Summary Financial Statements.

**Volume 2** 

Volume 2 contains the following unaudited financial information:

• General Revenue Fund schedules and details;

• General Revenue Fund capital asset acquisitions schedule and details;

• revolving fund expenditure details;

• summary listing of payees who provided goods and services and capital assets of $50,000 or more to the General Revenue Fund
and revolving funds during the fiscal year;

• assets, liabilities and residual balances of pension plans and trust funds administered by the government;

• remissions of taxes and fees; and

• road-use fuel tax accountability revenues and expenditures.

The Public Accounts, including the Compendiums, are available on the Government of Saskatchewan's website.

The Compendium of Financial Statements contains the financial statements of various government agencies, boards, commissions, pension plans, special purpose funds and institutions, as well as Crown corporations which are accountable to Treasury Board.

The Compendium of Payee Details contains the payee details of all Summary Financial Statement entities, except Crown Investments Corporation of Saskatchewan and its subsidiaries.

In addition, the financial statements and payee details of Crown corporations and wholly-owned subsidiaries that are accountable to the Crown Investments Corporation of Saskatchewan (CIC) Board can be found on CIC's website.

---

| | |
|:---|:---|
| **4** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

<br> **Financial Statement Discussion and Analysis**<br>

------

Financial Statement Discussion and Analysis

**Financial Statement Discussion and Analysis** 

**Highlights** 

**Introduction** 

The Financial Statement Discussion and Analysis (FSD&A) provides an overview of the government's financial performance and information to report on the government's accountability for the resources entrusted to it. The FSD&A is intended to assist users of the Summary Financial Statements (SFS) in their assessment of the government's fiscal health. The government is responsible for the integrity and objectivity of this discussion and analysis.

This information should be read in conjunction with the SFS which include the financial activities of all government-controlled entities, collectively referred to as the government reporting entity. A complete listing of the public sector entities included in the government reporting entity is provided in schedule 19 of the SFS*.* 

**Financial Results** 

In 2024-25, the government reports an operating deficit of $249 million, a $431 million decline from the prior year operating surplus and a $24 million improvement from the budgeted deficit. Contributing to the reduced results from the prior year is a significant decrease in taxation revenue and higher health expenses, partially offset by decreased agriculture expenses. The slight improvement from budget is explained by higher revenue in all categories other than non-renewable resources, mostly offset by higher expenses, particularly in the health and agriculture themes.

Revenue is $137 million lower than the prior year but greater than budget by $994 million. Most revenue categories increased from both prior year and budget with the most notable increase in other own-source revenue primarily due to the resolution of tobacco litigation. However, taxation revenue and net income from government business enterprises declined compared to the prior year, primarily due to strong corporate income tax assessments in the prior year and lower current year results in the utility sector. Additionally, non-renewable resource revenue was lower-than-budgeted, primarily attributable to declining potash revenue.

Total expense is higher than both the prior year and budget with increases of $294 million and $970 million respectively. There are increases from the prior year in most themes, with the most notable increase in health as a result of increased demand for services. Partially offsetting these increases is a significant decrease in crop insurance indemnities due to the improvement in drought conditions. The increase from budget is due to increases in most themes, with notable increases in health, agriculture and environment and natural resources.

The government continues to invest in infrastructure with a record $4.32 billion capital investment in 2025. This includes significant investments in schools, hospitals and roads, and record investments in electricity generation, transmission and distribution assets and communication networks in the Crown sector.

The government's overall financial position as at March 31, 2025 is an accumulated deficit of $1.54 billion.

Government of Saskatchewan Public Accounts 2024-25<sub>7</sub>

------

Financial Statement Discussion and Analysis

**Highlights** 

**At a Glance** 

Financial Results

(millions of dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2025** | **2025** | **2024** | **from** | **from** |
|  | **Budget** | **Actual** | **Actual** | **Budget** | **2024<br>Actual** |
|  Revenue | 19862 | 20856 | 20993 | 994 | (137) |
|  Expense | 20135 | 21105 | 20811 | 970 | 294 |
|  **Operating (Deficit) Surplus** | (273) | (249) | 182 | (24) | (431) |
|  **Net Debt** | (15525) | (15627) | (14347) | 102 | 1281 |
|  **Accumulated Deficit<sup>1</sup>** | (1397) | (1537) | (1124) | 140 | 413 |
|  <sup>1</sup> Comprised of: |  |  |  |  |  |
| &nbsp;&nbsp; Accumulated operating deficit | (1689) | (1664) | (1416) | (24) | 249 |
| &nbsp;&nbsp; Accumulated remeasurement gains | 292 | 127 | 292 | (164) | (164) |
| &nbsp;&nbsp; Accumulated Deficit | (1397) | (1537) | (1124) | 140 | 413 |

---

*Totals may not add due to rounding.* 

---

| | |
|:---|:---|
| **8** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Financial Statement Discussion and Analysis

**Highlights** 

**Operating (Deficit) Surplus** 

The operating (deficit) surplus represents the amount by which (expense exceeds revenue) revenue exceeds expense for the fiscal period.

---

| | |
|:---|:---|
| Operating (Deficit) Surplus | The 2025 SFS report an operating deficit of $249 million, a $431 million decline from the $182 million surplus reported in the previous year. The year-over-year decline in operating results is mainly attributable to a slight increase in expenses and a slight decrease in overall revenue. Most expense themes and revenue categories saw increases, however there are notable declines in both taxation revenue and agriculture expense.<br>Compared to the budget, the operating deficit is $24 million lower than expected. The improvement from budget is mainly attributable to higher-than-budgeted revenue, mostly offset by higher-than-budgeted expenses. Most revenue categories other than non-renewable resources and expense themes are greater than budget. |
| <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575566a.jpg) <br>| The 2025 SFS report an operating deficit of $249 million, a $431 million decline from the $182 million surplus reported in the previous year. The year-over-year decline in operating results is mainly attributable to a slight increase in expenses and a slight decrease in overall revenue. Most expense themes and revenue categories saw increases, however there are notable declines in both taxation revenue and agriculture expense.<br>Compared to the budget, the operating deficit is $24 million lower than expected. The improvement from budget is mainly attributable to higher-than-budgeted revenue, mostly offset by higher-than-budgeted expenses. Most revenue categories other than non-renewable resources and expense themes are greater than budget. |

---

**Accumulated (Deficit) Surplus** 

An accumulated (deficit) surplus represents a government's reported net economic (shortfall) resources. An accumulated (deficit) surplus indicates that a government (requires) has additional resources to provide future services.

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| | |
|:---|:---|
| Accumulated (Deficit) Surplus | At March 31, 2025, the government reported an accumulated deficit of $1.54 billion, higher than the prior year and budget by $413 million and $140 million respectively. The increases are due to the current year operating deficit and remeasurement losses. |
| <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575566b.jpg) <br>| At March 31, 2025, the government reported an accumulated deficit of $1.54 billion, higher than the prior year and budget by $413 million and $140 million respectively. The increases are due to the current year operating deficit and remeasurement losses. |
|  \* Beginning in 2023, accumulated (deficit) surplus includes accumulated remeasurement gains (losses). |  |

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Government of Saskatchewan Public Accounts 2024-25<sub>9</sub>

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Financial Statement Discussion and Analysis

**Highlights** 

**Net Debt** 

Net debt provides a measure of the future revenue that is required to pay for past transactions and events.

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| | |
|:---|:---|
| Net Debt | The net debt at March 31, 2025 is $15.63 billion, an increase of $1.28 billion over the prior year. This year-over-year increase is primarily due to the operating deficit and net acquisition of tangible capital assets reported in the current year.<br>Net debt is a $102 million increase over budget, primarily due to remeasurement losses reported in the current year. |
| <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575567.jpg)  | The net debt at March 31, 2025 is $15.63 billion, an increase of $1.28 billion over the prior year. This year-over-year increase is primarily due to the operating deficit and net acquisition of tangible capital assets reported in the current year.<br>Net debt is a $102 million increase over budget, primarily due to remeasurement losses reported in the current year. |

---

The net debt of the SFS is:

• the accumulated (deficit) surplus, representing the sum of all current and prior years' operating results and
accumulated remeasurements; and

• the investment in non-financial assets, primarily representing the government's investment in highways and facilities
to deliver health and educational services.

Net Debt Components

(millions of dollars)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
|  Accumulated (deficit) surplus | 1495 | 372 | 176 | 155 | (191) | (1368) | (2832) | (1604) | (1124) | (1537) |
|  Investment in non-financial assets | (9394) | (10564) | (11464) | (11984) | (12098) | (12315) | (12656) | (12994) | (13223) | (14090) |
|  **Net Debt** | (7899) | (10192) | (11288) | (11829) | (12289) | (13683) | (15488) | (14598) | (14347) | (15627) |

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*Totals may not add due to rounding* 

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| | |
|:---|:---|
| **10** | Government of Saskatchewan Public Accounts 2024-25 |

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Financial Statement Discussion and Analysis

**Highlights** 

**Investment in Infrastructure** 

The government invests in infrastructure by:

• investing in government-owned capital; and

• providing transfers to third parties, including municipalities and universities, for capital purposes.

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| | |
|:---|:---|
| Investment in Infrastructure | During 2024-25, the government invested a record $4.32 billion in government-owned infrastructure: $2.69 billion for government business enterprises (GBEs) to build new and maintain existing infrastructure and $1.63 billion for new schools, hospitals, roads and other important infrastructure of government service organizations (GSOs). In addition, $429 million was provided to third parties to fund their capital needs.<br>Investment in government-owned infrastructure is up from the average of the previous nine years of $2.71 billion and is $229 million more than budget. |
| <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575568.jpg)  | During 2024-25, the government invested a record $4.32 billion in government-owned infrastructure: $2.69 billion for government business enterprises (GBEs) to build new and maintain existing infrastructure and $1.63 billion for new schools, hospitals, roads and other important infrastructure of government service organizations (GSOs). In addition, $429 million was provided to third parties to fund their capital needs.<br>Investment in government-owned infrastructure is up from the average of the previous nine years of $2.71 billion and is $229 million more than budget. |

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**Credit Rating** 

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| | | | | |
|:---|:---|:---|:---|:---|
| Credit Ratings – March 2025 | Credit Ratings – March 2025 | Credit Ratings – March 2025 | Credit Ratings – March 2025 | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  | **Rating Agency<sup>1</sup>** | **Rating Agency<sup>1</sup>** | **Rating Agency<sup>1</sup>** | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
| **Jurisdiction** | **Moody's**<br> **Ratings** | **S&P Global**<br> **Ratings** | **Morningstar DBRS** | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  British Columbia | Aaa (neg) | AA- (neg) | AA (high) | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  Alberta | Aa2 (pos) | AA- | AA | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  Saskatchewan | Aa1 | AA | AA (low) | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  Manitoba | Aa2 | A+ | A (high) | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  Ontario | Aa3 (pos) | AA- | AA | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  Quebec | Aa2 | AA- | AA (low) | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  New Brunswick | Aa1 | A+ (pos) | A (high) | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  Nova Scotia | Aa2 | AA- (neg) | A (high) | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  Prince Edward Island | Aa2 | A (pos) | A | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  Newfoundland & Labrador | A1 | A | A | The government obtains a credit rating<br>from the three major credit rating<br>agencies: Moody's Ratings; S&P Global<br>Ratings; and Morningstar DBRS.<br>Saskatchewan currently maintains the<br>second-highest credit rating among the<br>Canadian provinces when the ratings from<br>the three major agencies are considered. |
|  Ratings reflect the latest credit ratings available at March 31, 2025.<br><sup>1</sup> The rating agencies assign letter ratings to borrowers. The major A bracket categories, in descending order of credit quality, are: AAA/Aaa; AA/Aa; A. The '1', '2', '3', 'high', 'low', '-', and '+' modifiers show relative standing within the major categories with (pos)/(neg) representing a positive/negative outlook or trend. For example, AAA exceeds AA, Aa1 exceeds Aa2 and AA exceeds AA-. | Ratings reflect the latest credit ratings available at March 31, 2025.<br><sup>1</sup> The rating agencies assign letter ratings to borrowers. The major A bracket categories, in descending order of credit quality, are: AAA/Aaa; AA/Aa; A. The '1', '2', '3', 'high', 'low', '-', and '+' modifiers show relative standing within the major categories with (pos)/(neg) representing a positive/negative outlook or trend. For example, AAA exceeds AA, Aa1 exceeds Aa2 and AA exceeds AA-. | Ratings reflect the latest credit ratings available at March 31, 2025.<br><sup>1</sup> The rating agencies assign letter ratings to borrowers. The major A bracket categories, in descending order of credit quality, are: AAA/Aaa; AA/Aa; A. The '1', '2', '3', 'high', 'low', '-', and '+' modifiers show relative standing within the major categories with (pos)/(neg) representing a positive/negative outlook or trend. For example, AAA exceeds AA, Aa1 exceeds Aa2 and AA exceeds AA-. | Ratings reflect the latest credit ratings available at March 31, 2025.<br><sup>1</sup> The rating agencies assign letter ratings to borrowers. The major A bracket categories, in descending order of credit quality, are: AAA/Aaa; AA/Aa; A. The '1', '2', '3', 'high', 'low', '-', and '+' modifiers show relative standing within the major categories with (pos)/(neg) representing a positive/negative outlook or trend. For example, AAA exceeds AA, Aa1 exceeds Aa2 and AA exceeds AA-. |  |

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Government of Saskatchewan Public Accounts 2024-25<sub>11</sub>

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Financial Statement Discussion and Analysis

**Assessment of Fiscal Health** 

A government's fiscal management can be gauged through an assessment of its fiscal health in the context of the overall economic and financial environment. Fiscal health describes a government's ability to meet its existing financial obligations with respect to its service commitments to the public and its financial commitments to creditors, employees and others. The assessment of the government's fiscal health considers sustainability, flexibility and vulnerability on the basis of the following indicators:

**Sustainability** 

• Accumulated (deficit) surplus to the province's gross domestic product (GDP)

• Net debt to the province's GDP

• Net debt to total revenue

• Net debt per capita

**Flexibility** 

• Financing charges to total revenue

• Own-source revenue to the province's GDP

**Vulnerability** 

• Non-renewable resources revenue to total expense

• Transfers from the federal government to total revenue

• Foreign currency debt to net debt

**Sustainability** 

Sustainability is the degree to which a government can maintain its existing level of spending and meet its existing debt obligations.

---

| | |
|:---|:---|
| Accumulated (Deficit) Surplus to the Province's GDP | The overall decrease in this ratio over the previous 10 years is the result of significant increases in the GDP and the return to an accumulated deficit position. The decline in 2021 and 2022 was primarily due to the adverse effects of the COVID-19 pandemic on government operations and the economy. In 2022, record drought-related crop insurance claim payouts further adversely impacted the accumulated deficit. The improvement in the ratio in 2023 was the combination of growth in the GDP due to a strengthening provincial economy and a significant decrease in the accumulated deficit, largely due to the operating surplus. The ratio has remained reasonably constant through 2024 and 2025, reflecting economic stability with a relatively constant GDP. |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575569.jpg) <br>The accumulated (deficit) surplus measures the sum of all current and prior years' operating results and accumulated remeasurements. GDP is a measure of the value of the goods and services produced during a year, indicating the size of the provincial economy. GDP reflects the latest figures available for the current and prior years based on data produced by Statistics Canada. The indicator takes a long-term view of government finances. The trend of accumulated (deficit) surplus as a percentage of GDP indicates whether the accumulated (deficit) surplus is changing faster or slower than the growth or decline in the economy and provides insight into the government's fiscal strategy in the context of the economy. | The overall decrease in this ratio over the previous 10 years is the result of significant increases in the GDP and the return to an accumulated deficit position. The decline in 2021 and 2022 was primarily due to the adverse effects of the COVID-19 pandemic on government operations and the economy. In 2022, record drought-related crop insurance claim payouts further adversely impacted the accumulated deficit. The improvement in the ratio in 2023 was the combination of growth in the GDP due to a strengthening provincial economy and a significant decrease in the accumulated deficit, largely due to the operating surplus. The ratio has remained reasonably constant through 2024 and 2025, reflecting economic stability with a relatively constant GDP. |

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| | |
|:---|:---|
| **12** | Government of Saskatchewan Public Accounts 2024-25 |

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------

Financial Statement Discussion and Analysis

**Assessment of Fiscal Health** 

**Sustainability (*continued*)** 

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| | |
|:---|:---|
| Net Debt to the Province's GDP | The overall increase in this ratio over 10 years is the result of an increase in net debt during the period largely due to the significant infrastructure investment beginning in 2017. The rise in 2021 was primarily due to the adverse effects of the COVID-19 pandemic on government operations and the economy. The decline in 2023 was a result of a continued strengthening of the economy, corresponding GDP growth and a reduction in net debt primarily due to the operating surplus. 2024 and 2025 reflect economic stability with a relatively constant GDP. |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575570a.jpg) <br>Net debt is the difference between a government's financial assets and liabilities and represents the future revenue that is required to pay for past transactions and events. Net debt as a percentage of the province's GDP provides a measure of the level of financial demands placed on the economy by the government's spending and taxation policies. A lower net debt-to-GDP ratio is desired and indicates higher sustainability. | The overall increase in this ratio over 10 years is the result of an increase in net debt during the period largely due to the significant infrastructure investment beginning in 2017. The rise in 2021 was primarily due to the adverse effects of the COVID-19 pandemic on government operations and the economy. The decline in 2023 was a result of a continued strengthening of the economy, corresponding GDP growth and a reduction in net debt primarily due to the operating surplus. 2024 and 2025 reflect economic stability with a relatively constant GDP. |

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| | |
|:---|:---|
| Net Debt to Total Revenue | Over the last 10 years, the government's net debt as a percentage of total revenue has increased. The 2021 rise in this ratio was primarily due to the adverse effects of the COVID-19 pandemic on government operations and the economy, negatively impacting both net debt and total revenue. Decreases in this ratio from 2022 to 2024 are primarily due to an overall improvement in the economy resulting in an increase in total revenue and decreases in net debt over the same period. 2025 shows an increase in the ratio reflecting significant investments in infrastructure. |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575570b.jpg) <br>Another measure of a government's sustainability is net debt as a percentage of total revenue. Net debt provides a measure of the future revenue that is required to pay for past transactions and events. A lower net debt-to-revenue ratio indicates higher sustainability, as less time is required to eliminate net debt. | Over the last 10 years, the government's net debt as a percentage of total revenue has increased. The 2021 rise in this ratio was primarily due to the adverse effects of the COVID-19 pandemic on government operations and the economy, negatively impacting both net debt and total revenue. Decreases in this ratio from 2022 to 2024 are primarily due to an overall improvement in the economy resulting in an increase in total revenue and decreases in net debt over the same period. 2025 shows an increase in the ratio reflecting significant investments in infrastructure. |

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Government of Saskatchewan Public Accounts 2024-25<sub>13</sub>

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Financial Statement Discussion and Analysis

**Assessment of Fiscal Health** 

**Sustainability (*continued*)** 

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| | |
|:---|:---|
| Net Debt per Capita | The overall increase in this ratio over the last 10 years is the result of an increase in net debt that exceeds the growth in the province's population over the same period. The rise in 2021and 2022 was primarily due to the adverse effects of the COVID-19 pandemic with a further increase in 2022 primarily reflecting record drought-related crop insurance claim payouts. The 2023 decrease was due to the significant operating surplus, mainly the result of continued strengthening of the economy. The ratio remained relatively constant in 2024 with an increase in 2025 primarily reflecting the province's significant investments in infrastructure. |
| <br> (thousands of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575571a.jpg) <br>Figures are based on Statistics Canada first quarter estimates representing the population at January 1 of each year*.***<br>Net debt per capita represents the net debt attributable to each Saskatchewan resident. A rise in this ratio indicates the debt burden per resident has grown. | The overall increase in this ratio over the last 10 years is the result of an increase in net debt that exceeds the growth in the province's population over the same period. The rise in 2021and 2022 was primarily due to the adverse effects of the COVID-19 pandemic with a further increase in 2022 primarily reflecting record drought-related crop insurance claim payouts. The 2023 decrease was due to the significant operating surplus, mainly the result of continued strengthening of the economy. The ratio remained relatively constant in 2024 with an increase in 2025 primarily reflecting the province's significant investments in infrastructure. |

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**Flexibility** 

Flexibility is the extent to which a government has room to maneuver in terms of increasing its debt or tax burden on the economy.

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| | |
|:---|:---|
| Financing Charges to Total Revenue | This ratio has risen slightly over the last 10 years. The rise in 2021 was due to the impact of the COVID-19 pandemic that resulted in a decrease in total revenue and a corresponding increase in borrowing. This ratio returned to pre-pandemic levels in 2022 and remained consistent until 2024. The increase in this ratio in 2025 is due to increased borrowing requirements to finance significant investment in infrastructure combined with a decrease in total revenue in the same period.<br>In 2025, the government spent approximately 4.6 cents of each dollar of revenue on financing charges. |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575571b.jpg) <br>The financing charges to total revenue ratio, often referred to as the interest bite, indicates the proportion of provincial revenue that is required to pay financing charges and therefore is not available to pay for essential public services and programs. A lower ratio means that there is more money available to provide government services. | This ratio has risen slightly over the last 10 years. The rise in 2021 was due to the impact of the COVID-19 pandemic that resulted in a decrease in total revenue and a corresponding increase in borrowing. This ratio returned to pre-pandemic levels in 2022 and remained consistent until 2024. The increase in this ratio in 2025 is due to increased borrowing requirements to finance significant investment in infrastructure combined with a decrease in total revenue in the same period.<br>In 2025, the government spent approximately 4.6 cents of each dollar of revenue on financing charges. |

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| | |
|:---|:---|
| **14** | Government of Saskatchewan Public Accounts 2024-25 |

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Financial Statement Discussion and Analysis

**Assessment of Fiscal Health** 

**Flexibility (*continued*)** 

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| | |
|:---|:---|
| Own-Source Revenue to the Province's GDP | Over the last 10 years, own-source revenue as a percentage of GDP remained relatively constant, indicating the government has not significantly changed its demands on the provincial economy over that time. In 2022, the significant increase in own-source revenue relative to the province's GDP growth pushed this ratio up, decreasing the government's flexibility to increase own-source revenue without impacting the economy. The slight increase in 2024 resulted from higher taxation revenues. |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575572a.jpg) <br>This ratio measures the extent to which government is taking income out of the provincial economy, through taxation, non-renewable resources revenue or user fees. An increase in this ratio indicates that the government's own-source revenue is growing faster than the economy, reducing the flexibility to increase revenue without slowing the growth of the provincial economy. | Over the last 10 years, own-source revenue as a percentage of GDP remained relatively constant, indicating the government has not significantly changed its demands on the provincial economy over that time. In 2022, the significant increase in own-source revenue relative to the province's GDP growth pushed this ratio up, decreasing the government's flexibility to increase own-source revenue without impacting the economy. The slight increase in 2024 resulted from higher taxation revenues. |

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**Vulnerability** 

Vulnerability is the extent to which a government is dependent on, or exposed to, risks associated with sources of funding outside its control.

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| | |
|:---|:---|
| Non-Renewable Resources Revenue to Total Expense | In Saskatchewan, non-renewable resources revenue is an important but volatile source of revenue.<br>The decline in this ratio in 2021 was primarily due to the adverse effect of the COVID-19 pandemic on the economy and government operations. In 2022 and 2023, this ratio increased significantly due to an overall improvement in the economy, a corresponding increase in non-renewable resources revenue and reduced expenses. In 2024 there was a significant decline in non-renewable resources revenue, mainly from potash sales and oil and gas surcharges. The decreased ratio indicated that the government was less reliant on non-renewable resources to fund expenses. The ratio remains relatively constant through 2025. |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575572b.jpg) <br>Non-renewable resources revenue is affected by price and sales factors that are beyond a government's direct control. Non-renewable resources revenue as a percentage of total expense is therefore an indicator of the degree of vulnerability the government has as a result of reliance on the resource sector for revenue. Generally, a decreasing ratio indicates that a government is less reliant on non-renewable resources revenue to fund its expenses. | In Saskatchewan, non-renewable resources revenue is an important but volatile source of revenue.<br>The decline in this ratio in 2021 was primarily due to the adverse effect of the COVID-19 pandemic on the economy and government operations. In 2022 and 2023, this ratio increased significantly due to an overall improvement in the economy, a corresponding increase in non-renewable resources revenue and reduced expenses. In 2024 there was a significant decline in non-renewable resources revenue, mainly from potash sales and oil and gas surcharges. The decreased ratio indicated that the government was less reliant on non-renewable resources to fund expenses. The ratio remains relatively constant through 2025. |

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **15** |

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------

Financial Statement Discussion and Analysis

**Assessment of Fiscal Health** 

**Vulnerability (*continued*)** 

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| | |
|:---|:---|
| Transfers from the Federal Government to Total Revenue | In 2025, 18.2 per cent of the government's revenue came from the federal government with the remainder coming from Saskatchewan sources.<br>Between 2016 and 2020, the government's ability to fund essential programs and services from own-source revenue remained fairly stable with the exception of significant one-time infrastructure transfers received from the federal government in 2017. An increase in this ratio in 2021 was primarily due to the adverse impacts of the COVID-19 pandemic on the economy and the resulting support received from the federal government. The decreases in 2022 and 2023 were primarily due to increases in own-source revenue, mainly from non-renewable resources and taxation outpacing increases in transfers from the federal government. Increases in 2024 and 2025 largely reflect higher federal funding for healthcare and education. |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575573.jpg) <br>The government does not control the amount of federal transfers that it receives each year. Transfers from the federal government as a percentage of total revenue is therefore an indicator of the degree of vulnerability the government has as a result of reliance on the federal government for revenue. Generally, a decreasing ratio indicates that a government is less reliant on federal transfers to fund its expenses. | In 2025, 18.2 per cent of the government's revenue came from the federal government with the remainder coming from Saskatchewan sources.<br>Between 2016 and 2020, the government's ability to fund essential programs and services from own-source revenue remained fairly stable with the exception of significant one-time infrastructure transfers received from the federal government in 2017. An increase in this ratio in 2021 was primarily due to the adverse impacts of the COVID-19 pandemic on the economy and the resulting support received from the federal government. The decreases in 2022 and 2023 were primarily due to increases in own-source revenue, mainly from non-renewable resources and taxation outpacing increases in transfers from the federal government. Increases in 2024 and 2025 largely reflect higher federal funding for healthcare and education. |

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| |
|:---|
| Foreign Currency Debt to Net Debt |
| <br> The ratio of foreign currency debt to net debt is an indicator of the degree of vulnerability a government has to currency rate fluctuations. Where the government holds debt that is issued in foreign currencies it uses cross-currency swaps, a hedging strategy, to effectively convert this debt to Canadian dollar debt. At March 31, 2025, this ratio is nil due to the government's hedging strategies. Over the last 10 years, exposure to currency rate fluctuations on foreign currency debt has been minimal. Decreasing this exposure through the use of hedging activities mitigates the risk of debt and financing charges changing due to changes in foreign currency rates. |

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| | |
|:---|:---|
| **16** | Government of Saskatchewan Public Accounts 2024-25 |

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Financial Statement Discussion and Analysis

**Details** 

**Revenue** 

Total revenue is $20.86 billion in 2025, 81.8 per cent of which represents own-source revenue, with the remaining 18.2 per cent being transfers from the federal government.

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| |
|:---|
| Revenue by Source – 2025 ($20.86 billion) |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575574a.jpg) <br>|

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| |
|:---|
| Revenue by Source – Percentage of Total Revenue |
|  <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575574b.jpg) <br>\* In 2025, key components of other own-source revenue include fees (7%), insurance (3%), investment income (2%) and Output-Based Performance Standards (2%). |

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **17** |

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Financial Statement Discussion and Analysis

**Details** 

**Revenue (*continued*)** 

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| | |
|:---|:---|
| Revenue by Source – Comparison to Budget and Prior Year | Total revenue of $20.86 billion in 2025 represents a year-over-year decrease of $137 million, or 0.7 per cent. This is largely the result of a significant decrease in taxation, partially offset by increases in most other categories.<br>Revenue was greater than budget by $994 million, or 5.0 per cent, which includes increases in all categories except for non-renewable resources revenue.<br>Both year-over-year and budget-to-actual saw a notable increase in other own-source revenue primarily due to the resolution of tobacco litigation. |
|  <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575575.jpg) <br>\* In 2025 Actual, key components of other own-source revenue include fees ($1.44 billion), insurance ($556 million), investment income ($371 million) and Output-Based Performance Standards ($363 million). | Total revenue of $20.86 billion in 2025 represents a year-over-year decrease of $137 million, or 0.7 per cent. This is largely the result of a significant decrease in taxation, partially offset by increases in most other categories.<br>Revenue was greater than budget by $994 million, or 5.0 per cent, which includes increases in all categories except for non-renewable resources revenue.<br>Both year-over-year and budget-to-actual saw a notable increase in other own-source revenue primarily due to the resolution of tobacco litigation. |

---

---

| | |
|:---|:---|
| **18** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Revenue (*continued*)** 

---

| | |
|:---|:---|
| Taxation Revenue – Comparison to Budget and Prior Year | Taxation revenue is $9.92 billion in 2025, a decrease of $729 million, or 6.8 per cent, from 2024 and an increase of $200 million, or 2.1 per cent, compared to budget. The decrease from prior year is largely due to a decrease in corporation income tax, partially offset by an increase in provincial sales tax. The increase from budget is largely due to higher-than-expected corporation and personal income taxes, partially offset by lower-than-expected provincial sales tax. |
|  <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575576a.jpg) <br>\* In 2025 Actual, key components of other include fuel ($497 million), insurance premiums ($231 million), corporation capital ($177 million) and tobacco ($122 million). | Taxation revenue is $9.92 billion in 2025, a decrease of $729 million, or 6.8 per cent, from 2024 and an increase of $200 million, or 2.1 per cent, compared to budget. The decrease from prior year is largely due to a decrease in corporation income tax, partially offset by an increase in provincial sales tax. The increase from budget is largely due to higher-than-expected corporation and personal income taxes, partially offset by lower-than-expected provincial sales tax. |

---

***Personal income tax***

![LOGO](g3575576b.jpg)

*The year-over-year and actual-to-budget increases are primarily due to:* 

• an increase in taxable income due to high compensation growth.

*The year-over-year increase is partially offset by:* 

• a reduction in prior-year assessments that resulted in lower payments in the current year.

***Provincial sales tax***

![LOGO](g3575576c.jpg)

*The year-over-year increase is primarily due to:* 

• continued growth in the Saskatchewan economy, particularly in the transportation, mining and oil and gas sectors; and

• population growth.

*The actual-to-budget decrease is primarily due to:* 

• lower-than-anticipated growth across multiple sectors of the economy.

***Corporation income tax***

![LOGO](g3575576d.jpg)

*The year-over-year decrease is primarily due to:* 

• the high prior year revenue that was due to robust economic growth and elevated commodity prices, including a record high potash price in 2022.

*The actual-to-budget increase is primarily due to:* 

• stronger-than-anticipated economic activity in 2023 which increased the prior year adjustments; and

• higher-than-expected corporate profitability in 2024.

***Property tax***

![LOGO](g3575576e.jpg)

*The year-over-year and actual-to-budget increases are primarily due to:* 

• growth in residential and commercial property assessments.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **19** |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Revenue (*continued*)** 

***Other tax*** *(including fuel, insurance premiums, corporation capital, tobacco and other miscellaneous tax)* ****

![LOGO](g3575577.jpg)

*The year-over-year and actual-to-budget changes are primarily due to:* 

• increased fuel tax from the prior year, primarily due to an increase in gasoline and diesel consumption, which was less than expected resulting in a decrease from budget;

• increased corporation capital tax, reflecting stronger results from Crown corporations and financial institutions;

• higher insurance premiums tax, mainly due to increased property and motor vehicle insurance sales; and

• lower tobacco tax primarily due to reduced consumption.

---

| | |
|:---|:---|
| **20** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Revenue (*continued*)** 

---

| | |
|:---|:---|
| Non-Renewable Resources Revenue – Comparison to Budget and Prior Year | In 2025, non-renewable resources revenue is $2.57 billion, an increase of $125 million, or 5.1 per cent, from 2024 and a $113 million, or 4.2 per cent, decrease compared to budget. The increase from the prior year is largely attributable to increases in oil and natural gas and other non-renewable resources revenue, partially offset by a significant decrease in potash revenue. The decrease from budget is primarily due to lower-than-expected potash and resource surcharge revenue, partially offset by greater-than-expected oil and gas revenue. |
|  <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575578a.jpg) <br>\* In 2025 Actual, key components of other include uranium ($192 million) and mineral disposition public offerings ($60 million). | In 2025, non-renewable resources revenue is $2.57 billion, an increase of $125 million, or 5.1 per cent, from 2024 and a $113 million, or 4.2 per cent, decrease compared to budget. The increase from the prior year is largely attributable to increases in oil and natural gas and other non-renewable resources revenue, partially offset by a significant decrease in potash revenue. The decrease from budget is primarily due to lower-than-expected potash and resource surcharge revenue, partially offset by greater-than-expected oil and gas revenue. |

---

***Oil & natural gas***

![LOGO](g3575578b.jpg)

*The year-over-year and actual-to-budget increases are primarily due to:* 

• a lower average exchange rate;

• a favourable decrease in the light-heavy oil blend differential; and

• the budgeted average royalty rate increase.

***Potash***

![LOGO](g3575578c.jpg)

*The year-over-year and actual-to-budget decreases are primarily due to:* 

• the continued decline in realized prices.

*These decreases are partially offset by:* 

• a decline in the average exchange rate; and

• an increase in sales volumes.

***Resource surcharge***

![LOGO](g3575578d.jpg)

*The year-over-year increase is primarily due to:* 

• an increase in the uranium sector, primarily due to higher average prices.

*This increase is partially offset by:* 

• a decrease in the oil and gas sector, reflecting lower West Texas Intermediate (WTI) oil prices; and

• a decrease in the potash sector, primarily due to the reduction in realized prices.

*The actual-to-budget decrease is primarily due to:* 

• lower-than-expected potash and oil and gas prices driving down the value of sales.

*This decrease is partially offset by:* 

• an increase in the uranium sector, primarily reflecting higher average prices.

***Other non-renewable resources***

![LOGO](g3575578e.jpg)

*The year-over-year and actual-to-budget increases are primarily due to:* 

• an increase in uranium revenue primarily due to significantly higher uranium prices as well as increased sales volume and production.

*These increases are partially offset by:* 

• a decrease in mineral disposition public offerings due to less interest in oil mineral rights.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **21** |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Revenue (*continued*)**

---

| | |
|:---|:---|
| Net Income from GBEs – Comparison to Budget and Prior Year | Net income from GBEs is $785 million in 2025, a decrease of $117 million, or 13.0 per cent, over 2024 due to decreases in all sectors. The increase of $128 million, or 19.4 per cent, over budget is mainly due to increases in the insurance and financing and liquor and gaming sectors, partially offset by a decrease in the utility sector. . |
| <br> (millions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575579a.jpg) <br>| Net income from GBEs is $785 million in 2025, a decrease of $117 million, or 13.0 per cent, over 2024 due to decreases in all sectors. The increase of $128 million, or 19.4 per cent, over budget is mainly due to increases in the insurance and financing and liquor and gaming sectors, partially offset by a decrease in the utility sector. . |

---

***Liquor and gaming***

![LOGO](g3575579bbb.jpg)

*The year-over-year and actual-to-budget changes are primarily a result of:* 

• an increase in gaming profits from VLT, casinos and on-line gaming operations due to stronger economic conditions in the province; and

• an increase in wholesale liquor sales.

*These year-over-year increases are fully offset by:* 

• a reduction in investment income due to the initial accounting in the prior year of the government's equity share in the Western Canada Lottery Corporation.

***Utility***

![LOGO](g3575579ccc.jpg)

*The year-over-year decrease is primarily due to*:

• lower electricity sales due to decreased export volumes and decreased activity in the Saskatchewan market, primarily in the pipeline sector;

• higher planned maintenance costs on power transmission infrastructure;

• increased spending on nuclear development and energy efficiency programs;

• lower customer contributions and CO<sub>2</sub> sales;

• increased amortization expense related to ongoing capital additions;

• an increase in the estimated environmental remediation costs;

• increased financing charges due to higher rates on new borrowing; and

• one-time funding in the prior year for the Regina Regional Non-Potable Water Supply System project.

*These decreases are partially offset by:* 

• new Clean Electricity Transition Grant funding for eligible clean power initiatives;

• an increased margin on natural gas sales mainly from asset optimization opportunities due to a favourable market price differential between Western Canada and other markets;

---

| | |
|:---|:---|
| **22** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Revenue (*continued*)**

***Utility (continued)***

• an increase in natural gas delivery, transportation and storage revenue primarily due to a colder winter and average rate increases; and

• a favourable market value adjustment on natural gas purchases.

*The decrease over budget is primarily due to:* 

• lower-than-expected electricity exports and sales volume due to reduced demand;

• lower-than-budgeted television revenue resulting from volumes being less-than-expected;

• lower-than-planned wireless network and equipment revenue due to ongoing competitive pressures; and

• higher-than-expected financing charges due to increased interest on long-term borrowings.

*These decreases are partially offset by:* 

• higher-than-anticipated margin on natural gas sales primarily due to increased demand as a result of a colder winter; and

• lower-than-expected fuel and purchased power costs driven by lower generation volumes and gas prices.

***Insurance and financing***

![LOGO](g3575580.jpg)

*The year-over-year decrease is nominal.* 

*The actual-to-budget increase is primarily due to:* 

• strong investment returns, primarily attributable to positive fixed income results;

• lower costs associated with corporate transformation initiatives; and

• a decrease in insurance contract liabilities resulting from a favourable change in economic assumptions, partially offset by an unfavourable change in discount rates.

*These increases are partially offset by:* 

• a decrease in auto and property underwriting results primarily due to:

• an increase in claims due to higher-than-anticipated catastrophic summer storm events; partially offset by

• an increase in the number of insured vehicles and higher premium rates.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **23** |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Revenue (*continued*)** 

---

| | |
|:---|:---|
| Other Own-Source Revenue – Comparison to Budget and Prior Year | Other own-source revenue is $3.78 billion in 2025, an increase of $425 million, or 12.7 per cent, from 2024 and an increase of $767 million, or 25.4 per cent, when compared to budget. A significant portion of these increases is due to tobacco litigation proceeds, an increase in investment returns and higher crop insurance premiums. |
| <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575581a.jpg) <br>| Other own-source revenue is $3.78 billion in 2025, an increase of $425 million, or 12.7 per cent, from 2024 and an increase of $767 million, or 25.4 per cent, when compared to budget. A significant portion of these increases is due to tobacco litigation proceeds, an increase in investment returns and higher crop insurance premiums. |

---

***Fees***

![LOGO](g3575581b.jpg)

*The year-over-year decrease is primarily due to:* 

• the impact on motor vehicle licensing fees of adopting a new revenue accounting standard in the prior year;

• prior year security deposit forfeitures for reclamation of orphaned oil and gas wells; and

• the prior year transition of the administration of public employee benefits to an external agency.

*These decreases are partially offset by:* 

• an increase in tuition, mainly due to increased international student enrollment;

• an increase in housing rental revenue due to a higher occupancy rate; and

• new measures to promote the payment of consumption taxes.

*The actual-to-budget increase is primarily due to higher-than-budgeted:* 

• student activities and tuition fees at various Boards of Education;

• healthcare fees due to higher service volumes in all areas;

• tuition, primarily due to an increase in international student enrollment and higher nursing school enrollment;

• housing rental revenue due to a higher-than-expected occupancy rate; and

• penalties related to new measures to promote the payment of consumption taxes.

*These increases are partially offset by:* 

• lower-than-budgeted Treaty Land Entitlement mineral rights; and

• lower-than-expected motor vehicle licensing fees due to a decline in vehicle registrations.

***Insurance***

![LOGO](g3575581c.jpg)

*The year-over-year and actual-to-budget increases are primarily due to:* 

• an increase in the number of insured acres and a change in crop mix, resulting in additional acres subject to higher premiums.

***Investment Income***

![LOGO](g3575581d.jpg)

*The year-over-year and actual-to-budget increases are due to:* 

• an increase in returns on sinking fund and other investments due to higher interest rates and market yields; and

• higher cash and investment balances, partly due to the Small Modular Reactor Investment Fund balance.

---

| | |
|:---|:---|
| **24** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Revenue *(continued)*** 

***Output-Based Performance Standards***

![LOGO](g3575582a.jpg)

*The year-over-year decrease is primarily due to:* 

• the prior year compliance period for the electricity sector obligations comprising 15 months.

*The actual-to-budget increase is primarily due to:* 

• higher-than-estimated assessed compliance obligations in the current year.

***Other*** *(including transfers from other governments and miscellaneous)*![LOGO](g3575582b.jpg)

*The year-over-year and actual-to-budget increases are due to:* 

• proceeds associated with the tobacco litigation resolved in the current year;

• recoveries of prior year expenses;

• increased distribution of gaming profits; and

• increased miscellaneous revenue at various Boards of Education that is less than budgeted.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **25** |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Revenue (*continued*)** 

---

| | |
|:---|:---|
| Transfers from the Federal Government – Comparison to Budget and Prior Year | Federal transfers are $3.79 billion in 2025, an increase of $159 million, or 4.4 per cent, compared to 2024 and $13 million, or 0.3 per cent, when compared to budget. The year-over-year increase is mainly due to an increase in funding for healthcare and early learning and childcare. . |
| <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575583a.jpg) <br>| Federal transfers are $3.79 billion in 2025, an increase of $159 million, or 4.4 per cent, compared to 2024 and $13 million, or 0.3 per cent, when compared to budget. The year-over-year increase is mainly due to an increase in funding for healthcare and early learning and childcare. . |

---

***Canada Health Transfer***

![LOGO](g3575583bbbb.jpg)

*The year-over-year increase is primarily due to:* 

• a legislated annual increase in the national allocation; and

• an adjustment for changes in Saskatchewan's share of the national population.

*These increases are partially offset by:* 

• a reduction in Saskatchewan's share of the national allocation under the diagnostic services policy.

*The decrease from budget is nominal.* 

***Canada Social Transfer***

![LOGO](g3575583d.jpg)

*The year-over-year increase is primarily due to:* 

• a legislated annual increase in the national allocation; and

• an adjustment for changes in Saskatchewan's share of the national population.

*The increase from budget is nominal.* 

***Other transfers from the federal government***

![LOGO](g3575583ccc.jpg)

*The year-over-year and actual-to-budget increases are primarily due to:* 

• increase in funding for the Canada-Wide Early Learning and Childcare Agreement;

• an unbudgeted increase in federal funding for crop insurance due to increased premiums paid by producers;

• an unbudgeted increase related to the National Housing Strategy and Social Housing agreements;

• higher-than-budgeted disaster assistance funding;

• an unbudgeted increase in Jordan's Principle funding received by Boards of Education;

• an unbudgeted increase in funding for the National Strategy for Drugs for Rare Diseases Initiative;

• a budgeted mine site remediation agreement lawsuit remaining unresolved;

• a budgeted decrease due to a Canada Health Transfer top-up payment in the prior year;

• a budgeted decrease due to the closure of the Canada-Saskatchewan Feed Program;

• an unbudgeted decrease in federal reimbursements through the Investing in Canada Infrastructure Program;

• AgriStability funding which is less than the prior year but greater than budget; and

• an unbudgeted decrease in Workforce Development and Labour Market agreements funding.

---

| | |
|:---|:---|
| **26** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Expense** 

Total expense was $21.10 billion in 2025, 58.7 per cent of which represents spending in the health and education sectors. The SFS report expense by theme and by object, or major type of expense such as salaries and benefits, transfers and operating costs.

---

| |
|:---|
| Expense by Theme – 2025 ($21.10 billion) |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575584a.jpg) <br>|

---

---

| |
|:---|
| Expense by Theme – Percentage of Total Expense |
| <br> (per cent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575584b.jpg) <br>|
|  \* In 2025, key components of other include financing charges (4%), community development (4%), transportation (3%), general government (3%), environment and natural resources (3%) and economic development (2%). |

---

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **27** |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Expense (*continued*)**

---

| | |
|:---|:---|
| Expense by Theme – Comparison to Budget and Prior Year | Total expenses are $21.10 billion in 2025. This represents an increase of $294 million, or 1.4 per cent, over the prior year and $970 million, or 4.8 per cent, over budget. The health theme saw the most notable increase as increased demands drove a general increase in the cost of delivering healthcare. Increases in most themes were partially offset by a significant year-over-year decrease in the agriculture theme as drought conditions improved in parts of the province resulting in lower crop insurance claims compared to prior year, although still higher-than-budgeted. |
| <br> (billions of dollars)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g3575585a.jpg) <br>| Total expenses are $21.10 billion in 2025. This represents an increase of $294 million, or 1.4 per cent, over the prior year and $970 million, or 4.8 per cent, over budget. The health theme saw the most notable increase as increased demands drove a general increase in the cost of delivering healthcare. Increases in most themes were partially offset by a significant year-over-year decrease in the agriculture theme as drought conditions improved in parts of the province resulting in lower crop insurance claims compared to prior year, although still higher-than-budgeted. |
|  \* In 2025 Actual, key components of other include financing charges ($951 million), community development ($828 million), transportation ($700 million), general government ($590 million), environment and natural resources ($553 million) and economic development ($362 million). |  |

---

***Health***

![LOGO](g3575585bbbb.jpg)

*The year-over-year and actual-to-budget increases are primarily due to:* 

• expanded services and higher-than-budgeted health system demands that resulted in higher compensation and other operating costs, including drugs and medical supplies, across the health system;

• higher physician compensation due to Saskatchewan Medical Association agreement increases and increased utilization of physician services;

• new programs related to the Saskatchewan Medical Association agreement with physicians that was settled in the prior year, which were less than budgeted;

• higher utilization of Canadian Blood Services, Out-of-Province coverage, the Saskatchewan Prescription Drug Plan and other benefit programs;

• increased costs for negotiated salary increases including retroactive payments;

• increased IT costs including volume and price increases for project work, software licensing and hardware;

• legal costs associated with the tobacco litigation resolved in the current year; and

• a one-time grant paid to Ronald McDonald House Charities.

***Education***

![LOGO](g3575585cccc.jpg)

*The year-over-year increases are primarily due to:* 

• increased costs in Boards of Education and Saskatchewan Polytechnic primarily related to negotiated and estimated salary increases and increased enrollment;

• increased spending related to the Canada-Wide Early Learning and Child Care Agreement; and

• increased operating and capital funding to post-secondary institutions.

*These increases were partially offset by:* 

• a decrease in Teacher's Superannuation Plan pension and benefits costs primarily due to lower amortized cost of living adjustment losses than the prior year and newly amortized gains resulting from an increase in
interest rates;

*The actual-to-budget decrease is primarily due to:* 

• budgeted increases for negotiated salaries that were accounted for as prior year expenses in Boards of Education.

*This decrease is partially offset by:* 

• higher-than-anticipated capital funding to post-secondary institutions.

---

| | |
|:---|:---|
| **28** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Expense (continued)** 

***Social services and assistance***

![LOGO](g3575586a.jpg)

*The year-over-year and actual-to-budget increases are primarily due to:* 

• increased utilization in:

• disability programs, primarily for Community Living and the Autism Spectrum Disorder Individualized Funding Program;

• Child and Family Services, primarily for intensive third-party residential services for children in care; and

• Saskatchewan Income Support combined with rate increases for benefit payments;

• budgeted rate increases for the Saskatchewan Assured Income for Disability program;

• budgeted inflationary increases in payments to community-based organizations across all programs;

• increased costs for negotiated salary increases including retroactive payments; and

• increased costs for homelessness support services, which were lower than budgeted.

***Agriculture***

![LOGO](g3575586b.jpg)

*The year-over-year decrease is primarily due to:* 

• lower crop insurance indemnities paid to producers due to improved drought conditions from the prior year and reduced commodity prices;

• decreased payments due to the closure of the Canada-Saskatchewan Feed Program; and

• decreased AgriStability benefits largely due to actual payments to producers being less than recorded in the prior year.

*These decreases are partially offset by:* 

• increased reinsurance premiums attributable to prior-year crop insurance premiums paid by producers; and

• increased grants to promote environmental resiliency of agricultural land.

*The increase over budget is primarily due to:* 

• higher-than-budgeted crop insurance indemnities paid to producers due to unfavourable weather conditions impacting crop quality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• higher-than-expected AgriStability benefits largely driven by lower commodity prices; and

• higher-than-anticipated payments under the Farm and Ranch Water Infrastructure Program.

***Protection of persons and property***

![LOGO](g3575586c.jpg)

*The year-over-year and actual-to-budget increases are primarily due to:* 

• increased costs for negotiated salary increases including retroactive payments;

• increased costs for protective services, mainly for the RCMP Provincial Police Services agreement; and

• costs associated with the wildfire response.

*The actual-to-budget increase is also due to:* 

• higher-than-expected costs in correctional facilities due to higher inmate counts.

***Other expense themes*** (*including financing charges, community development, transportation, general government, environment and natural resources and economic development*)

![LOGO](g3575586d.jpg)

*The year-over-year and budget-to-actual increases are primarily due to:* 

• the recognition of certain environmental levy obligations;

• introduction of the new Clean Electricity Transition Grant;

• an increase in financing charges primarily related to increased debt;

• the planned increase in urban and rural revenue sharing grants;

• an anticipated increase in amortization due to prior years' investment in highways infrastructure;

• budgeted costs for the election in the current year;

• higher-than-budgeted First Nations and Métis gaming agreement transfers that were lower than prior year;

• increased spending on rail infrastructure upgrades;

• targeted funding for economic diversification; and

• increased winter maintenance activities.

*These increases are partially offset by:* 

• the prior year increase of environmental liabilities for clean-up costs at uranium and base metals mine sites;

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **29** |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Expense (*continued*)** 

***Other expense themes* (*continued)***

• decreased infrastructure funding to municipalities through the Investing in Canada Infrastructure Program due to large capital projects progressing slower than anticipated;

• prior year funding for the Regina Regional Non-Potable Supply System Project;

• the prior year transition of the administration of public employee benefits to an external agency;

• decreased pension costs for the Public Service Superannuation Plan primarily due to lower amortized cost of living adjustment losses than the prior year offset by higher cash payments to the Public Employees'
Pension Plan;

• a change to the provision for dental, disability and life insurance benefits, primarily due to revised discount rates; and

• lower-than-budgeted grants for the support of initiatives to reduce CO<sub>2</sub> emissions.

---

| | |
|:---|:---|
| **30** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Expense (*continued*)** 

Expense by Object – 2025 ($21.10 billion)

(per cent)

![LOGO](g3575588a.jpg)

\* Transfers are provided to third parties for salaries, capital and other costs.

\*\* The key component of other is amortization of capital assets.

Expense by Object – Percentage of Total Expense

(per cent)

![LOGO](g3575588b.jpg)

\* Transfers are provided to third parties for salaries, capital and other costs.

\*\* The key component of other is amortization of capital assets.

Expense by Object

(billions of dollars)

![LOGO](g3575588c.jpg)

\* Transfers are provided to third parties for salaries, capital and other costs.

\*\* The key component of other is amortization of capital assets.

All categories had year-over-year increases except for operating costs. Operating costs decreased by $624 million primarily due to decreased crop insurance claims primarily resulting from improved drought conditions from the prior year.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **31** |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Expense (*continued*)** 

Financing Charges

(millions of dollars)

![LOGO](g3575589.jpg)

\* In 2016, the inclusion of an additional three months of operations of certain GBEs contributed approximately $120 million to GBE financing charges. 

The Statement of Operations reports financing charges the government incurs related to its general debt, unfunded pension liability and obligations under long-term financing arrangements (P3 obligations) but does not include GBE financing charges on GBE specific debt. GBE financing charges, on both GBE general debt and GBE specific debt, are included in the net income from GBEs reported on the Statement of Operations and disclosed in schedule 3 of the SFS. For general debt, financing charges are determined by the amount of general debt and the interest rate attached to that debt.

Financing charges have increased in recent years mainly due to an increase in debt financing for the investment in infrastructure to meet the demands of the province's growing population and continue replacement of aging infrastructure.

The average effective interest rate on gross debt during 2025 was 3.5 per cent (2024 - 3.3 per cent). Pension interest expense is a function of the unfunded pension liability and the interest costs that are based on the government's borrowing rates. The average effective interest rate on the unfunded pension liability during 2025 was 3.0 per cent (2024 - 2.8 per cent). Interest on P3 obligations, ranging from 4.7 to 5.7 per cent, reflects the weighted average cost of capital specific to each P3 arrangement.

---

| | |
|:---|:---|
| **32** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Financial Statement Discussion and Analysis

**Details** 

**Financial Assets** 

Financial assets represent the amount of resources available to the government that can be converted to cash to meet obligations or fund operations.

Financial Assets

(billions of dollars)

![LOGO](g3575590a.jpg)

\* At March 31, 2025, primarily accounts receivable ($3.03 billion), loans receivable ($1.36 billion) and portfolio investments ($1.36 billion). 

From 2021 to 2025, financial assets increased by $5.08 billion. This is primarily the result of a $1.28 billion increase in accounts receivable and a $950 million increase in portfolio investments.

**Liabilities** 

Liabilities represent the obligations the government has to others arising from past transactions or events.

Liabilities

(billions of dollars)

![LOGO](g3575590b.jpg)

\* At March 31, 2025, primarily accounts payable and accrued liabilities ($4.41 billion). 

From 2021 to 2025, liabilities increased by $7.02 billion. This is primarily the result of a $7.01 billion increase in general debt.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **33** |

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------

Financial Statement Discussion and Analysis

**Details** 

**Liabilities (*continued*)** 

Public Debt

(billions of dollars)

![LOGO](g3575591a.jpg)

Public debt consists of:

• general debt, which is:

• debt issued by the General Revenue Fund (GRF) and other GSOs; and

• debt issued by the GRF and subsequently loaned to GBEs; and

• GBE specific debt, which is debt issued by GBEs or debt issued by the GRF specifically on behalf of GBEs where the government expects to realize the receivables from the GBEs and settle the external debt simultaneously.

The general debt on the Statement of Financial Position does not include GBE specific debt. GBE specific debt is included in the Investment in GBEs reported on the Statement of Financial Position and disclosed in schedule 9 of the SFS.

At March 31, 2025, the SFS report general debt of $22.52 billion and GBE specific debt of $12.70 billion. General debt has increased over the past nine years. Until 2021, these increases helped to finance the replacement of aging infrastructure and build new capacity to meet the demands of a growing population. The increases in 2021 and 2022 were primarily a combination of COVID-related economic stimulus spending on infrastructure and borrowing to cover COVID-related revenue shortfalls and incremental expenses. In 2024 and 2025, the increase primarily represents borrowing for the Saskatchewan Capital Plan for the record investment in infrastructure for the growing needs of the province.

Pension Liabilities

(billions of dollars)

![LOGO](g3575591b.jpg)

Pension liabilities represent the future obligations for the government's defined benefit pension plans. The pension liability fluctuates with changes in actuarial assumptions such as interest and inflation rates and life expectancy. The government limited its pension exposure about 45 years ago when it closed the main defined benefit plans to new members and introduced defined contribution plans. There is no liability exposure for the government under defined contribution plans.

At March 31, 2025, the SFS report pension liabilities of $5.94 billion, a decrease of $1.98 billion since 2016. The decreases over the past nine years represent the amount by which payments to the pension plans and retirees have exceeded pension expense.

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| | |
|:---|:---|
| **34** | Government of Saskatchewan Public Accounts 2024-25 |

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Financial Statement Discussion and Analysis

**Details** 

**Liabilities (*continued*)** 

Obligations Under Long-Term Financing Arrangements

(billions of dollars)

![LOGO](g3575592a.jpg)

\* In 2023-24, a new accounting standard for P3s was adopted, resulting in a change to discount rates and a corresponding decrease of $262 million in the obligations under long-term financing arrangements. 

Obligations under long-term financing arrangements represent the government's liability for public private partnerships (P3s). P3 obligations increase as the related assets are built (percentage of completion basis), and are reduced as payments are made to the P3 partner.

The government is party to five P3 arrangements (as disclosed in schedule 10 of the SFS). All five P3 projects are operational.

**Non-Financial Assets** 

Non-financial assets typically represent resources the government can use to provide services in the future. Non-financial assets primarily consist of capital assets, but also include inventories held for consumption and prepaid expenses.

Net Book Value of Capital Assets

(billions of dollars)

![LOGO](g3575592b.jpg)

The Statement of Financial Position reports a net book value of capital assets recognized by GSOs and does not include the capital assets recognized by GBEs. Capital assets recognized by GBEs are included in the investment in GBEs reported on the Statement of Financial Position and disclosed in schedule 3 of the SFS. The net book value represents the original cost of capital assets net of accumulated amortization, disposals and write-downs in value.

The net book value of capital assets recognized by the government has steadily increased over the last five years, indicating the government has been acquiring new, or replacing existing, capital assets.

Acquisition of capital assets in 2025 was $4.32 billion, $2.69 billion acquired by GBEs and $1.63 billion by GSOs. The investment in capital assets made by GSOs is primarily in the transportation, health and education sectors mainly for land, buildings and improvements ($807 million) as well as roads, bridges and water management assets ($469 million). GBEs continued to replace aging infrastructure and invest in capital projects to meet the demand for growth.

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **35** |

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------

Financial Statement Discussion and Analysis

**Details** 

**Cash Flow** 

The Statement of Cash Flow reports on the sources and uses of cash and cash equivalents during the year. The government's overall cash position increased by $554 million, from $2.87 billion in 2024 to $3.42 billion in 2025.

---

| | |
|:---|:---|
| Sources of Cash and Cash Equivalents | The primary source of cash is $9.86 billion from<br>taxation. Other significant sources of cash are<br>$4.16 billion from transfers from the federal<br>government and $3.56 billion from other own-<br>source and other. |
| (billions of dollars) | The primary source of cash is $9.86 billion from<br>taxation. Other significant sources of cash are<br>$4.16 billion from transfers from the federal<br>government and $3.56 billion from other own-<br>source and other. |
| ![LOGO](g3575593a.jpg) | The primary source of cash is $9.86 billion from<br>taxation. Other significant sources of cash are<br>$4.16 billion from transfers from the federal<br>government and $3.56 billion from other own-<br>source and other. |

---

---

| | |
|:---|:---|
| Uses of Cash and Cash Equivalents | The most significant use of cash is $8.70 billion for<br>salaries and benefits, largely for frontline service<br>providers in the health and education sectors.<br>Another significant use of cash is $6.34 billion for<br>transfers mainly in the health, social services and<br>assistance, and education themes. |
| (billions of dollars) | The most significant use of cash is $8.70 billion for<br>salaries and benefits, largely for frontline service<br>providers in the health and education sectors.<br>Another significant use of cash is $6.34 billion for<br>transfers mainly in the health, social services and<br>assistance, and education themes. |
| ![LOGO](g3575593b.jpg) | The most significant use of cash is $8.70 billion for<br>salaries and benefits, largely for frontline service<br>providers in the health and education sectors.<br>Another significant use of cash is $6.34 billion for<br>transfers mainly in the health, social services and<br>assistance, and education themes. |

---

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| | |
|:---|:---|
| **36** | Government of Saskatchewan Public Accounts 2024-25 |

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Financial Statement Discussion and Analysis

**Risks and Uncertainties** 

The government is subject to risks and uncertainties that arise from variables which the government cannot directly control. These risks and uncertainties include:

• changes in economic factors such as economic growth or decline, commodity and non-renewable resource prices, inflation, interest rates, marketplace competition, trade barriers, population change, personal income and
retail sales;

• exposure to interest rate risk, foreign exchange rate risk, price risk, credit risk and liquidity risk (see note 4 of the SFS);

• changes in transfers from the federal government;

• utilization of government services, such as insurance, health care and social services;

• volatility in the pension liability due to external factors such as interest and inflation rates and actuarially determined assumptions of future events;

• other unforeseen developments including unusual weather patterns and natural and other disasters;

• criminal or malicious attacks, both cyber and physical in nature, potentially resulting in business interruption, privacy breach and loss of, or damage to, information, facilities and equipment;

• identification and quantification of environmental liabilities;

• supply chain disruptions and other factors that could hinder the safe delivery of products and services;

• outcomes from litigation, arbitration and negotiations with third parties;

• changes in reported results where actual experience may differ from initial estimates as discussed in note 3 of the SFS; and

• changes in accounting standards.

Recognizing that Saskatchewan is reliant on the revenue from non-renewable resources and that the province's financial results can be influenced by other external factors, the government takes a prudent approach in developing its budget assumptions for macroeconomic variables and non-renewable resources prices. The government uses a number of forecasts from national forecasting agencies and banks, private industry and private sector analysts when developing the underlying assumptions for fiscal forecasts on budget day and throughout the fiscal year.

The fiscal impact of changes in the underlying economic assumptions, including non-renewable resources prices, are estimated on a regular basis to quantify the risk associated with each forecast assumption. By understanding the size of the risk inherent in the fiscal projections, the government is better able to make sound financial decisions.

Finally, for the government to meet the challenges of growth and remain competitive, attention is directed towards maintaining and investing in the province's infrastructure to support that growth now and in the future.

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **37** |

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**Summary Financial Statements**

------

Summary Financial Statements

**Responsibility for the Summary Financial Statements** 

The government is responsible for the Summary Financial Statements. The government maintains a system of accounting and administrative controls to ensure that accurate and reliable financial statements are prepared and to obtain reasonable assurance that transactions are authorized, assets are safeguarded, and financial records are maintained.

The Provincial Comptroller prepares these statements in accordance with generally accepted accounting principles for the public sector, using the government's best estimates and judgement when appropriate. He uses information from the accounts of the General Revenue Fund, Crown corporations and other government organizations to prepare these statements.

The Provincial Auditor expresses an independent opinion on these statements. Her report, which appears on the following page, provides the scope of her audit and states her opinion.

Treasury Board approves the Summary Financial Statements. The statements are tabled in the Legislative Assembly as part of the Public Accounts and referred to the Standing Committee on Public Accounts for review.

On behalf of the Government of the Province of Saskatchewan.

---

| |
|:---|
| ![LOGO](g35755g0918082826075.jpg) |
| **JIM REITER** |
| *Deputy Premier and* |
| *Minister of Finance* |
| ![LOGO](g35755g0918082826342.jpg) |
| **MAX HENDRICKS** |
| Deputy Minister of Finance |
| ![LOGO](g35755g0918082826514.jpg) |
| **CHRIS BAYDA** |
| *Provincial Comptroller* |
| Regina, Saskatchewan |
| June 2025 |

---

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **41** |

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------

Summary Financial Statements

**Independent Auditor's Report** 

**To the Members of the Legislative Assembly of Saskatchewan** 

***Opinion***

We have audited the consolidated financial statements of the Government of Saskatchewan, which comprise the consolidated Statement of Financial Position as at March 31, 2025, and the consolidated Statements of Operations, Accumulated Operating Deficit, Accumulated Remeasurement Gains and Losses, Change in Net Debt, and Cash Flow for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Government of Saskatchewan as at March 31, 2025, and the consolidated results of its operations, accumulated remeasurement gains and losses, changes in net debt, and cash flows for the year then ended in accordance with Canadian public sector accounting standards.

***Basis for Opinion***

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Government of Saskatchewan in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

***Key Audit Matters***

Key audit matters are those matters that, in our professional judgment, were most significant in our audit of the consolidated financial statements for the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon. We do not provide a separate opinion on these matters.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Key audit matter | How audit addressed key audit matter |
| &nbsp;&nbsp;&nbsp;**Pension Liabilities** | &nbsp;&nbsp;&nbsp;**Pension Liabilities** |
| &nbsp;&nbsp;&nbsp; The Government of Saskatchewan had pension liabilities totalling $5.9 billion at March 31, 2025 (2024: $6.1 billion) related to seven defined benefit pension plans and one joint defined benefit plan as described in *Note 5—Retirement Benefits* and *Schedule 8—Pension Liabilities.*<br>The Government contracts actuaries to estimate the accrued pension benefit obligation and other information required for disclosures in the consolidated financial statements. *Note 3— Measurement Uncertainty* describes measurement uncertainty exists because actual experience may differ from actuarial or historical estimations.<br>We identified pension liabilities as a key audit matter because:<br>• This complex estimate requires significant judgment based on long-term assumptions about future demographic events and economic conditions<br>• Small changes in long-term assumptions such as discount and inflation rates can have a material impact on the liabilities, assets, and expenses | Audit work to address this key audit matter included:<br>• Assessing the appropriateness of the actuarial methodology<br>• Assessing the qualifications of management's actuarial experts<br>• Evaluating the reasonableness of management's assumptions<br>• Testing the completeness and accuracy of data provided to the actuary<br>• Evaluating adjustments for actuarial gains and losses in accordance with Canadian public sector accounting standards<br>• Completing a retrospective review to determine the accuracy of previous estimates made<br>• Evaluating disclosures in the consolidated financial statements |

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **43** |

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Summary Financial Statements

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Key audit matter | How audit addressed key audit matter |
| &nbsp;&nbsp;&nbsp;**Individual and Corporate Income Taxation Revenues** | &nbsp;&nbsp;&nbsp;**Individual and Corporate Income Taxation Revenues** |
| &nbsp;&nbsp;&nbsp; Individual and corporate income taxation revenues are significant, totalling $4.8 billion in 2024-25 (2024: $5.8 billion) as included in *Schedule 14-Revenue.*<br>The Government estimates these tax revenues, using cash received and other available assessment data from the Federal Government, because precise figures from final tax assessments are not available until at least fifteen months after the taxation year ends. *Note 3—Measurement Uncertainty* describes measurement uncertainty exists due to differences that may arise in final assessments from initial economic estimates.<br>We identified individual and corporate taxation revenues as a key audit matter because:<br>• They are complex estimates involving management judgment and economic assumptions<br>• Large adjustments frequently occur in future years | Audit work to address this key audit matter included:<br>• Assessing the appropriateness of management's methods used to make the estimates<br>• Confirming individual and corporate income taxation transfers from the Federal Government<br>• Evaluating the reasonableness of management's economic assumptions<br>• Validating sufficiency of corporate and individual income taxation revenue calculations and cut-off<br>• Analyzing variances to determine the accuracy of previous estimates made and review for management bias (e.g., current to prior years actuals, current year budget to actual) |
| &nbsp;&nbsp;&nbsp;**Non-renewable Resources Revenue** | &nbsp;&nbsp;&nbsp;**Non-renewable Resources Revenue** |
| &nbsp;&nbsp;&nbsp; Non-renewable resources provided $2.6 billion (2024: $2.4 billion) in 2024-25 as detailed in *Schedule 14 — Revenue.*<br>The Government of Saskatchewan recognizes potash revenue primarily based on operating profits generated, oil and natural gas revenue primarily based on price and production, and resource surcharge revenue based on sales volumes and prices. *Note 3— Measurement Uncertainty* describes measurement uncertainty exists due to differences in actual potash operating profits from initial estimates, price and production sensitivities in oil and natural gas royalty revenue structures, and differences in final valuation of resource sales from initial estimates.<br>We identified non-renewable resources revenue as a key audit matter because:<br>• Management's judgments about several market inputs and assumptions drive these complex estimates<br>• These estimates can fluctuate significantly over time | Audit work to address this key audit matter included:<br>• Assessing the appropriateness of management's estimation methodology<br>• Testing the accuracy and completeness of the underlying data and calculations supporting these estimates<br>• Performing a retrospective review to determine the accuracy of previous estimates made and to review for management bias<br>• Evaluating disclosures in the consolidated financial statements |

---

***Other Information***

Management is responsible for the other information. The other information comprises the information included in *Public Accounts 2024-25 Volume 1 Summary Financial Statements*, but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or any knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor's report. We have nothing to report in this regard.

***Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements***

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian public sector accounting standards for Treasury Board's approval,

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| | |
|:---|:---|
| **44** | Government of Saskatchewan Public Accounts 2024-25 |

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Summary Financial Statements

and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Government of Saskatchewan's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Government of Saskatchewan either intends to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Government of Saskatchewan's financial reporting process.

***Auditor's Responsibilities for the Audit of the Consolidated Financial Statements***

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Government of Saskatchewan's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Government of Saskatchewan's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Government of Saskatchewan to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business units within the Government of Saskatchewan as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision, and review of the audit work performed for purposes of the group
audit. We remain solely responsible for the audit opinion.

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **45** |

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Summary Financial Statements

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control identified during the audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. The engagement partner on the audit resulting in this independent auditor's report is Trevor St. John, CPA, CA, CISA.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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| | |
|:---|:---|
|  | ![LOGO](g35755g0918083001172.jpg) |
| Regina, Saskatchewan | **TARA CLEMETT, CPA, CA, CISA** |
| June 24, 2025 | Provincial Auditor |
|  | Office of the Provincial Auditor |

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| | |
|:---|:---|
| **46** | Government of Saskatchewan Public Accounts 2024-25 |

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Summary Financial Statements

**Statement of Financial Position** 

As at March 31, 2025

*(thousands of dollars)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Financial Assets** |  |  |
|  Cash and cash equivalents | 3419115 | 2865578 |
|  Accounts receivable (*schedule 1*) | 3025791 | 3171673 |
|  Loans receivable (*schedule 2*) | 1355616 | 1325999 |
|  Investment in government business enterprises (*schedule 3*) | 8134500 | 7861128 |
|  Sinking fund investments (*schedule 4*) | 1658058 | 1443079 |
|  Portfolio investments (*schedule 5*) | 1360674 | 875799 |
|  Derivative assets | 159513 | 75496 |
|  Other financial assets | 2841 | 3782 |
|  **Total Financial Assets** | 19116108 | 17622534 |
|  **Liabilities** |  |  |
|  Accounts payable and accrued liabilities (*schedule 6*) | 4409025 | 4196539 |
|  Unearned revenue (*schedule 7*) | 377928 | 382826 |
|  Pension liabilities (*note 5*)(*schedule 8*) | 5943464 | 6109040 |
|  General debt (*schedule 9*) | 22524849 | 19806005 |
|  Obligations under long-term financing arrangements (*schedule 10*) | 1079051 | 1099343 |
|  Derivative liabilities | 106666 | 62002 |
|  Other liabilities (*schedule 11*) | 302596 | 313524 |
|  **Total Liabilities** | 34743579 | 31969279 |
|  **Net Debt** | (15627471) | (14346745) |
|  **Non-Financial Assets** |  |  |
|  Tangible capital assets (*schedule 12*) | 13754494 | 12877914 |
|  Inventories held for consumption (*schedule 13*) | 261505 | 259798 |
|  Prepaid expenses | 74378 | 85160 |
|  **Total Non-Financial Assets** | 14090377 | 13222872 |
|  **Accumulated Deficit<sup>1</sup>**  | (1537094) | (1123873) |

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| | | |
|:---|:---|:---|
|  <sup>1</sup> Comprised of: |  |  |
|  | **2025** | **2024** |
|  Accumulated operating deficit | (1664440) | (1415576) |
|  Accumulated remeasurement gains | 127346 | 291703 |
|  Accumulated Deficit | (1537094) | (1123873) |

---

Contractual rights and obligations (*note 7*)

Contingencies (*note 8)* 

*The accompanying notes and schedules are an integral part of these financial statements.* 

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **47** |

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Summary Financial Statements

**Statement of Operations** 

For the Year Ended March 31, 2025

*(thousands of dollars)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** |
|  | **Budget** | **Actual** | **Actual** |
|  **Revenue** |  |  |  |
|  Taxation | 9723300 | 9922957 | 10651514 |
|  Non-renewable resources | 2686300 | 2573657 | 2449151 |
|  Net income from government business enterprises (*schedule 3*) | 657000 | 784591 | 901423 |
|  Other own-source | 3015600 | 3782487 | 3357204 |
|  Transfers from the federal government | 3779700 | 3792293 | 3633753 |
|  **Total Revenue** (*schedule 14*) | 19861900 | 20855985 | 20993045 |
|  **Expense** |  |  |  |
|  Health | 7639800 | 8009546 | 7676751 |
|  Education | 4414500 | 4374753 | 4243326 |
|  Social services and assistance | 1764900 | 1807088 | 1685105 |
|  Agriculture | 1531500 | 1762572 | 2503867 |
|  Protection of persons and property | 1004900 | 1166715 | 1073692 |
|  Financing charges (*schedule 16*) | 911500 | 950540 | 839596 |
|  Community development | 904800 | 828439 | 875135 |
|  Transportation | 678300 | 700179 | 649648 |
|  General government | 581400 | 589948 | 563077 |
|  Environment and natural resources | 373600 | 553361 | 330359 |
|  Economic development | 329700 | 361708 | 370284 |
|  **Total Expense** (*schedule 15*) | 20135100 | 21104849 | 20810840 |
|  **Operating (Deficit) Surplus** | (273200) | (248864) | 182205 |

---

Budget totals may not add due to rounding.

*The accompanying notes and schedules are an integral part of these financial statements.*

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| | |
|:---|:---|
| **48** | Government of Saskatchewan Public Accounts 2024-25 |

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Summary Financial Statements

**Statement of Accumulated Operating Deficit** 

For the Year Ended March 31, 2025

*(thousands of dollars)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** |
|  | **Budget** | **Actual** | **Actual** |
|  Accumulated operating deficit, beginning of year | (1415576) | (1415576) | (1771000) |
|  Adjustment to accumulated operating deficit (*note 9)*  |  |  | 173219 |
|  Operating (deficit) surplus | (273200) | (248864) | 182205 |
|  **Accumulated Operating Deficit, End of Year** | (1688776) | (1664440) | (1415576) |

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**Statement of Accumulated Remeasurement Gains and Losses** 

For the Year Ended March 31, 2025

*(thousands of dollars)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Actual** | **Actual** |
|  **Unrealized Gains (Losses) Attributable to:** |  |  |
|  Foreign exchange | (227040) | (6755) |
|  Derivatives | 39353 | 46125 |
|  Portfolio investments | 2362 | 55507 |
|  **Total Unrealized (Losses) Gains** | (185325) | 94877 |
|  Realized net gains on portfolio investments, reclassified to statement of operations | (14810) | (11767) |
|  Other comprehensive income (*schedule 3*) | 35778 | 41584 |
|  **Net Remeasurement (Loss) Gain** | (164357) | 124694 |
|  Accumulated remeasurement gains, beginning of year | 291703 | 167009 |
|  **Accumulated Remeasurement Gains, End of Year** | 127346 | 291703 |

---

*The accompanying notes and schedules are an integral part of these financial statements.*

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **49** |

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Summary Financial Statements

**Statement of Change in Net Debt** 

For the Year Ended March 31, 2025

*(thousands of dollars)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** |
|  | **Budget** | **Actual** | **Actual** |
|  **Operating (Deficit) Surplus** | (273200) | (248864) | 182205 |
|  **Tangible Capital Assets** (*schedule 12*) |  |  |  |
|  Acquisitions | (1597100) | (1630824) | (1282380) |
|  Amortization | 691800 | 729070 | 713100 |
|  Disposals |  | 20852 | 27569 |
|  Write-downs |  | 4322 | 3261 |
|  Adjustments |  |  | 295554 |
|  **Net Acquisition of Tangible Capital Assets** | (905300) | (876580) | (242896) |
|  **Net Use of Other Non-Financial assets** |  | 9075 | 13840 |
|  **Increase in Net Debt from Operations** | (1178500) | (1116369) | (46851) |
|  Adjustment to accumulated operating deficit (*note 9*) |  |  | 173219 |
|  Net remeasurement (loss) gain |  | (164357) | 124694 |
| **(Increase) Decrease in Net Debt** | (1178500) | (1280726) | 251062 |
|  Net debt, beginning of year | (14346745) | (14346745) | (14597807) |
|  **Net Debt, End of Year** | (15525245) | (15627471) | (14346745) |

---

*The accompanying notes and schedules are an integral part of these financial statements.*

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| | |
|:---|:---|
| **50** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

**Statement of Cash Flow** 

For the Year Ended March 31, 2025

*(thousands of dollars)* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Operating Activities** |  |  |
|  Operating (deficit) surplus | (248864) | 182205 |
|  Non-cash items included in the operating (deficit) surplus |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from government business enterprises (*schedule 3*) | (784591) | (901423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-cash items included in the operating (deficit) surplus (*schedule 18*) | 667537 | 726014 |
|  Net change in non-cash operating activities (*schedule 18*) | 184303 | (283921) |
|  Dividends received from government business enterprises (*schedule 3*) | 546997 | 529029 |
|  **Cash Provided by Operating Activities** | 365382 | 251904 |
|  **Capital Activities** |  |  |
|  Acquisition of tangible capital assets (*schedule 12*) | (1630824) | (1282380) |
|  Proceeds on disposal of tangible capital assets | 24195 | 25891 |
|  **Cash Used for Capital Activities** | (1606629) | (1256489) |
|  **Investing Activities** |  |  |
|  Net increase in loans receivable | (44037) | (350582) |
|  Repayment of equity advances to government business enterprises |  | 3700 |
|  Acquisition of portfolio investments | (2647255) | (793610) |
|  Disposition of portfolio investments | 2249513 | 1327651 |
|  Sinking fund contributions for general debt (*schedule 4*) | (260576) | (240100) |
|  Sinking fund redemptions for general debt (*schedule 4*) | 72547 | 10480 |
|  **Cash Used for Investing Activities** | (629808) | (42461) |
|  **Financing Activities** |  |  |
|  Proceeds from general debt | 3458455 | 2022682 |
|  Repayment of general debt | (950616) | (1019796) |
|  Proceeds from repurchase of general debt |  | 56086 |
|  Repurchase of general debt | (61391) |  |
|  Decrease in obligations under long-term financing arrangements<sup>1</sup>  | (20292) | (11404) |
|  Decrease in other liabilities<sup>2</sup>  | (1564) | (135583) |
|  **Cash Provided by Financing Activities** | 2424592 | 911985 |
|  **Increase (Decrease) in Cash and Cash Equivalents** | 553537 | (135061) |
|  Cash and cash equivalents, beginning of year | 2865578 | 3000639 |
|  **Cash and Cash Equivalents, End of Year** | 3419115 | 2865578 |

---

<sup>1</sup> 2024 excludes the adjustment to accumulated operating deficit which decreased obligations under long-term financing arrangements at April 1, 2023 by $262 million *(note 9)*. 

<sup>2</sup> Excludes the changes in unamortized debt related costs, which are classified as operating activities.

*The accompanying notes and schedules are an integral part of these financial statements.*

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **51** |

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------

Summary Financial Statements

**Notes to the Financial Statements** 

As at March 31, 2025

**1. Significant Accounting Policies** 

**Basis of accounting** 

These financial statements are prepared in accordance with Canadian public sector accounting standards issued by the Public Sector Accounting Board.

**Government reporting entity** 

The government reporting entity consists of public sector entities (entities), which include government service organizations, government business enterprises and partnerships.

Government service organizations and government business enterprises are entities controlled by the government. Controlled entities that are self-sufficient and have the financial and operating authority to sell goods and services to individuals and other organizations outside the government reporting entity as their principal activity are classified as government business enterprises. All other controlled entities are government service organizations.

A partnership exists when the government enters into a contractual arrangement with one or more partners outside the government reporting entity where these partners share control of governance decisions and, on an equitable basis, share the significant risks and benefits associated with operating the partnership.

A listing of the entities included in the government reporting entity is provided in schedule 19. Unless otherwise noted, the financial activities of all subsidiaries of these entities have also been included.

**Trust funds** 

Trust funds consist of property conveyed or assigned to the government, as trustee, by agreement or statute to administer on behalf of beneficiaries. Because trust funds are administered but not controlled by the government, the funds are excluded from the government reporting entity and disclosed in note 6.

**Method of consolidation** 

*Government service organizations* are consolidated after adjustment to a basis consistent with the accounting policies described in this note. Inter-entity balances and transactions, other than expensed provincial sales tax, are eliminated. Government service organizations in which a non-controlling interest exists are proportionately consolidated.

*Government business enterprises* are recorded using the modified equity method based on their results prepared in accordance with International Financial Reporting Standards. Using this method, the government's investment in government business enterprises, which is initially recorded at cost, is adjusted annually to include the government's proportionate share of net earnings or losses and certain other net equity changes of government business enterprises without adjustment to the accounting policies described in this note. With the exception of dividends and unrealized interentity gains and losses, inter-entity balances and transactions are not eliminated.

*Partnerships* are proportionately consolidated, at the ownership share disclosed in schedule 19, after adjustment to a basis consistent with the accounting policies described in this note. Inter-entity balances and transactions, other than expensed provincial sales tax, are eliminated.

Financial results of entities with fiscal year ends other than March 31 are adjusted for transactions occurring on or before March 31 that have a significant impact on these financial statements.

**Specific accounting policies** 

***Financial assets***

Financial assets are assets that could be used to discharge existing liabilities or finance future operations and are not for consumption in the normal course of operations.

*Cash and cash equivalents* consist of cash, bank deposits and highly liquid investments that are acquired with maturity terms no longer than three months.

*Accounts receivable* are initially recorded at cost. A valuation allowance is recognized when collection is uncertain.

*Loans receivable* are initially recorded at cost. Where there is a loss in value other than a temporary decline, the loan is written down to recognize the loss.

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| | |
|:---|:---|
| **52** | Government of Saskatchewan Public Accounts 2024-25 |

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------

Summary Financial Statements

**Notes to the Financial Statements** 

**1. Significant Accounting Policies *(continued)*** 

*Sinking fund investments* are held for the repayment of debt and consist primarily of bonds and debentures. These investments, recorded at amortized cost, are net of the government's own securities held as sinking fund investments. Premiums and discounts on long-term investments within these sinking funds are amortized using the effective interest rate method.

*Portfolio investments* are recorded at market value, with the exception of bonds, debentures and other fixed income securities, which are recorded at cost. Investments recorded at cost are written down to market value when there is evidence of a permanent decline in value. For investments recorded at market value, unrealized changes in fair value are recorded in the Statement of Accumulated Remeasurement Gains and Losses until realized, at which time the gains or losses are recognized in the Statement of Operations.

*Derivative assets* include currency and interest rate swaps measured at fair value. Unrealized changes in fair value are recorded in the Statement of Accumulated Remeasurement Gains and Losses. A derivative that has a negative fair market value is presented as a liability on the Statement of Financial Position.

*Other financial assets* include inventories and other assets held for sale, which are valued at the lower of cost and net realizable value.

***Liabilities***

Liabilities are present obligations resulting from transactions and events occurring prior to year end, which will be satisfied in the future through the transfer or use of assets or another form of economic settlement. Contingencies, including loss provisions on guaranteed debt, are recorded when it is likely that a liability exists and the amount can be reasonably estimated.

*Accounts payable and accrued liabilities* primarily include obligations to pay for goods and services acquired prior to year end and to provide authorized transfers where eligibility criteria are met. Obligations for most contaminated sites and asset retirements are recorded on an undiscounted basis as the settlement date is not determinable. These same obligations are recorded using the government's best estimate of the amount required: to remediate contaminated sites for which the government is either directly responsible or has accepted responsibility; and to retire controlled tangible capital assets. Accrued salaries and benefits include other employee future benefits which are recognized in the period the employees provide service.

*Unearned revenue* includes: government transfers with stipulations that meet the definition of a liability; amounts received in advance of taxes earned; amounts received for goods or services with performance obligations that meet the definition of a liability; and contributions restricted for a stipulated purpose pursuant to an agreement with an external party. Amounts are recognized as: stipulations are met; taxes are earned; performance obligations are satisfied; and contributions are used for the stipulated purposes.

*Pension liabilities* are calculated using the projected benefit method prorated on services. Pension plan assets are valued at market-related values. Changes in pension liabilities resulting from estimation adjustments due to experience gains and losses and changes in actuarial assumptions are amortized on a straight-line basis over the expected average remaining service life of the related employee group. Amortization commences in the year following the determination of the adjustment. Gains or losses resulting from plan amendments are recognized in the period of the plan amendment.

*General debt* is debt issued by government service organizations including issued amounts subsequently transferred to government business enterprises. This debt, recorded at par, is net of the government's own securities held as investments and adjusted for the accumulated impact of translating debt issued in foreign currencies to Canadian dollars at the exchange rate in effect at March 31.

Government business enterprise specific debt, which is disclosed separately on schedule 9, is debt issued by, or specifically on behalf of, government business enterprises.

*Obligations under long-term financing arrangements,* represent the government's liability for public private partnership agreements (P3s) through which private sector proponents design, build, finance, operate and maintain certain of the government's tangible capital assets. The obligations are recorded on the percentage-of-completion basis over the period of construction of the P3 asset and are reduced by progress and capital payments made to the P3 partner. The percentage of completion is applied to the nominal value of progress payments and the present value of future capital payments, discounted to the date the asset is available for use, using the weighted average cost of capital specific to each P3 arrangement.

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **53** |

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------

Summary Financial Statements

**Notes to the Financial Statements** 

**1. Significant Accounting Policies *(continued)*** 

*Derivative liabilities* include currency and interest rate swaps measured at fair value. Unrealized changes in fair value are recorded in the Statement of Accumulated Remeasurement Gains and Losses. A derivative that has a positive fair market value is presented as a financial asset on the Statement of Financial Position.

*Other liabilities* include unamortized debt-related costs, which is comprised of premiums, discounts and debt issue costs. These costs are deferred and amortized using the effective interest rate method.

***Non-financial assets***

Non-financial assets are acquired, constructed or developed assets that do not normally provide resources to discharge existing liabilities, but instead are normally employed to deliver government services, may be consumed and are not for sale in the normal course of operations. Non-financial assets are recorded at cost and expensed as they are consumed.

*Inventories held for consumption* are recorded at cost and are expensed as they are consumed.

*Tangible capital assets* include all amounts directly attributable to the acquisition, construction, development, betterment or retirement of the asset. During construction, these assets are recorded based on their percentage of completion and are disclosed as work in progress. Amortization is generally on a straight-line basis over the estimated useful life of the asset and commences when the asset is put in service. Non-purchased intangible assets, items inherited by right of the Crown such as Crown lands, forests, water and mineral resources, works of art and historical treasures are not recognized as assets in these financial statements as an estimate of their future economic benefits cannot be reasonably and verifiably quantified.

Tangible capital assets procured through P3s are valued at the total of the nominal value of progress payments made during or on completion of construction and the present value of the future capital payments, discounted to the date the asset is available for use, using the weighted average cost of capital specific to the P3 arrangement.

***Revenue***

Revenue, recorded on the accrual basis, represents economic resources earned by the government from taxes and other sources that are used to deliver public services.

*Taxation revenue* is recognized when the tax is authorized by the legislature and the taxable event occurs. The taxable event differs for each type of tax; for example, taxation revenue is recognized when taxpayers earn income, purchase products and services, or are in possession of real property. Tax concessions are recorded as a reduction in taxation revenue.

For personal and corporation income taxes, cash received from the federal government, adjusted for assessment data from the federal government when it provides a more reliable estimate, is used as the basis for recording the tax revenue.

*Non-renewable resources revenue* is recognized based on the production, sales or profits generated from the specific non-renewable resource. Oil and natural gas revenue is based primarily on price and production; potash revenue is based primarily on profits generated; and resource surcharge revenue is based on sales volumes and prices.

*Other own-source revenue* is recognized when the government has the authority to obtain the related economic benefits and is expected to do so. For transactions for which the government is obligated to provide specific goods or services, such as fees or sales of goods, services, licenses or permits, revenue is recognized as the related performance obligation is satisfied.

*Transfers from the federal government* are recognized as revenue in the period the transfer is authorized and eligibility criteria are met, except when and to the extent that the transfer stipulations give rise to an obligation that meets the definition of a liability. Transfers meeting the definition of a liability are recorded as unearned revenue and recognized as the stipulations are met.

***Expense***

Expenses, recorded on the accrual basis, represent the government's cost to deliver public services and are classified by theme in the Statement of Operations and by object in schedule 15, while schedule 17 discloses expense themes by object. Transfers are recognized as expenses in the period the transfer is authorized and eligibility criteria are met.

Expenses classified by theme, which are based on the major functional groupings of activities, are as follows:

The *agriculture theme* includes expenses to assist and improve the agriculture and food industry through development activities including research, education, regulation and investment in the sector as well as providing direct support to farmers through loans, income stabilization and insurance programs.

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| | |
|:---|:---|
| **54** | Government of Saskatchewan Public Accounts 2024-25 |

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------

Summary Financial Statements

**Notes to the Financial Statements** 

**1. Significant Accounting Policies *(continued)*** 

The *community development theme* includes expenses to maintain and develop engaged and vibrant communities, including financial assistance and infrastructure funding to local governments and other authorities, which in turn provide community services. Community development also includes funding directed to specific community services such as sport, culture, arts, and heritage that improve quality of life.

The *economic development theme* includes expenses to strengthen, expand and diversify Saskatchewan's economy as well as to promote trade and growth in export markets. The expenses arise from activities such as research, marketing, product development, financing, financial assistance, technology and infrastructure. Economic development also includes the strategic management of Saskatchewan's non-renewable resources to support future economic activity.

The *education theme* includes expenses to develop and maintain a quality prekindergarten through post-secondary education system which is designed to impart knowledge and information, including activities that support and encourage ongoing learning and the acquisition of specialized skills as well as providing supports to help students be successful. The education theme also includes funding for early learning and child care.

The *environment and natural resources theme* includes expenses to protect and improve the quality of the environment through: the management of fish, wildlife, forests and land; recycling; and the prevention and clean-up of environmental hazards.

The *financing charges theme* includes expenses associated with general debt including interest, foreign exchange gains and losses, discounts and premiums, fees and commissions. It also includes financing costs related to pension and other employee future benefits liabilities, obligations under long-term financing arrangements such as public private partnerships and capital lease obligations.

The *general government theme* includes expenses for centralized government services including: government contributions to, and management of, employee benefit plans; property, vehicle and information technology management; the collection of government revenues; the formation of budgetary policy; the preparation and audit of the government's public accounts; and the constitutional, political and law enactment aspect of the government.

The *health theme* includes expenses to support, maintain and restore the physical and mental health of Saskatchewan residents. Health expense primarily includes: the delivery of health services through acute, emergency, rehabilitative, long-term, community-based, and home-based care; cancer prevention, diagnosis and treatment programs; the prevention and control of infectious diseases; the subsidization of prescription drugs; and the education and promotion of healthy lifestyles.

The *protection of persons and property theme* includes expenses to promote and ensure the security, safety and protection of residents and property which is mainly achieved through a fair justice system, policing programs and supervision and rehabilitation services for offenders. Protection of persons and property also includes: services that promote, support and enforce safe work practices and employment standards; provincial emergency management through 911 services, public safety, disaster assistance and wildfire management; and victims' services.

The *social services and assistance theme* includes expenses to provide financial assistance and services to individuals and families in need because of poverty, abuse, neglect and disability. This includes income support programs, accessible and safe housing, child protection services, adoption services and providing life's needs to persons with intellectual disabilities.

The *transportation theme* includes expenses for the development, construction and maintenance of an integrated provincial transportation system using highways, rural roads, bridges, ferry crossings, airstrips and communication networks.

Schedule 19 identifies the entities included in each theme.

**New conceptual framework and reporting model not yet in effect** 

The Public Sector Accounting Board has issued a new conceptual framework and reporting model that will be effective for public sector entities on April 1, 2026. A conceptual framework is a coherent set of interrelated concepts underlying accounting and financial reporting standards. It prescribes the nature, function and limits of financial accounting and reporting. A reporting model establishes guidance on the presentation of general purpose financial statements.

The government plans to adopt both the conceptual framework and reporting model on their effective date and is currently analyzing the impact this will have on these financial statements.

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **55** |

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Summary Financial Statements

**Notes to the Financial Statements** 

**2. Fair Value of Financial Instruments** 

Financial instruments are contracts that give rise to financial assets of one entity and financial liabilities or equity instruments of another entity and are measured at fair value or cost/amortized cost.

The determination of fair value requires judgment and is based on market information where available and appropriate. Fair value measurements are categorized, based on the nature of the inputs used, into one of three levels within a fair value hierarchy as follows:

---

| |
|:---|
| Level 1 – determined using unadjusted quoted prices in active markets for identical assets or liabilities. |
| Level 2 – determined using quoted prices in markets that are not active or inputs that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). |
| Level 3 – determined using inputs for the asset or liability that are supported by little or no observable market data. |

---

For financial instruments measured at cost or amortized cost, transaction costs are a component of the cost of the financial instruments and gains and losses are recognized in the Statement of Operations. For financial instruments measured using amortized cost, the effective interest rate method is used to determine interest revenues or expenses.

Foreign currency transactions are translated at the exchange rate in effect at the transaction date. Financial assets and liabilities denominated in a foreign currency are translated into Canadian dollars at the exchange rate in effect at March 31.

The fair value hierarchy for financial instruments is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(thousands of dollars)* | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Total** |
|  Portfolio investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pooled investment funds | 10663 | 221827 |  | 232490 | 202812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equities | 154347 |  |  | 154347 | 172076 |
|  Derivative assets |  | 159513 |  | 159513 | 75496 |
|  Derivative liabilities |  | (106666) |  | (106666) | (62002) |
|  Total | 165010 | 274674 |  | 439684 | 388382 |

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|:---|:---|
| **56** | Government of Saskatchewan Public Accounts 2024-25 |

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Summary Financial Statements

**Notes to the Financial Statements** 

**3. Measurement Uncertainty** 

The use of estimates and assumptions is integral in determining amounts to be recognized and disclosed in financial statements. Uncertainty that exists when there is another reasonably possible amount is known as measurement uncertainty. While best estimates are used for reporting items subject to measurement uncertainty, it is reasonably possible that changes in future conditions, occurring within one fiscal year, could require a material change in the amounts recognized or disclosed.

Measurement uncertainty, disclosed in aggregate for government service organizations and government business enterprises, that may be material to these financial statements exists in the following recorded amounts:

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| | | |
|:---|:---|:---|
| *(thousands of dollars)* | **2025** | **2024** |
|  Pension liabilities<sup>1a</sup>  | 5987611 | 6154128 |
|  Insurance claim obligations<sup>1a</sup>  | 5092821 | 4732075 |
|  Personal and corporation income taxation revenue<sup>1b</sup>  | 4789012 | 5810951 |
|  Canada Health and Social Transfer revenue<sup>1c</sup>  | 2071653 | 1957765 |
|  Investments<sup>1d</sup>  | 1902665 | 1711708 |
|  Environmental obligations<sup>1e</sup>  | 1479959 | 1153337 |
|  Oil and natural gas non-renewable resource revenue<sup>1f</sup>  | 1151637 | 981147 |
|  Potash non-renewable resource revenue<sup>1g</sup>  | 604095 | 754903 |
|  Resource surcharge revenue<sup>1h</sup>  | 529503 | 516854 |
|  Tobacco litigation receivable<sup>1i</sup>  | 400000 |  |
|  Output-Based Performance Standards revenue<sup>1a</sup>  | 362817 | 458916 |
|  Agricultural income stability program obligations<sup>1a</sup>  | 318138 | 272313 |
|  Unbilled utility receivable<sup>1j</sup>  | 144012 | 146061 |
|  Provincial Disaster Assistance program receivable<sup>1i</sup>  | 110924 | 168694 |

---

<sup>1</sup> Uncertainty exists in the valuation of these amounts because: 

<sup>a</sup> Actual experience may differ from actuarial or historical estimations;

<sup>b</sup> Final assessments may differ from initial economic estimates;

<sup>c</sup> Changes may occur in economic and demographic conditions in the province and the country;

<sup>d</sup> Certain investments held by government business enterprises have no active market (level 3 of the fair value hierarchy);

<sup>e</sup> The existence and extent of contamination and the timing and cost of remediation cannot be reliably estimated in all cases;

<sup>f</sup> Price and production sensitivities in the royalty revenue structures may exist;

<sup>g</sup> Actual operating profits may differ from initial estimates:

<sup>h</sup> Final valuation of resource sales may differ from initial estimates;

<sup>i</sup> Actual receipts may differ from initial estimates; and

<sup>j</sup> Actual usage may differ from estimated usage.

**4. Risk Management of Financial Instruments** 

The government, collectively through its government service organizations and government business enterprises, has exposure to the following risks related to its financial instruments: interest rate risk, foreign exchange rate risk, price risk, credit risk and liquidity risk. The government has risk management strategies in place to mitigate these risks.

*Interest rate risk* is the risk that the fair value or future cash flows of a financial instrument will fluctuate unfavourably with changes in market interest rates.

The government manages this risk on its investments by setting asset mix guidelines that limit the extent to which interest rates impact the market value of the government's fixed income investments, such as bonds and debentures. It is estimated that a one per cent change in interest rates would impact the government's operating results by $226 million (2024 - $206 million).

The government manages this risk on its debt by issuing securities at predominantly fixed rates of interest rather than at floating rates of interest. Floating-rate debt primarily refers to floating-rate debentures, short-term promissory notes and fixed-rate debt maturing within one year. The government seeks opportunities to effectively convert floating-rate debt into fixed-rate debt through the use of interest rate swaps. The government has interest rate swaps on a notional value of debt of $34 million (2024 - $38 million). At March 31, 2025, 92.3 per cent (2024 - 91.4 per cent) of the government's gross debt effectively carries a rate of interest that is fixed for greater than a one-year period.

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| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **57** |

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Summary Financial Statements

**Notes to the Financial Statements** 

**4. Risk Management of Financial Instruments *(continued)*** 

Public debt includes floating-rate debt of $2.76 billion (2024 - $2.77 billion). A one percentage point change to interest rates would impact the operating results by $28 million (2024 - $28 million).

*Foreign exchange rate risk* is the risk that the fair value or future cash flows of a financial instrument will fluctuate unfavourably with a change in the value of the Canadian dollar relative to other currencies. The government is primarily exposed to foreign exchange risk on its investments and general debt.

The government manages this risk on its investments by defining maximum limits on exchange rate sensitive assets, such as foreign equities, in investment portfolios. It is estimated that a ten per cent change in the Canadian dollar relative to other currencies would impact the government's operating results by $205 million (2024 - $209 million).

The government manages this risk on its debt by maintaining a preference for issuing debt that is denominated in Canadian dollars. Where debt is issued in foreign currencies, the government seeks opportunities to effectively convert it into Canadian dollar debt through the use of cross-currency swaps. At March 31, 2025, 100.0 per cent (2024 - 100.0 per cent) of the government's gross debt is effectively denominated in Canadian dollars.

The following foreign denominated items are hedged to Canadian dollars using cross-currency swaps:

• Debentures of 2.00 billion (2024 - 1.00 billion) U.S. dollars fully hedged to $2.71 billion (2024 - $1.27 billion) Canadian;

• Debentures of 235 million (2024 - 235 million) Euros fully hedged to $354 million (2024 - $354 million) Canadian;
and

• Debentures of 200 million (2024 - 100 million) Swiss francs fully hedged to $288 million (2024 - $138 million)
Canadian.

In total, the government has cross-currency swaps on a notional value of debt of $3.35 billion (2024 - $1.76 billion). The effectiveness of these hedges is assessed on an ongoing basis by monitoring the credit ratings of the counterparties to the hedges.

*Price risk* is the risk that the fair value or future cash flows of a financial instrument will fluctuate unfavourably with changes in market prices.

The government's risk, resulting from its investments' exposure to changes in equity prices, is managed by having geographically and industry diverse investment portfolios. In addition, the government limits its investment concentration in any one investee or related group of investees to ten per cent of the investee's share capital and ten per cent of the government's investment portfolio.

*Credit risk* is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The government is primarily exposed to credit risk on its cash, receivables, investments and derivative financial instruments. The government's carrying amounts for these financial assets best represent its maximum exposure to credit risk.

For cash and investments, the government manages this risk by dealing solely with reputable financial institutions, and through an investment policy that limits investments to high credit quality (minimum rating is BBB for bonds and debentures and R-1 for short-term investments) as well as limits the maximum exposure with respect to any one issuer.

For receivables, the government reviews balances and aging information to determine if a valuation allowance is necessary. The government is not exposed to significant credit risk on its receivables. A significant portion of accounts receivable are due from the federal government and collection of these amounts is reasonably assured. Other receivables held by the government are associated with a large and diversified cross-section of residents, customers and other entities, which minimizes the concentration of credit risk exposure associated with any particular individual or entity.

For derivative financial instrument contracts, the government manages this risk by dealing solely with counterparties that have good credit ratings and by establishing limits on individual counterparty exposures and monitoring those exposures on a regular basis. At March 31, 2025, 100.0 per cent (2024 - 100.0 per cent) of the notional value of the government's derivative financial instrument contracts is held by counterparties with an S&P Global Rating's credit rating of A or better.

*Liquidity risk* is the risk that the government will encounter difficulty in meeting obligations associated with financial liabilities. The government is exposed to liquidity risk on its accounts payable and accrued liabilities, pension liabilities, general debt, obligations under long-term financing arrangements and other liabilities. The government manages its overall liquidity risk by managing cash resources which is achieved by monitoring actual and forecasted cash flows from operating, investing and financing activities*.*

The government manages this risk on its debt by distributing debt maturities over many years, maintaining sinking funds in which the investment maturities approximate that of the underlying long-term debt issues and maintaining adequate cash reserves and short-term borrowing programs as contingent sources of liquidity. Schedule 9 provides a summary of contractual maturities for general debt.

Expected contractual maturities related to other financial liabilities are disclosed in schedules 6, 10 and 11.

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|:---|:---|
| **58** | Government of Saskatchewan Public Accounts 2024-25 |

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Summary Financial Statements

**Notes to the Financial Statements** 

**5. Retirement Benefits** 

The government sponsors several defined benefit pension plans and a defined contribution pension plan. The government also participates in a joint defined benefit pension plan.

*Defined benefit plans* provide benefits based on length of service and pensionable earnings. A typical defined benefit plan provides pensions equal to 2.0 per cent of a member's average five years' highest salary, multiplied by the years of service to a maximum of 35 years. Employees contribute a percentage of salary, which may vary based on age, to their plan. Pensions and contribution rates are integrated with the Canada Pension Plan.

Actuarial valuations are performed at least triennially. When a valuation is not done in the current fiscal year an actuary extrapolates the most recent valuation. Valuations and extrapolations are based on a number of assumptions about future events, such as inflation rates, interest rates, wage and salary increases and employee turnover and mortality. These assumptions reflect estimates of expected long-term rates and short-term forecasts. Estimates vary based on the individual plan.

The accrued benefit obligation is determined using the projected benefit method prorated on services. Pension plan assets are valued at market-related values based on the actual market values and for certain plan assets averaged over up to a five-year period.

*Joint defined benefit plans* are governed by formal agreements between the joint sponsors (i.e. participating employers and plan members) establishing that the joint sponsors have shared control over the plan. Funding contributions and significant risks of the plan are shared on an equitable basis between the joint sponsors. Accordingly, the government accounts for only its portion of the plan. Plan assets and surpluses are restricted for member benefits or certain other purposes set out in the agreements. Plan benefits are determined on the same basis as defined benefit plans.

The accrued benefit obligation is determined using the projected benefit method prorated on services. Pension plan assets are valued at market-related values by averaging the difference between the net investment income on a market-value basis and the expected investment income, based on expected rate of return on plan assets, over a five-year period.

*Defined contribution plans* provide pensions based on accumulated contributions and investment earnings. Employees contribute a percentage of salary. The government provides contributions at specified rates for employee current service.

Pension plan assets of government sponsored defined benefit and defined contribution plans are invested in fixed income securities, equities, real estate, pooled investment funds and short-term monetary items. The investment in Government of Saskatchewan securities is insignificant for all plans.

**Government service organizations** 

***Defined benefit plans and joint defined benefit plan***

The two main defined benefit plans are the Teachers' Superannuation Plan (TSP) and Public Service Superannuation Plan (PSSP). Other plans include Judges of the Provincial Court Superannuation Plan (Judges), Saskatchewan Transportation Company Employees Superannuation Plan, Anti-TB League Employees Superannuation Plan, and Pension Plan for the Non-Teaching Employees of the Saskatoon School Division No.13 (PPNTE). Defined benefits are also payable to members of the former Members of the Legislative Assembly Superannuation Fund (MLA).

The government is required to match employee current service contributions for all plans except PSSP, Judges and PPNTE. Funding contributions are required for PPNTE. Separate pension plan assets are maintained for TSP, Judges and PPNTE. For the other plans, employee contributions are received and pension obligations are paid directly by the government.

The government also participates in the Saskatchewan Healthcare Employees' Pension Plan (SHEPP), a joint defined benefit plan for employees of the Saskatchewan Health Authority and certain other government health entities. The government participating employers contribute to the plan at the ratio of 1.12 to 1 of employee contributions and any actuarially determined deficiency is the responsibility of participating employers and employees at the same ratio. The government portion of employer contributions represents approximately 97 per cent of total participating employer contributions to the plan.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **59** |

---

------

Summary Financial Statements

**Notes to the Financial Statements** 

**5. Retirement Benefits (*continued*)** 

Information on the defined benefit plans and the joint defined benefit plan of government service organizations is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **TSP** | **PSSP** | **Others** | **SHEPP** | **Total** | **Total** |
|  Plan status | Closed | Closed | Closed<sup>1</sup> | Open | n/a | n/a |
|  Employee contribution rate *(percentage of salary)*  | 7.85 | 7.00-9.00<sup>2</sup> | 5.00-8.05<sup>2</sup> | 8.10-10.70<sup>3</sup> | n/a | n/a |
|  Number of active employees | 19 | 4 | 1179 | 39774 | 40976 | 41755 |
|  Average age of active employees *(years)*  | 68.5 | 66 | 48 | 43.2 | 43.4 | 43.5 |
|  Number of former employees entitled to deferred pension benefits | 4303 |  | 228 | 2497 | 7028 | 7055 |
|  Number of superannuates and surviving spouses | 9912 | 3773 | 654 | 22958 | 37297 | 36893 |
|  Actuarial valuation date | June 30/24 | Dec.31/23 | Various | Dec. 31/23 | n/a | n/a |
|  Long-term assumptions used |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate of compensation increase *(percentage)* | 2.75 | n/a | 3.00-3.25 | 2.75 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected rate of return on plan assets *(percentage)*  | 5.70 | n/a | 5.00-6.60 | 6.70 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount rate *(percentage)*  | 3.30 | 3.20 | 2.90-6.30 | 6.70 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation rate *(percentage)*  | 2.00 | 2.00 | 2.00-2.25 | 2.00 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected average remaining service life *(years)*  | 1.00 | n/a | 9.00-12.00 | 13.20 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post-retirement index *(percentage of annual increase in Consumer Price Index)* | 80 | 70 | Various | Ad hoc | n/a | n/a |

---

<sup>1</sup> Judges and PPNTE are open to new membership; all other plans are closed.

<sup>2</sup> Contribution rate varies based on age upon joining the plan.

<sup>3</sup> As of January 1, 2025, the employee contribution rate decreased to 7.30-10.40.

***Defined contribution plans***

The government sponsors the Public Employees Pension Plan (PEPP). The government provides contributions to the plan at specified rates for employee current service. The government also contributes to the Saskatchewan Teachers' Retirement Plan (STRP) which is sponsored by the Saskatchewan Teachers' Federation, as well as the Municipal Employees' Pension Plan (MEPP) and Regina Civic Employees' Superannuation and Benefit Plan (RCESP). The government's share of contributions to the defined contribution plans is fully funded.

Information on the defined contribution plans of government service organizations is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **PEPP** | **STRP <sup>1</sup>** | **MEPP <sup>2</sup>** | **RCESP <sup>3</sup>** | **Total** | **Total** |
|  | *Government* |  |  |  |  |  |
|  | *Sponsored* |  |  |  |  |  |
|  Plan status | Open | Open | Open | Open | n/a | n/a |
|  Employee contribution rate *(percentage of salary)*  | 4.50-9.00<sup>4</sup> | 10.00 | 9.00 | 8.80-13.10 | n/a | n/a |
|  Government contribution rate *(percentage of salary)* | 5.00-11.50<sup>4</sup> | 7.25-9.25 | 9.00 | 9.80-14.60 | n/a | n/a |
|  Government service organization participation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of active employees | 21235 | 15713 | 11080 | 2405 | 50433 | 49352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee contributions *(thousands of dollars)* | 117320 | 119155 | 30798 | 11279 | 278552 | 261922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government contributions *(thousands of dollars)* | 137637 | 93123 | 30841 | 12343 | 273944 | 252303 |

---

<sup>1</sup> Teachers employed by Boards of Education after July 1, 1980 participate in STRP, a contributory defined benefit pension plan. The government contributes an amount which is set through provincial negotiations. 

<sup>2</sup> Certain employees of Boards of Education and Regional Colleges participate in MEPP, a multi-employer defined benefit plan. All costs, including costs of any actuarially determined deficiency, are equally shared by the employers and employees. At December 31, 2024, audited financial statements for MEPP reported an accrued benefit obligation of $2.54 billion (2023 - $2.42 billion) and plan assets at market value of $4.06 billion (2023 - $3.58 billion). The market value of plan assets is $4.11 billion at March 31, 2025. 

<sup>3</sup> Certain employees of the Saskatchewan Health Authority and a Board of Education participate in RCESP, a multi-employer defined benefit plan. Beginning in January 2016, a December 31, 2014 actuarial determined deficiency was funded through participating employer and employee contributions at a rate of 60 per cent and 40 per cent respectively. As of December 31, 2024, the deficiency has been eliminated. As a result, beginning in January 2025, the employee and government contribution rates are funded on a 50:50 basis at rates of 8.25-12.25 per cent. At December 31, 2024, audited financial statements for RCESP reported an accrued benefit obligation of $1.70 billion (2023 - $1.63 billion) and plan assets at market value of $1.94 billion (2023 - $1.79 billion). The market value of plan assets is $1.94 billion at March 31, 2025. 

<sup>4</sup> Contribution rate varies based on employee group.

---

| | |
|:---|:---|
| **60** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

**Notes to the Financial Statements** 

**5. Retirement Benefits *(continued)*** 

**Pension expense** 

The total pension expense of government service organizations includes the following:

---

| | | |
|:---|:---|:---|
| *(thousands of dollars)* | **2025** | **2024** |
|  Defined benefit plans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current period benefit cost | 19478 | 19858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of estimation adjustments | 64054 | 229001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee contributions | (4911) | (4447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in valuation allowance | 3782 | (1996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension interest cost (*schedule 16*) | 181829 | 175437 |
|  Pension expense, defined benefit plans | 264232 | 417853 |
|  Other plans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension expense, joint defined benefit plan | 206357 | 200474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension expense, defined contribution plans | 273944 | 252303 |
|  Total Pension Expense (*schedule 17*) | 744533 | 870630 |

---

**Government business enterprises** 

***Defined benefit plans***

There are additional pension plans which are accounted for in the investment in government business enterprises. The two main defined benefit plans of government business enterprises are the Power Corporation Superannuation Plan (SaskPower) and Saskatchewan Telecommunications Pension Plan (SaskTel). Other plans include the Saskatchewan Government Insurance Superannuation Plan and Liquor Board Superannuation Plan.

The government contributes the amount necessary to fund the payment of pension benefits.

Information on the defined benefit plans of government business enterprises is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **SaskPower** | **SaskTel** | **Others** | **Total** | **Total** |
|  Plan status | Closed | Closed | Closed | n/a | n/a |
|  Number of active employees | 1 | 4 | 1 | 6 | 7 |
|  Number of former employees, superannuates and surviving spouses | 1403 | 1658 | 195 | 3256 | 3345 |
|  Government contributions *(thousands of dollars)*  |  |  | 2628 | 2628 | 3270 |
|  Benefits paid *(thousands of dollars)*  | 58386 | 60540 | 5175 | 124101 | 125496 |
|  Actuarial valuation date | Sept. 30/22 | Mar. 31/23 | Various | n/a | n/a |
|  Long-term assumptions used |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount rate *(percentage)*  | 4.45 | 4.50 | 4.40-4.50 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation rate *(percentage)*  | 2.00 | 2.25 | 2.00 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post-retirement index *(percentage of annual increase in Consumer Price Index)* | 70 | 100 | Various | n/a | n/a |

---

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **61** |

---

------

Summary Financial Statements

**Notes to the Financial Statements** 

**5. Retirement Benefits *(continued)*** 

Based on the latest actuarial valuation with extrapolations to the government business enterprises' year ends, the present value of the accrued benefit obligation and the fair value of plan assets are shown in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(thousands of dollars)* | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **SaskPower** | **SaskTel** | **Others** | **Total** | **Total** |
|  Accrued benefit obligation | 635782 | 743023 | 55928 | 1434733 | 1450643 |
|  Fair value of plan assets | 618627 | 854059 | 32050 | 1504736 | 1519389 |
|  Plan Deficit (Surplus) | 17155 | (111036) | 23878 | (70003) | (68746) |
|  Valuation allowance |  | 111036 | 3114 | 114150 | 113834 |
|  Pension Liabilities | 17155 |  | 26992 | 44147 | 45088 |

---

***Defined contribution plan***

Information on government business enterprises' participation in PEPP is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Plan status | Open | Open |
|  Employee contribution rate *(percentage of salary)* <sup>1</sup>  | 4.45-8.60 | 4.45-8.60 |
|  Government contribution rate *(percentage of salary)* <sup>1</sup>  | 5.50-11.00 | 5.50-11.00 |
|  Government business enterprise participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of active employees | 13275 | 12840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government contributions *(thousands of dollars)*  | 87971 | 81387 |

---

<sup>1</sup> Contribution rate varies based on employee group.

***Pension expense***

Pension expense for government business enterprises is included in net income from government business enterprises. The total pension expense of government business enterprises includes the following:

---

| | | |
|:---|:---|:---|
| *(thousands of dollars)* | **2025** | **2024** |
|  Defined benefit plans | (2463) | (1051) |
|  Defined contribution plan | 87971 | 81387 |
|  Total Pension Expense | 85508 | 80336 |
|  Net Pension Loss (Gain) Included in Other Comprehensive Income | 4150 | (61975) |

---

---

| | |
|:---|:---|
| **62** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

**Notes to the Financial Statements** 

**6. Trust Funds** 

Trust fund assets held and administered by the government are as follows:

---

| | | |
|:---|:---|:---|
| *(thousands of dollars)* | **2025** | **2024** |
|  Pension plans and annuity funds | 20795028 | 19252535 |
|  Employee benefit plans | 720882 | 691660 |
|  Public Guardian and Trustee of Saskatchewan | 323885 | 319395 |
|  Other | 45214 | 42652 |
|  Total Trust Fund Assets<sup>1</sup>  | 21885009 | 20306242 |

---

<sup>1</sup> Amounts are based on the latest available financial statements of the funds closest to March 31, 2025. 

**7. Contractual Rights and Obligations** 

**Contractual Rights** 

The government has the following contractual rights reported by the year the amounts are expected to be recognized:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(thousands of dollars)* | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** | **Total** |
|  Government Service Organizations |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from the federal government |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating<sup>1</sup>  | 833568 | 347682 | 280576 | 139280 | 70934 | 41833 | 1713873 | 2092285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital | 147600 | 156521 | 74364 | 48426 | 75699 | 160709 | 663319 | 625072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other own-source revenue |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real property sales and leases | 64515 | 19642 | 15524 | 13544 | 12688 | 100215 | 226128 | 222596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fees | 51395 | 49603 | 42581 | 38769 | 6867 | 41235 | 230450 | 231251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous |  |  |  |  |  |  |  | 2018 |
|  Total Government Service Organizations | 1097078 | 573448 | 413045 | 240019 | 166188 | 343992 | 2833770 | 3173222 |
|  Government Business Enterprises |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility sector | 404593 | 204050 | 119134 | 23509 |  |  | 751286 | 781173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquor and gaming sector<sup>2</sup>  | 127199 | 132619 | 137876 | 143600 | 149857 |  | 691151 | 571421 |
|  Total Government Business Enterprises | 531792 | 336669 | 257010 | 167109 | 149857 |  | 1442437 | 1352594 |
|  Total Contractual Rights<sup>3</sup>  | 1628870 | 910117 | 670055 | 407128 | 316045 | 343992 | 4276207 | 4525816 |

---

<sup>1</sup> The contractual rights for federal operating transfer agreements with no expiration date include estimated revenue for up to 10 contract years. Contractual rights beyond this could be significant.

<sup>2</sup> A gaming agreement has an expiration date that extends to 2037 for which contractual rights beyond 2030 are not included and could be significant.

<sup>3</sup> Contractual rights that cannot be reasonably estimated have not been included in the table above, but could be significant. These rights include: Sustainable Canadian Agricultural Partnership, for which transfers from the federal government are based on annual crop yields; private reinsurance agreements, for which insurance recovery revenue arises from catastrophic events (e.g. severe weather); and forest management agreements, for which licensees pay fees based on cubic meters harvested. 

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **63** |

---

------

Summary Financial Statements

**Notes to the Financial Statements** 

**7. Contractual Rights and Obligations *(continued)*** 

**Contractual Obligations** 

The government has the following contractual obligations reported by the year the amounts are expected to be recognized:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(thousands of dollars)* | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** | **Total** |
|  |  |  |  |  |  |  |  | (Restated) |
|  Government Service Organizations |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policing | 255160 | 261545 | 247375 | 251889 | 258186 | 535898 | 1810053 | 2051939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social supports and services | 412420 | 203075 | 67402 |  |  |  | 682897 | 772513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and medical services and supports | 238657 | 113742 | 93167 | 77694 | 63451 | 12029 | 598740 | 530119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital | 222339 | 225394 | 71548 | 14240 | 1010 | 2020 | 536551 | 421103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming | 93277 | 106500 | 108925 | 111650 | 114000 |  | 534352 | 508843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post secondary education | 418646 | 2690 | 2650 | 566 |  |  | 424552 | 421990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverage container collection and recycling | 36929 | 37047 | 37626 |  |  |  | 111602 | 148896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 18716 | 18884 | 14089 | 1549 | 490 |  | 53728 | 74250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 116602 | 47285 | 27698 | 4606 | 1519 | 1223 | 198933 | 179516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction and acquisition of tangible capital assets | 835875 | 327972 | 252562 | 3920 | 2178 | 4292 | 1426799 | 1855442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operation, maintenance and life cycle rehabilitation payments under P3s | 27742 | 30307 | 34030 | 40754 | 41686 | 921683 | 1096202 | 1120657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service agreements |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computer | 206573 | 93325 | 62123 | 27756 | 17653 | 22718 | 430148 | 554037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation | 45942 | 35738 | 29878 | 15667 | 2775 |  | 130000 | 162017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergency communications | 16324 | 16514 | 17043 | 3032 |  |  | 52913 | 69199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 33677 | 18367 | 12420 | 4177 | 3922 | 56441 | 129004 | 145601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease agreements | 102173 | 77538 | 61005 | 47041 | 37549 | 139132 | 464438 | 416636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 4446 | 4446 | 4446 | 4446 |  | 6696 | 24480 | 85537 |
|  Total Government Service Organizations<sup>1</sup>  | 3085498 | 1620369 | 1143987 | 608987 | 544419 | 1702132 | 8705392 | 9518295 |
|  Government Business Enterprises |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward purchase contracts |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power | 478977 | 499117 | 546924 | 624468 | 611440 | 11506013 | 14266939 | 9741809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal | 209444 | 255076 | 244650 | 210922 | 115588 |  | 1035680 | 447966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 219451 | 174816 | 142165 | 136394 | 88683 | 145011 | 906520 | 960851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 49922 |  |  |  |  |  | 49922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction, acquisition and maintenance of capital assets | 3005933 | 777003 | 568810 | 198785 | 50056 | 376931 | 4977518 | 4218811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service agreements | 203410 | 32213 | 17138 | 4028 | 67 |  | 256856 | 274519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 7963 | 2673 | 1704 | 28 | 24 | 276 | 12668 | 15299 |
|  Total Government Business Enterprises | 4175100 | 1740898 | 1521391 | 1174625 | 865858 | 12028231 | 21506103 | 15659255 |
|  Total Contractual Obligations | 7260598 | 3361267 | 2665378 | 1783612 | 1410277 | 13730363 | 30211495 | 25177550 |

---

<sup>1</sup> Contractual obligations for government service organizations by theme are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Protection of persons and property | 2093074 | 2237193 |
|  General government | 1332759 | 1743334 |
|  Health | 1226273 | 1247854 |
|  Community development | 1087137 | 949480 |
|  Transportation | 950438 | 1029261 |
|  Education | 932943 | 1057232 |
|  Social services and assistance | 737519 | 815322 |
|  Environment and natural resources | 172095 | 209080 |
|  Economic development | 94116 | 75963 |
|  Agriculture | 79038 | 153576 |
|  Total Government Service Organizations | 8705392 | 9518295 |

---

---

| | |
|:---|:---|
| **64** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

**Notes to the Financial Statements** 

**8. Contingencies** 

**Contingent Assets** 

The government has instituted claims against opioid manufacturers for the recovery of health care benefits paid as a result of opioid consumption and marketing. The amount of the potential recovery cannot be estimated.

**Contingent Liabilities** 

The government is involved in various legal actions, the outcome of which is not determinable. Up to $606 million (2024 - $590 million) may be paid depending on the outcome of lawsuits in progress which include aboriginal land claims, claims for damages to persons and property and disputes over taxes and funding.

The government also has up to $5 million (2024 - $5 million) in other contingent liabilities that are dependent on environmental remediation and guaranteed debt repayments.

**9. Changes to Accounting Standards** 

During 2023-24, the government adopted *PS 3400 Revenue*, establishing guidance on the recognition, measurement, presentation and disclosure of revenue. As a result, the government recognized $71 million in fees revenue that was previously recorded as unearned revenue.

Additionally, the following other accounting policies were adopted in 2023-24, resulting in a net decrease to the accumulated operating deficit, beginning of year of $173 million.

The government adopted *PS 3160 Public Private Partnerships*, establishing guidance on the recognition, measurement and disclosure of public private partnership (P3) arrangements. As a result, the discount rate used to measure P3 assets and liabilities was changed from the government's cost of borrowing to the weighted average cost of capital specific to each P3 arrangement. This resulted in an increase to the accumulated operating deficit, beginning of year of $33 million and decreases to tangible capital assets of $295 million and obligations under long-term financing arrangements of $262 million.

Government business enterprises, as required by International Financial Reporting Standards (IFRS), adopted *IFRS 17 Insurance Contracts*, which requires a revised method of measuring insurance contract liabilities. This resulted in a $206 million decrease to the accumulated operating deficit, beginning of year and a corresponding increase to the investment in government business enterprises.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **65** |

---

------

Summary Financial Statements

**Notes to the Financial Statements** 

**10. Small Modular Reactor Investment Fund** 

The Small Modular Reactor Investment Fund (SMRIF) is a segregated fund designed to support the future development of a small modular nuclear reactor. The SMRIF, as part of the General Revenue Fund, consists of revenue from the electricity sector net of any Clean Electricity Transition Grants. Investment income earned is retained in the SMRIF.

---

| | | | |
|:---|:---|:---|:---|
| *(thousands of dollars)* | **2025** | **2025** | **2024** |
|  | **Budget** | **Actual** | **Actual** |
|  Electricity sector revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Output-Based Performance Standards | 280900 | 280493 | 337853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SaskPower corporation capital tax | 60800 | 61992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SaskPower usage-based payments | 30400 | 31137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SMRIF investment income | 10000 | 9416 |  |
|  Total electricity sector revenue<sup>1</sup>  | 382100 | 383038 | 337853 |
|  Clean Electricity Transition grant<sup>2</sup>  | (140000) | (140000) |  |
|  Net electricity sector revenue attributable to SMRIF | 242100 | 243038 | 337853 |
|  **Small Modular Reactor Investment Fund** |  |  |  |
|  SMRIF, beginning of year | 337853 | 337853 |  |
|  Net electricity sector revenue attributable to SMRIF | 242100 | 243038 | 337853 |
|  **SMRIF, end of year<sup>3</sup>**  | 579953 | 580891 | 337853 |

---

<sup>1</sup> Included in own-source revenue *(schedule 14)*.

<sup>2</sup> Included in environment and natural resources transfers expense *(schedule 15)*.

<sup>3</sup> Includes $43 million (2024 - nil) of cash, $448 million of portfolio investments (2024 - nil), and $90 million (2024 - $338 million) of accounts receivable. 

**11. Comparative Figures** 

Certain 2024 comparative figures are reclassified to conform with the current year's presentation.

---

| | |
|:---|:---|
| **66** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Accounts Receivable** | **Schedule 1** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Taxation | 703767 | 636348 |
|  Non-renewable resources | 296083 | 279200 |
|  Other own-source<sup>1</sup>  | 1735961 | 1489854 |
|  Transfers from the federal government | 539354 | 1011402 |
|  Total Accounts Receivable | 3275165 | 3416804 |
|  Provision for loss | (249374) | (245131) |
|  **Accounts Receivable** | 3025791 | 3171673 |

---

<sup>1</sup> Includes $400 million (2024 - nil), the province's estimated proceeds to be received in annual payments expected to continue for at least the next 20 years from the resolution of the tobacco litigation between three tobacco manufacturers and provincial and territorial governments. Saskatchewan's share is 2.9 per cent, or approximately $712 million, of the total $24.73 billion owed to the provinces and territories. The distribution of proceeds will include an upfront payment of $179 million in 2025-26 and $533 million in future annual installments. There is significant uncertainty over the amount and timing of the future payments as these are dependent on the profitability of the three major tobacco companies from the sales of tobacco products. Actual revenue could vary significantly from the estimate. 

---

| | |
|:---|:---|
| **Loans Receivable** | **Schedule 2** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Loans to government business enterprises<sup>1</sup>  | 916644 | 923565 |
|  Student loans<sup>2</sup>  | 559279 | 507537 |
|  Other<sup>3</sup>  | 2745 | 3529 |
|  Total Loans Receivable | 1478668 | 1434631 |
|  Provision for loss | (123052) | (108632) |
|  **Loans Receivable** | 1355616 | 1325999 |

---

<sup>1</sup> The government has $975 million (2024 - $975 million) in loans receivable from government business enterprises repayable over 2 to 18 years and bearing interest between 3.4 and 5.2 per cent (2024 - 3.4 and 5.2 per cent). The loans are recorded net of $63 million (2024 - $51 million) for the government business enterprises' equity in sinking funds administered by the government. The government has an additional loan receivable of $5 million (2024 - nil) from a government business enterprise that is due within one year. 

<sup>2</sup> Student loans are interest free until the discontinuance of full-time studies or graduation. Interest rates are prescribed by the government and range between 4.0 and 4.9 per cent (2024 - 7.0 and 7.9 per cent). Student grants and other varieties of loan forgiveness are available to students who meet specific criteria. 

The administration and delivery of the federal and provincial student loans programs is integrated. The government approves applications for both provincial and federal loans. External agencies are contracted to disburse, administer and collect loans, and the federal government is responsible for collection of loans in default.

A loss provision of $122 million (2024 - $108 million) is recorded on these loans.

<sup>3</sup> Consists of numerous loans at various interest rates and maturities. Security varies and may include promissory notes, mortgages on real property, security agreements or guarantees. A loss provision of $1 million (2024 - $1 million) is recorded on these loans. 

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **67** |

---

------

Summary Financial Statements

**Investment in Government Business Enterprises** 

As at March 31, 2025

*(thousands of dollars)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Utility** | **Utility** | **Utility** | **Utility** |  |
|  | | | | | **Sask Gov't** |
|  | **SaskEnergy** | **SaskPower** | **SaskTel** | **SaskWater** | **Insurance** |
|  **Assets** |  |  |  |  |  |
|  Cash and cash equivalents | 2236 | 50467 | 21641 | 1948 | 25396 |
|  Accounts receivable | 171239 | 490916 | 220332 | 9048 | 139430 |
|  Inventories | 22275 | 417909 | 44194 | 1567 |  |
|  Sinking fund investments | 197094 | 930865 | 165817 | 20570 |  |
|  Other investments<sup>3</sup>  |  |  |  |  | 1760375 |
|  Capital assets | 3392396 | 12845560 | 2547833 | 420965 | 26193 |
|  Intangible assets | 43990 | 68847 | 390947 | 64 | 5512 |
|  Other assets | 4958 | 85813 | 228395 | 1586 | 27354 |
|  **Total Assets<sup>4</sup>**  | 3834188 | 14890377 | 3619159 | 455748 | 1984260 |
|  **Liabilities** |  |  |  |  |  |
|  Accounts payable and accrued liabilities | 192483 | 806033 | 178207 | 6428 | 53728 |
|  Dividends payable to government entities | 16329 |  | 5883 | 1914 | 4500 |
|  Gross debt | 2049158 | 9276960 | 1944841 | 111597 |  |
|  Insurance contract liabilities |  |  |  |  | 1223232 |
|  Other liabilities<sup>7</sup>  | 265758 | 1746623 | 138438 | 247666 | 17443 |
|  **Total Liabilities<sup>4</sup>**  | 2523728 | 11829616 | 2267369 | 367605 | 1298903 |
|  **Net Assets** | 1310460 | 3060761 | 1351790 | 88143 | 685357 |
|  **Revenue** |  |  |  |  |  |
|  Operating | 922667 | 3253617 | 1360852 | 71102 | 1426101 |
|  Investment income<sup>5</sup>  |  | 8356 | 7021 | (13) | 132917 |
|  **Total Revenue<sup>4</sup>**  | 922667 | 3261973 | 1367873 | 71089 | 1559018 |
|  **Expense** |  |  |  |  |  |
|  Operating | 762933 | 2774279 | 1237576 | 59739 | 80609 |
|  Insurance service |  |  |  |  | 1434499 |
|  Financing charges<sup>5</sup>  | 69215 | 411974 | 48089 | 2786 | 710 |
|  **Total Expense<sup>4</sup>**  | 832148 | 3186253 | 1285665 | 62525 | 1515818 |
|  Income (loss) from operations | 90519 | 75720 | 82208 | 8564 | 43200 |
|  Unusual items |  |  |  |  |  |
|  **Net Income from Government Business Enterprises** | 90519 | 75720 | 82208 | 8564 | 43200 |
|  Retained earnings (loss), beginning of year | 1237062 | 2236831 | 980066 | 75559 | 584438 |
|  Adjustment to retained earnings (loss)<sup>6</sup>  |  |  | (1074) |  |  |
|  Dividends to government entities | (31855) |  | (32883) | (4282) | (18000) |
|  Retained earnings, end of year | 1295726 | 2312551 | 1028317 | 79841 | 609638 |
|  Accumulated other comprehensive income (loss), beginning of year | (12639) | 122903 | 86863 | (939) | (3698) |
|  Other comprehensive income (loss) | 5842 | 32307 | (390) | 541 | (583) |
|  Accumulated other comprehensive income (loss), end of year | (6797) | 155210 | 86473 | (398) | (4281) |
|  Equity advances from government entities | 21531 | 593000 | 237000 | 8700 | 80000 |
|  **Investment in Government Business Enterprises** | 1310460 | 3060761 | 1351790 | 88143 | 685357 |

---

<sup>1</sup> Net assets are: <sup>a</sup> held on behalf of Saskatchewan's motoring public and cannot be used for any other purpose; <sup>b</sup> maintained in an injury fund and cannot be used for any other purpose.

<sup>2</sup> Adjustments primarily include the elimination of unrealized inter-entity gains and losses.

<sup>3</sup> Includes bonds and debentures of $3.03 billion (2024 - $2.79 billion) that bear interest at rates up to 6.5 per cent (2024 - up to 6.5 per cent) and have maturity dates up to 52.5 years (2024 - up to 53.5 years). 

<sup>4</sup> Total assets include $1.58 billion (2024 - $1.39 billion) due from or invested in public sector entities (entities); total liabilities include $13.78 billion (2024 - $12.88 billion) in gross debt owing to entities and $575 million (2024 - $783 million) in accounts payable or services due to entities; total revenue includes $608 million (2024 - $496 million) from entities; and total expense includes $1.36 billion (2024 - $1.28 billion) paid and owing to entities. 

<sup>5</sup> Financing charges is reported net of sinking fund earnings. Financing charges in the amount of $412 million (2024 - $401 million) was paid and owing to entities. 

<sup>6</sup> In 2024 certain government business enterprises adopted *IFRS 17 Insurance Contracts* which required significant changes to the accounting for insurance and reinsurance contracts *(note 9)*.

---

| | |
|:---|:---|
| **68** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

**Schedule 3** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **2025** | **2024** |
| **Insurance & Financing** | **Insurance & Financing** | **Insurance & Financing** | **Liquor & Gaming** | **Liquor & Gaming** |  |  |  |
| **Sask Auto** | **Workers'** | **Municipal** | **Liquor &<br>Gaming** | **Lotteries &** |  |  |  |
| **Fund<sup>1a</sup>** | **Comp.<sup>1b</sup>** | **Financing Corp.** | **Authority** | **Gaming Sask** | **Adjustments<sup>2</sup>** | **Total** | **Total** |
| 47361 | 197818 | 413 | 29541 | 59787 |  | 436608 | 758049 |
| 49167 | 5902 | 5973 | 35257 | 95309 |  | 1222573 | 1162234 |
| 5823 |  |  | 19725 | 118 |  | 511611 | 464791 |
|  |  | 21280 |  |  |  | 1335626 | 1151371 |
| 3133121 | 2303144 | 351549 |  | 15854 |  | 7564043 | 7172938 |
| 41399 | 17059 |  | 23236 | 163759 | (49250) | 19429150 | 17832208 |
| 28720 | 798 |  | 4475 |  |  | 543353 | 548279 |
| 1224 | 2678 |  | 1914 | 1365 |  | 355287 | 363790 |
| 3306815 | 2527399 | 379215 | 114148 | 336192 | (49250) | 31398251 | 29453660 |
| 64833 | 18734 | 1651 | 16286 | 73538 |  | 1411921 | 1515766 |
|  |  |  | 67829 | 60778 |  | 157233 | 126040 |
|  |  | 357446 |  | 48615 |  | 13788617 | 12880174 |
| 2515098 | 1829118 |  |  |  |  | 5567448 | 5181317 |
|  | 14354 |  | 30033 | 3185 | (124968) | 2338532 | 1889235 |
| 2579931 | 1862206 | 359097 | 114148 | 186116 | (124968) | 23263751 | 21592532 |
| 726884 | 665193 | 20118 |  | 150076 | 75718 | 8134500 | 7861128 |
| 1272022 | 355825 |  | 655613 | 743937 | (1888) | 10059848 | 9974203 |
| 257702 | 284589 | 12703 |  | 2560 |  | 705835 | 497179 |
| 1529724 | 640414 | 12703 | 655613 | 746497 | (1888) | 10765683 | 10471382 |
| 228079 | 77072 | 50 | 382350 | 514227 | 3872 | 6120786 | 6123230 |
| 1499651 | 372281 |  |  |  |  | 3306431 | 2943587 |
|  | 352 | 11915 | 1432 | 7794 |  | 554267 | 540017 |
| 1727730 | 449705 | 11965 | 383782 | 522021 | 3872 | 9981484 | 9606834 |
| (198006) | 190709 | 738 | 271831 | 224476 | (5760) | 784199 | 864548 |
|  |  |  | 392 |  |  | 392 | 36875 |
| (198006) | 190709 | 738 | 272223 | 224476 | (5760) | 784591 | 901423 |
| 924890 | 474484 | 19855 | (5485) | 116403 | 79368 | 6723471 | 6144681 |
|  |  |  | (1036) |  | 2110 |  | 206396 |
|  |  |  | (269174) | (190803) |  | (546997) | (529029) |
| 726884 | 665193 | 20593 | (3472) | 150076 | 75718 | 6961065 | 6723471 |
|  |  | (549) | 5485 |  |  | 197426 | 155842 |
|  |  | 74 | (2013) |  |  | 35778 | 41584 |
|  |  | (475) | 3472 |  |  | 233204 | 197426 |
|  |  |  |  |  |  | 940231 | 940231 |
| 726884 | 665193 | 20118 |  | 150076 | 75718 | 8134500 | 7861128 |

---

<sup>7</sup> Capital lease obligations, reported in other liabilities above, have the following payment schedule:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| 2024-25 |  | 198507 |
| 2025-26 | 194493 | 170967 |
| 2026-27 | 194053 | 171590 |
| 2027-28 | 192422 | 172160 |
| 2028-29 | 192360 | 173363 |
| 2029-30 | 192090 |  |
|  Thereafter | 1041365 | 844814 |
|  | 2006783 | 1731401 |
|  Less interest and executory costs | (939564) | (798843) |
|  Leases<sup>a</sup>  | 1067219 | 932558 |

---

<sup>a</sup> Leases bear interest up to 15.8 per cent (2024 - up to 15.8 per cent) and have expiry dates up to 64.3 years (2024 - up to 65.3 years).

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **69** |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Sinking Fund Investments** | **Schedule 4** |
| **As at March 31, 2025** |  |
| *(thousands of dollars)* |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Sinking Fund** | **Sinking Fund** | | **Sinking Fund** | **Sinking Fund** | |
|  | **Investments Held for** | **Investments Held for** | | **Investments Held for** | **Investments Held for** | |
|  | | **Government** | | | **Government** | |
|  | | **Business** | | | **Business** | |
|  | | **Enterprise** | **Sinking** | | **Enterprise** | **Sinking** |
|  | **General** | **Specific** | **Fund** | **General** | **Specific** | **Fund** |
|  | **Debt** | **Debt** | **Investments** | **Debt** | **Debt** | **Investments** |
|  **Government Service Organization Sinking Fund Investments** |  |  |  |  |  |  |
|  General Revenue Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating | 883379 |  | 883379 | 877294 |  | 877294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Capital Plan | 1048118 |  | 1048118 | 814610 |  | 814610 |
|  Innovation Saskatchewan | 7125 |  | 7125 | 6514 |  | 6514 |
|  **Total Government Service Organization Sinking Fund Investments** | 1938622 |  | 1938622 | 1698418 |  | 1698418 |
|  **Government Business Enterprise Sinking Fund investments<sup>1</sup>**  |  |  |  |  |  |  |
|  Saskatchewan Power Corporation | 34244 | 926122 | 960366 | 25573 | 828275 | 853848 |
|  SaskEnergy Incorporated | 15513 | 187052 | 202565 | 14232 | 176181 | 190413 |
|  Saskatchewan Telecommunications Holding Corporation | 1043 | 167736 | 168779 | 507 | 143289 | 143796 |
|  Municipal Financing Corporation of Saskatchewan | 12556 | 9521 | 22077 | 11123 | 9524 | 20647 |
|  Saskatchewan Water Corporation |  | 20972 | 20972 |  | 17685 | 17685 |
|  **Total Government Business Enterprise Sinking Fund Investments** | 63356 | 1311403 | 1374759 | 51435 | 1174954 | 1226389 |
|  **Total sinking fund investments<sup>2</sup> <sup>3</sup>** | 2001978 | 1311403 | 3313381 | 1749853 | 1174954 | 2924807 |
|  Government of Saskatchewan securities held as sinking fund investments *(schedule 9)*  | (343920) | (222734) | (566654) | (306774) | (205174) | (511948) |
|  **Sinking Fund Investments** | 1658058 | 1088669 | 2746727 | 1443079 | 969780 | 2412859 |

---

<sup>1</sup> Schedule 3 provides information on government business enterprises (GBEs) as presented in their audited financial statements closest to March 31, 2025. The sinking fund investments reported above are $39 million (2024 - $75 million) higher than the sinking fund investments reported on schedule 3 mainly to conform to Canadian public sector accounting standards. 

---

| | |
|:---|:---|
| **70** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Sinking Fund Investments *(continued)*** | **Schedule 4** |

---

<sup>2</sup> Sinking fund investment transactions during the year are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2025** | **2025** | **2025** | **2025** |
|  | **Sinking** | | | | **Sinking** |
|  | **Fund** | | | | **Fund** |
|  | **Investments** | **Contributions<sup>a</sup>** | **Earnings<sup>b</sup>** | **Redemptions<sup>c</sup>** | **Investments** |
|  Sinking fund investments held for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General debt | 1749853 | 260576 | 64096 | (72547) | 2001978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBE specific debt | 1174954 | 111140 | 42572 | (17264) | 1311403 |
|  Total Sinking Fund Investments | 2924807 | 371716 | 106668 | (89811) | 3313381 |

---

<sup>a</sup> Annual contributions, established by Order in Council, are typically set at a minimum of either one or two per cent of debentures outstanding. The aggregate amount of contributions estimated to be required in each of the next five years and thereafter to meet sinking fund requirements by debt classification are as follows: 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
|  Sinking fund investments held for: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General debt | 297179 | 303179 | 287429 | 275479 | 256879 | 3274307 | 4694452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBE specific debt | 115390 | 116123 | 115854 | 115282 | 111932 | 1795827 | 2370408 |
|  Total Sinking Fund Investment Contributions | 412569 | 419302 | 403283 | 390761 | 368811 | 5070134 | 7064860 |

---

<sup>b</sup> Sinking fund investment earnings include gains on investment sales of $2 million (2024 - losses of $38 million). 

<sup>c</sup> Redemptions are based on the market value of the sinking fund units at the date of redemption.

<sup>3</sup> Sinking fund investments are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Long-term investments<sup>a</sup> in securities of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments of other provinces (coupon interest range 0 to 6.5 per cent; maturing in 0.4 to 30.7 years) | 1640055 | 1360946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government of Canada (coupon interest range 1.3 to 4.5 per cent; maturing in 0 to 30.7 years) | 1019042 | 959454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government of Saskatchewan (coupon interest range 2.2 to 6.4 per cent; maturing in 1.2 to 29.7 years) | 566654 | 511948 |
|  Cash, cash equivalents and accrued interest | 87630 | 92459 |
|  Total Sinking Fund Investments | 3313381 | 2924807 |

---

<sup>a</sup> The average yield to maturity on long-term investments at March 31, 2025 is 3.5 per cent (2024 - 3.4 per cent).

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **71** |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Portfolio Investments** | **Schedule 5** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Bonds and debentures<sup>1</sup>  | 777901 | 408765 |
|  Pooled investment funds | 232490 | 202812 |
|  Equities | 154347 | 172076 |
|  Other<sup>2</sup>  | 270796 | 249508 |
|  Total Portfolio Investments | 1435534 | 1033161 |
|  Government of Saskatchewan securities held as investments *(schedule 9)*  | (74860) | (157362) |
|  **Portfolio Investments** | 1360674 | 875799 |

---

<sup>1</sup> Bonds and debentures held by the government have a market value of $779 million (2024 - $408 million) and include securities of: 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Government of Canada (coupon interest range 0.3 to 4.5 per cent; maturing in 0.2 to 29.9 years) | 341127 | 58278 |
|  Governments of other provinces (coupon interest range 1.6 to 6.6 per cent; maturing in 0.1 to 32.9 years) | 257780 | 121397 |
|  Government of Saskatchewan (coupon interest range 0.8 to 2.2 per cent; maturing in 0.4 to 6.2 years) | 74860 | 157362 |
|  Corporations (coupon interest range 1.1 to 7.1 per cent; maturing in 0.2 to 55.9 years) | 64750 | 65417 |
|  Other (coupon interest range 0.1 to 5.4 per cent; maturing in 0.3 to 29.9 years) | 39384 | 6311 |
|  **Total Bonds and Debentures** | 777901 | 408765 |

---

<sup>2</sup> Includes fixed-rate securities of $259 million (2024 - $241 million) with a market value of $260 million (2024 - $242 million). 

---

| | |
|:---|:---|
| **72** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Accounts Payable and Accrued Liabilities** | **Schedule 6** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Salaries and benefits<sup>1</sup> <sup>6a</sup> | 1179683 | 1067582 |
|  Transfers<sup>2</sup> <sup>6c</sup> | 948164 | 1090794 |
|  Supplier payments<sup>6b</sup>  | 575382 | 552995 |
|  Asset retirement obligations<sup>3</sup> <sup>6c</sup> | 331162 | 329059 |
|  Contaminated sites<sup>4</sup> <sup>6c</sup> | 313403 | 333390 |
|  Financing charges<sup>6b</sup>  | 216665 | 181157 |
|  Federal government repayments<sup>5</sup> <sup>6c</sup> | 129473 | 142762 |
|  Treaty land entitlement claims<sup>6c</sup>  | 89280 | 86012 |
|  Other<sup>6c</sup>  | 625813 | 412788 |
|  **Total Accounts Payable and Accrued Liabilities** | 4409025 | 4196539 |

---

<sup>1</sup> Includes accruals for other employee future benefits of $465 million (2024 - $459 million) mainly for accumulated sick leave, long-term disability and life insurance benefits. 

<sup>2</sup> Includes transfers to the federal government of $165 million (2024 - $176 million) and capital transfers of $108 million (2024 - $150 million). 

<sup>3</sup> The government has legal obligations for the removal of asbestos from certain buildings at an estimated cost of $316 million (2024 - $316 million), the disposal of certain equipment at an estimated cost of $8 million (2024 - $8 million) and the decommissioning of landfills at an estimated cost of $7 million (2024 - $5 million). 

<sup>4</sup> Includes remediation for:

*Abandoned mines* 

The government is responsible for remediation of certain abandoned uranium and precious and base metal mines on Crown land, where the companies that caused the contamination no longer exist. The contaminated sites liabilities include $94 million (2024 - $117 million) for the remediation of uranium mines. These sites have building debris, radioactive tailings, acidic water conditions and elevated radiation in exposed waste rock. The contaminated sites liabilities also include $62 million (2024 - $61 million) related to precious and base metal mines, which have several contaminants in soil, sediment and surface water from waste rock, tailings and concentrates.

*Soil contamination* 

The government is responsible for remediation of soil contamination of $102 million (2024 - $100 million), primarily related to the storage of road salt, asphalt and fuel inventories.

*Industrial operations* 

The government has provided $55 million (2024 - $55 million) indemnity for environmental liabilities related to the industrial operations of a chemical plant and pulp mill site. These sites have excessive mercury levels in the soil and excessive contaminants in a landfill waste area, respectively.

<sup>5</sup> Includes amounts repayable for income taxes and Equalization transfers. 

<sup>6</sup> The government's exposure to liquidity risk related to accounts payable and accrued liabilities is as follows:

<sup>a</sup> Except for employee future benefit accruals, the liabilities for salaries and benefits are generally payable within one year. The liabilities for employee future benefits are generally long-term in nature and the associated repayment terms are not reliably estimated.

<sup>b</sup> The liabilities for supplier payments and financing charges are generally payable within one year.

<sup>c</sup> Estimated payment terms for certain liabilities are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter<sup>i</sup>** | **Total** |
|  Transfers | 768305 | 59981 | 6567 | 10386 |  | 102925 | 948164 |
|  Asset retirement obligations | 9 | 1503 | 540 | 900 | 3159 | 325051 | 331162 |
|  Contaminated sites | 70531 | 13698 | 9802 | 6457 | 6318 | 206597 | 313403 |
|  Federal government repayments | 13289 | 116184 |  |  |  |  | 129473 |
|  Treaty land entitlement claims | 18071 |  |  |  |  | 71209 | 89280 |
|  Other | 348541 | 4053 | 186 | 178 | 3979 | 268876 | 625813 |

---

<sup>i</sup> Amounts for which no specific repayment terms exist are classified as thereafter. 

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **73** |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Unearned Revenue** | **Schedule 7** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Own-source<sup>1</sup>  | 338583 | 308343 |
|  Transfers from the federal government<sup>2</sup>  | 39345 | 74483 |
|  Total Unearned Revenue | 377928 | 382826 |

---

<sup>1</sup> Includes $160 million (2024 - $140 million) for registry access fees. 

<sup>2</sup> Includes $24 million (2024 - $68 million) for early learning and childcare. 

---

| | |
|:---|:---|
| **74** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Pension Liabilities** | **Schedule 8** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **TSP** | **PSSP** | **Others** | **Total** | **Total** |
|  Accrued benefit obligation, beginning of year | 4695537 | 1361618 | 469073 | 6526228 | 6719686 |
|  Current period benefit cost | 227 |  | 19251 | 19478 | 19858 |
|  Interest cost | 141584 | 40540 | 20941 | 203065 | 195047 |
|  Actuarial (gains) losses | (83597) | 59767 | 17515 | (6315) | 48320 |
|  Benefit payments | (326783) | (107730) | (25447) | (459960) | (456683) |
|  **Accrued Benefit Obligation, End of Year** | 4426968 | 1354195 | 501333 | 6282496 | 6526228 |
|  Plan assets, beginning of year | 151512 |  | 219688 | 371200 | 373499 |
|  Employer contributions | 303679 | 107698 | 18431 | 429808 | 427810 |
|  Employee contributions | 33 |  | 4878 | 4911 | 4447 |
|  Return on plan assets<sup>1</sup>  | 7597 | 32 | 13607 | 21236 | 19610 |
|  Actuarial (losses) gains | (866) |  | 2572 | 1706 | 2517 |
|  Benefit payments | (326783) | (107730) | (25447) | (459960) | (456683) |
|  **Plan Assets, End of Year**<sup>2</sup>  | 135172 |  | 233729 | 368901 | 371200 |
|  | 4291796 | 1354195 | 267604 | 5913595 | 6155028 |
|  Unamortized estimation adjustment gains (losses)<sup>3</sup>  | 82731 | (59767) | (3061) | 19903 | (52172) |
|  Joint defined benefit plan (SHEPP) net asset<sup>1</sup> <sup>4</sup> | n/a | n/a | (2145920) | (2145920) | (1831014) |
|  Valuation allowance<sup>5</sup>  |  |  | 2155886 | 2155886 | 1837198 |
|  **Total Pension Liabilities**<sup>6</sup>  | 4374527 | 1294428 | 274509 | 5943464 | 6109040 |

---

<sup>1</sup> The actual rate of return on plan assets is 5.6 per cent (2024 - 6.9 per cent) for TSP and 12.2 per cent (2023 - 8.3 per cent) for SHEPP.

<sup>2</sup> The market value of plan investments is $379 million at March 31, 2025 (2024 - $370 million) for the defined benefit plans. 

<sup>3</sup> Unamortized estimation adjustments are amortized to pension expense over the expected average remaining service life of the related employee group at the time the estimation adjustments arose and commence in the year following the adjustment as follows: in the year following for TSP and PSSP and up to 13.2 years for SHEPP and the other plans. 

<sup>4</sup> SHEPP reported the following, at December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Accrued benefit obligation | 8643200 | 8152500 |
|  Plan assets at market-related values | 10870221 | 10191735 |
|  Unamortized estimation adjustment gains | 81101 | 208221 |
|  Government portion of employer contributions | 206357 | 200474 |
|  Member contributions | 189552 | 183169 |
|  Benefit payments | 482800 | 455300 |
|  Market value of plan investments | 11059956 | 9977184 |

---

The market value of SHEPP's investments is $11.11 billion at March 31, 2025.

<sup>5</sup> The valuation allowance includes $2.15 billion (2023 - $1.83 billion) for SHEPP which reduces the government portion of SHEPP pension asset to nil as plan assets and surpluses are restricted for member benefits. 

<sup>6</sup> The total pension liabilities are based on the latest actuarial valuations extrapolated to March 31, 2025 for the defined benefit plans and December 31, 2024 for the joint defined benefit plan. Changes in assumptions can result in significantly higher or lower estimates of pension liabilities. A decrease or increase in the discount rate would impact as follows: 

---

| | | | |
|:---|:---|:---|:---|
|  |  | | **(Decrease) Increase** |
|  |  | **Rate Change** | **in Pension Liability** |
|  TSP | Increase in discount rate | 0.1 per cent | (40337) |
|  | Decrease in discount rate | 0.1 per cent | 40971 |
|  PSSP | Increase in discount rate | 0.1 per cent | (10834) |
|  | Decrease in discount rate | 0.1 per cent | 12188 |
|  |  |  | **(Increase) Decrease** |
|  |  | **Rate Change** | **in Pension Asset** |
|  SHEPP | Increase in discount rate | 1.0 per cent | (916179) |
|  | Decrease in discount rate | 1.0 per cent | 1132259 |

---

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **75** |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Public Debt** | **Schedule 9** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | **Government** | | | **Government** | |
|  | | **Business** | | | **Business** | |
|  | | **Enterprise** | | | **Enterprise** | |
|  | **General** | **Specific** | | **General** | **Specific** | |
|  | **Debt<sup>1</sup> <sup>2</sup>** | **Debt** | **Total** | **Debt<sup>1</sup> <sup>2</sup>** | **Debt** | **Total** |
|  **Government Service Organization Debt** |  |  |  |  |  |  |
|  General Revenue Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating | 7463811 |  | 7463811 | 7463811 |  | 7463811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saskatchewan Capital Plan<sup>3</sup>  | 14021817 |  | 14021817 | 11491080 |  | 11491080 |
|  Boards of Education | 107843 |  | 107843 | 118510 |  | 118510 |
|  Innovation Saskatchewan | 51402 |  | 51402 | 52155 |  | 52155 |
|  Saskatchewan Health Authority | 41513 |  | 41513 | 46745 |  | 46745 |
|  Global Transportation Hub Authority | 18000 |  | 18000 | 19000 |  | 19000 |
|  Other | 7193 |  | 7193 | 12439 |  | 12439 |
|  **Government Service Organization Debt** | 21711579 |  | 21711579 | 19203740 |  | 19203740 |
|  **Government Business Enterprise Debt<sup>4</sup>**  |  |  |  |  |  |  |
|  Saskatchewan Power Corporation | 750000 | 8639104 | 9389104 | 750000 | 7905079 | 8655079 |
|  SaskEnergy Incorporated | 75000 | 1967855 | 2042855 | 75000 | 1930383 | 2005383 |
|  Saskatchewan Telecommunications |  |  |  |  |  |  |
|  Holding Corporation | 50000 | 1893973 | 1943973 | 50000 | 1739758 | 1789758 |
|  Municipal Financing Corporation of Saskatchewan | 100000 | 259209 | 359209 | 100000 | 244209 | 344209 |
|  Saskatchewan Water Corporation |  | 111414 | 111414 |  | 111805 | 111805 |
|  Lotteries and Gaming Saskatchewan Corporation |  | 48254 | 48254 |  | 77059 | 77059 |
|  **Government Business Enterprise Debt** | 975000 | 12919809 | 13894809 | 975000 | 12008293 | 12983293 |
|  **Gross debt<sup>5</sup> <sup>6</sup>** | 22686579 | 12919809 | 35606388 | 20178740 | 12008293 | 32187033 |
|  Government of Saskatchewan securities held as investments<sup>1</sup>  | (480171) | (222734) | (702905) | (464136) | (205174) | (669310) |
|  Accumulated foreign exchange remeasurement<sup>7</sup>  | 318441 |  | 318441 | 91401 |  | 91401 |
|  **Public Debt** | 22524849 | 12697075 | 35221924 | 19806005 | 11803119 | 31609124 |

---

<sup>1</sup> General debt, presented on the Statement of Financial Position, is net of Government of Saskatchewan securities held as investments, consisting of $344 million in sinking fund investments (2024 - $307 million), $75 million in portfolio investments (2024 - $157 million) and $61 million in cash and cash equivalents (2024 - nil). Government business enterprise (GBE) specific debt is presented on a gross basis in schedule 3. 

<sup>2</sup> General debt includes $9 million (2024 - $11 million) secured primarily by assets with a carrying value of $36 million (2024 - $54 million). 

<sup>3</sup> General Revenue Fund - Saskatchewan Capital Plan consists of amounts borrowed by the General Revenue Fund to finance investment in capital assets as presented in the Saskatchewan Provincial Budget. 

<sup>4</sup> GBE debt includes both general debt and GBE specific debt. General debt of GBEs represents amounts transferred from the General Revenue Fund and recorded as loans receivable (*schedule 2*). GBE specific debt represents debt issued by, or specifically on behalf of, GBEs. 

Schedule 3 provides information on GBEs as presented in their audited financial statements closest to March 31, 2025. The gross debt reported above is $106 million higher (2024 - $103 million higher) than the gross debt reported on schedule 3, mainly to conform to Canadian public sector accounting standards and for transactions occurring from the audited financial statements to March 31, 2025.

<sup>5</sup> The average effective interest rate on gross debt is 3.5 per cent (2024 - 3.3 per cent) and includes the impact of foreign exchange and the amortization of any premiums or discounts associated with the debentures. The average term to maturity of gross debt is 13.9 years (2024 - 14.5 years). 

---

| | |
|:---|:---|
| **76** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Public Debt *(continued)*** | **Schedule 9** |

---

<sup>6</sup> The payment schedule for gross debt is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Year of Maturity** |  |  |
|  Short-term promissory notes | 1278571 | 1417810 |
| 2024-25 |  | 1369588 |
| 2025-26 | 1494469 | 1446739 |
| 2026-27 | 1617249 | 1618130 |
| 2027-28 | 2284430 | 2284974 |
| 2028-29 | 1725253 | 1725988 |
| 2029-30 | 1735863 |  |
|  6-10 years | 8054319 | 5894471 |
|  Thereafter | 17416234 | 16429333 |
|  Gross debt <sup>a</sup>  | 35606388 | 32187033 |

---

<sup>a</sup> Gross debt includes Canada Pension Plan debentures of $554 million (2024 - $554 million). These debentures are callable in whole or in part before maturity, at the option of the Minister of Finance of Saskatchewan. 

<sup>7</sup> Debt denominated in foreign currencies has been remeasured by $318 million (2024 - $91 million) using the exchange rates in effect at March 31, 2025. The current year unrealized loss of $227 million (2024 - loss of $7 million) is presented on the Statement of Accumulated Remeasurement Gains and Losses. 

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **77** |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Obligations Under Long-Term Financing Arrangements** | **Schedule 10** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract End** | **Discount** | | |
|  | **Date** | **Rate** | **2025** | **2024** |
|  Regina Bypass | October 2049 | 5.30% | 605187 | 616895 |
|  Elementary Schools | June 2047 | 4.70% | 203913 | 208980 |
|  Saskatchewan Hospital North Battleford | May 2048 | 4.75% | 174197 | 178232 |
|  Swift Current Long-Term Care Facility | April 2046 | 5.44% | 82889 | 84935 |
|  Regina General Hospital Parkade | November 2054 | 5.65% | 12865 | 10301 |
|  **Total Obligations Under Long-Term Financing Arrangements** |  |  | 1079051 | 1099343 |

---

The payment schedule for public private partnership (P3) financing is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** |
|  | **Obligation<sup>1</sup>** | **Future Operation,<br>Maintenance & Life<br>Cycle Rehabilitation<sup>2</sup>** | **Total** | **Total** |
| 2024-25 |  |  |  | 127016 |
| 2025-26 | 78734 | 27742 | 106476 | 106313 |
| 2026-27 | 78734 | 30307 | 109041 | 109252 |
| 2027-28 | 78734 | 34030 | 112764 | 113471 |
| 2028-29 | 78734 | 40755 | 119489 | 121480 |
| 2029-30 | 78734 | 41686 | 120420 |  |
|  Thereafter | 1483406 | 921682 | 2405088 | 2518670 |
|  | 1877076 | 1096202 | 2973278 | 3096202 |
|  Less interest costs | (798025) |  | (798025) | (852168) |
|  Total | 1079051 | 1096202 | 2175253 | 2244034 |

---

<sup>1</sup> Represents the liability recorded for the capital portion of the project.

<sup>2</sup> Represents the contractual obligation for operation, maintenance and life cycle rehabilitation payments for the duration of the contract *(note 7)*. Total future payments for these contractual obligations, by project, are as follows: 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Regina Bypass | 647889 | 664093 |
|  Elementary Schools | 222525 | 228676 |
|  Saskatchewan Hospital North Battleford | 133072 | 132920 |
|  Swift Current Long-Term Care Facility | 65593 | 67598 |
|  Regina General Hospital Parkade | 27123 | 27370 |
|  Total | 1096202 | 1120657 |

---

---

| | |
|:---|:---|
| **78** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Other Liabilities** | **Schedule 11** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Funds held on behalf of others<sup>1</sup>  | 113878 | 109647 |
|  Unamortized debt-related costs<sup>2</sup>  | 112379 | 121743 |
|  Capital leases<sup>3</sup>  | 31947 | 35746 |
|  Other | 44392 | 46388 |
|  **Total Other Liabilities** | **302596** | **313524** |

---

<sup>1</sup> Includes $29 million (2024 - $38 million) for government business enterprises. 

<sup>2</sup> Net change is reported in operating activities on the Statement of Cash Flow in net change in non-cash operating activities (*schedule 18*).

<sup>3</sup> The payment schedule for capital leases is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| 2024-25 |  | 10837 |
| 2025-26 | 10304 | 9342 |
| 2026-27 | 9087 | 8120 |
| 2027-28 | 8089 | 7317 |
| 2028-29 | 7453 | 6720 |
| 2029-30 | 6853 |  |
|  Thereafter | 12993 | 19291 |
|  | 54779 | 61627 |
|  Less interest and executory costs | (22832) | (25881) |
|  Capital Leases<sup>a</sup>  | 31947 | 35746 |

---

<sup>a</sup> Capital leases bear interest at rates up to 12.4 per cent (2024 - up to 10.5 per cent) and have expiry dates up to 7.6 years (2024 - up to 8.6 years).

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **79** |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Tangible Capital Assets** | **Schedule 12** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **Land,** | **Roads,** | | **Office** | | |
|  | **Buildings &** | **Bridges &** | **Transportation** | **Equipment &** | | |
|  | **Improve-** | **Water** | **& Operating** | **Information** | | |
|  | **ments** | **Management** | **Equipment** | **Technology** | **Total** | **Total** |
| *Estimated useful life (in years)* | *2 - indefinite* | *5-100* | *2-40* | *2-25* |  |  |
|  **Opening Net Book Value of Tangible Capital Assets** | 5649014 | 6044257 | 615047 | 569596 | 12877914 | 12635018 |
|  Opening cost | 11088071 | 9737514 | 1971724 | 1402256 | 24199565 | 23475625 |
|  Adjustments<sup>1</sup>  | (28230) | (1266) | 25999 | 3497 |  | (320339) |
|  Acquisitions | 807265 | 469450 | 191089 | 163020 | 1630824 | 1282380 |
|  Write-downs | (8001) | (954) | (2983) | (2072) | (14010) | (13088) |
|  Disposals | (38507) | (84732) | (31620) | (27611) | (182470) | (225013) |
|  **Closing Cost** <sup>2</sup> <sup>3</sup> | 11820598 | 10120012 | 2154209 | 1539090 | 25633909 | 24199565 |
|  Opening accumulated amortization | 5439057 | 3693257 | 1356677 | 832660 | 11321651 | 10840607 |
|  Adjustments<sup>1</sup>  | 41322 | 1001 | (42078) | (245) |  | (24785) |
|  Annual amortization | 263879 | 289878 | 106755 | 68558 | 729070 | 713100 |
|  Write-downs | (4909) |  | (2707) | (2072) | (9688) | (9827) |
|  Disposals | (22614) | (84675) | (26724) | (27605) | (161618) | (197444) |
|  **Closing Accumulated Amortization** | 5716735 | 3899461 | 1391923 | 871296 | 11879415 | 11321651 |
|  **Closing Net Book Value of Tangible Capital Assets<sup>4</sup>**  | 6103863 | 6220551 | 762286 | 667794 | 13754494 | 12877914 |

---

Tangible capital assets (TCAs) exclude capital assets recognized by government business enterprises (*schedule 3)*.

<sup>1</sup> Adjustments related to reclassifications between categories (2024 - primarily for an adjustment for the adoption of PS 3160 and reclassifications between categories).

<sup>2</sup> Includes work in progress of $1.70 billion (2024 - $948 million). 

<sup>3</sup> Includes the government's $30 million (2024 - $30 million) share in the North Central Shared Facility partnership. 

<sup>4</sup> Includes TCAs acquired under public private partnerships (P3 TCAs); TCAs with asset retirement obligations (ARO TCAs); and leased TCAs. These are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** |
|  | **Land,** | **Roads,** | | **Office** | | |
|  | **Buildings &** | **Bridges &** | **Transportation** | **Equipment &** | | |
|  | **Improve-** | **Water** | **& Operating** | **Information** | | |
|  | **ments** | **Management** | **Equipment** | **Technology** | **Total** | **Total** |
|  | | | | | | **(Restated)** |
|  **P3 TCAs** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing cost | 909507 | 1371509 |  |  | 2281016 | 2235485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing accumulated amortization | 131457 | 111192 |  |  | 242649 | 199295 |
|  Closing Net Book Value *(see footnote 1)* | 778050 | 1260317 |  |  | 2038367 | 2036190 |
|  **ARO TCAs** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing cost | 2401517 | 457 | 1616 |  | 2403590 | 2407147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing accumulated amortization | 2007164 | 445 | 1318 |  | 2008927 | 1977060 |
|  Closing Net Book Value | 394353 | 12 | 298 |  | 394663 | 430087 |
|  **Leased TCAs** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing cost | 42459 |  | 21599 | 6599 | 70657 | 110472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing accumulated amortization | 27673 |  | 14504 | 4336 | 46513 | 82525 |
|  Closing Net Book Value | 14786 |  | 7095 | 2263 | 24144 | 27947 |

---

---

| | |
|:---|:---|
| **80** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Inventories Held for Consumption** | **Schedule 13** |
| As at March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Highway and road maintenance | 128428 | 120458 |
|  Health supplies and vaccines | 69790 | 76351 |
|  Other<sup>1</sup>  | 63287 | 62989 |
|  **Total Inventories Held for Consumption** | **261505** | **259798** |

---

<sup>1</sup> Mainly includes parts and supplies related to the maintenance of buildings and equipment.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **81** |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Revenue** | **Schedule 14** |
| For the Year Ended March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** |
|  | **Budget** | **Actual** | **Actual** |
|  **Own-Source** |  |  |  |
|  ***Taxation*** |  |  |  |
|  Personal income | 3295300 | 3349463 | 3303775 |
|  Provincial sales | 3196400 | 3139561 | 2894320 |
|  Corporation income | 1209000 | 1439549 | 2507176 |
|  Property | 805000 | 807772 | 795477 |
|  Fuel | 521300 | 497029 | 475340 |
|  Other<sup>1</sup>  | 696300 | 689583 | 675426 |
|  Total Taxation | 9723300 | 9922957 | 10651514 |
|  ***Non-Renewable Resources*** |  |  |  |
|  Oil and natural gas | 1061900 | 1151637 | 981147 |
|  Potash | 796400 | 604095 | 754903 |
|  Resource surcharge | 551100 | 529503 | 516854 |
|  Other<sup>2</sup>  | 276900 | 288422 | 196247 |
|  Total Non-Renewable Resources<sup>3</sup>  | 2686300 | 2573657 | 2449151 |
|  ***Net Income from Government Business Enterprises*** |  |  |  |
|  *(schedule 3)* | 657000 | 784591 | 901423 |
|  **Other Own-Source** |  |  |  |
|  Fees<sup>4</sup>  | 1270300 | 1435895 | 1507697 |
|  Insurance | 487200 | 555572 | 498138 |
|  Investment | 307400 | 370502 | 268370 |
|  Output-Based Performance Standards | 351300 | 362817 | 458916 |
|  Transfers from other governments | 70600 | 81651 | 84675 |
|  Miscellaneous<sup>5</sup>  | 528800 | 976050 | 539408 |
|  Total Other Own-Source | 3015600 | 3782487 | 3357204 |
|  **Total Own-Source** | 16082200 | 17063692 | 17359292 |
|  **Transfers from the Federal Government** |  |  |  |
|  Canada Health Transfer | 1564700 | 1563639 | 1469624 |
|  Canada Social Transfer | 508000 | 508014 | 488141 |
|  Other<sup>6</sup>  | 1707000 | 1720640 | 1675988 |
|  **Total Transfers from the Federal Government** | 3779700 | 3792293 | 3633753 |
|  **Total Revenue** | 19861900 | 20855985 | 20993045 |

---

<sup>1</sup> Includes $231 million (2024 - $216 million) for insurance premiums taxation; $177 million (2024 - $161 million) for corporation capital taxation; $122 million (2024 - $145 million) for tobacco taxation; and $103 million (2024 - $100 million) for liquor consumption taxation. 

<sup>2</sup> Includes $60 million (2024 - $77 million) for mineral disposition public offerings. 

<sup>3</sup> Includes taxes of $638 million (2024 - $764 million). 

<sup>4</sup> Includes $345 million (2024 - $356 million) for health care; $241 million (2024 - $203 million) for education; $218 million (2024 - $287 million) for motor vehicle licensing; $126 million (2024 - $111 million) for subsidized housing rental; and $89 million (2024 - $92 million) for real property sales and leases. 

<sup>5</sup> Includes $400 million (2024 - nil) for tobacco litigation proceeds; $70 million (2024 - $71 million) for lottery profits; $54 million (2024 - $63 million) for donations; and $15 million (2024 - $16 million) for reversals of prior year expenses. 

<sup>6</sup> Includes $476 million (2024 - $425 million) for crop insurance; $316 million (2024 - $231 million) for early learning and child care; $196 million (2024 - $228 million) for infrastructure; $163 million (2024 - $231 million) for agricultural income stability; $111 million (2024 - $126 million) for improving health care; $83 million (2024 - $37 million) for housing; and $66 million (2024 - $80 million) for labour market initiatives. 

---

| | |
|:---|:---|
| **82** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Expense by Object** | **Schedule 15** |
| For the Year Ended March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Salaries and benefits | 8460246 | 8189634 |
|  Transfers<sup>1</sup>  | 6194889 | 5838127 |
|  Operating costs | 4538470 | 5162609 |
|  Financing charges (*schedule 16*) | 950540 | 839596 |
|  Amortization of tangible capital assets (*schedule 12*) | 729070 | 713100 |
|  Other | 231634 | 67774 |
|  **Total Expense** | **21104849** | **20810840** |

---

<sup>1</sup> Includes capital transfers of $429 million (2024 - $516 million). 

---

| | |
|:---|:---|
| **Financing Charges** | **Schedule 16** |
| For the Year Ended March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Interest costs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General debt<sup>1</sup> <sup>2</sup> | 699053 | 596787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension liabilities (*note 5*) | 181829 | 175437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations under long-term financing arrangements | 54971 | 56734 |
|  Other costs | 14687 | 10638 |
|  Total Financing Charges | 950540 | 839596 |

---

<sup>1</sup> Interest on general debt is presented net of $472 million (2024 - $426 million) in interest reimbursed by government business enterprises for debt borrowed by the General Revenue Fund specifically on their behalf. 

<sup>2</sup> Interest on general debt includes $15 million (2024 - $17 million) in costs associated with Government of Saskatchewan securities held as investments. 

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **83** |

---

------

Summary Financial Statements

**Segmented Reporting** 

For the Year Ended March 31, 2025

*(thousands of dollars)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Health** | **Health** | **Education** | **Education** | **Social Services and<br>Assistance** | **Social Services and<br>Assistance** | **Agriculture** | **Agriculture** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Revenue** |  |  |  |  |  |  |  |  |
|  Taxation |  |  | 123194 | 123716 |  |  |  |  |
|  Non-renewable resources |  |  |  |  |  |  |  |  |
|  Net income from government business enterprises (*schedule 3*) |  |  |  |  |  |  |  |  |
|  Revenue from government entities | 24350 | 16863 |  |  |  |  | 9746 | 36440 |
|  Other own-source | 452463 | 469656 | 417684 | 378920 | 138798 | 120378 | 517051 | 481645 |
|  Transfers from the federal government | 1707 | 2189 | 37792 | 26940 | 83112 | 37082 | 600879 | 621856 |
|  **Total Revenue** (*schedule 14*) | 478520 | 488708 | 578670 | 529576 | 221910 | 157460 | 1127676 | 1139941 |
|  **Expense** |  |  |  |  |  |  |  |  |
|  Salaries and benefits<sup>3</sup>  | 4354724 | 4204913 | 2528835 | 2512564 | 207914 | 192293 | 77655 | 66947 |
|  Transfers | 1890397 | 1754336 | 1038966 | 914122 | 1362209 | 1269306 | 402017 | 505016 |
|  Operating costs | 1576885 | 1542592 | 676500 | 673183 | 215041 | 206719 | 1277178 | 1925862 |
|  Financing charges<sup>3</sup> (*schedule 16*) |  |  |  |  |  |  |  |  |
|  Amortization of tangible capital assets (*schedule 12*) | 179740 | 172301 | 135492 | 133118 | 13181 | 13066 | 4079 | 4135 |
|  Other | 7800 | 21206 | 11523 | 23024 | 13165 | 8143 | 1643 | 1907 |
|  Total expense by segment | 8009546 | 7695348 | 4391316 | 4256011 | 1811510 | 1689527 | 1762572 | 2503867 |
|  Eliminations<sup>2</sup>  |  | (18597) | (16563) | (12685) | (4422) | (4422) |  |  |
|  **Total Expense**<sup>3</sup> (*schedule 15*) | 8009546 | 7676751 | 4374753 | 4243326 | 1807088 | 1685105 | 1762572 | 2503867 |

---

The segments are based on the major functional groupings of activities, or themes, used in the Statement of Operations, which reflects the accountability and reporting framework set out by the government in the Saskatchewan Provincial Budget. Schedule 19 identifies the entities included in each theme.

<sup>1</sup> *Other* includes the general government, economic development and environment and natural resources segments. Revenue of the general government segment includes all public monies paid into the General Revenue Fund as well as net income from government business enterprises, which are used to support activities across all segments. 

<sup>2</sup> Represents eliminations for inter-entity transactions that occur across segments.

<sup>3</sup> Includes a total of $745 million (2024 - $871 million) for pension expense as follows: 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Health** | **Health** | **Education** | **Education** | **Other** | **Other** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  Salaries and benefits | 226476 | 222214 | 219982 | 333832 | 116246 | 139147 | 562704 | 695193 |
|  Financing charges (*schedule 16*) |  |  |  |  | 181829 | 175437 | 181829 | 175437 |
|  Total pension expense (*note 5*) | 226476 | 222214 | 219982 | 333832 | 298075 | 314584 | 744533 | 870630 |

---

---

| | |
|:---|:---|
| **84** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

**Schedule 17** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Protection of Persons and<br>Property** | **Protection of Persons and<br>Property** | **Community**<br>**Development** | **Community**<br>**Development** | **Transportation** | **Transportation** | **Other<sup>1</sup>** | **Other<sup>1</sup>** | **Eliminations<sup>2</sup>** | **Eliminations<sup>2</sup>** | **Total** | **Total** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  —  |  | 5753 | 5034 |  |  | 9794010 | 10522764 |  |  | 9922957 | 10651514 |
|  —  |  |  |  |  |  | 2573657 | 2449151 |  |  | 2573657 | 2449151 |
|  —  |  |  |  |  |  | 784591 | 901423 |  |  | 784591 | 901423 |
| 2249 | 3006 |  |  |  |  | 21488 | 46415 | (57833) | (102724) |  |  |
| 99520 | 102701 | 109142 | 105134 | 4124 | 1760 | 2028373 | 1697010 | 15332 |  | 3782487 | 3357204 |
| 5351 | 4852 | 1289 | 1486 |  |  | 3062163 | 2939348 |  |  | 3792293 | 3633753 |
| 107120 | 110559 | 116184 | 111654 | 4124 | 1760 | 18264282 | 18556111 | (42501) | (102724) | 20855985 | 20993045 |
| 481377 | 433436 | 38186 | 35487 | 88612 | 81838 | 682943 | 662156 |  |  | 8460246 | 8189634 |
| 342007 | 319316 | 740713 | 788821 | 130433 | 109558 | 315234 | 193976 | (27087) | (16324) | 6194889 | 5838127 |
| 305720 | 289678 | 39544 | 35222 | 201158 | 186579 | 249863 | 326451 | (3419) | (23677) | 4538470 | 5162609 |
|  |  |  |  |  |  | 962535 | 881120 | (11995) | (41524) | 950540 | 839596 |
| 33872 | 29452 | 9380 | 16995 | 280774 | 270431 | 72552 | 73602 |  |  | 729070 | 713100 |
| 3739 | 6173 | 616 | 300 | 936 | 1749 | 192212 | 7535 |  | (2263) | 231634 | 67774 |
| 1166715 | 1078055 | 828439 | 876825 | 701913 | 650155 | 2475339 | 2144840 | (42501) | (83788) | 21104849 | 20810840 |
|  | (4363) |  | (1690) | (1734) | (507) | (19782) | (41524) | 42501 | 83788 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166715 | 1073692 | 828439 | 875135 | 700179 | 649648 | 2455557 | 2103316 |  |  | 21104849 | 20810840 |

---

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **85** |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Supplemental Cash Flow Information** | **Schedule 18** |
| For the Year Ended March 31, 2025 |  |
| *(thousands of dollars)* |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Other Non-Cash Items Included in the Operating (Deficit) Surplus** |  |  |
|  Amortization of tangible capital assets (*schedule 12*) | 729070 | 713100 |
|  Write-downs of tangible capital assets (*schedule 12*) | 4322 | 3261 |
|  Net (gain) loss on disposal of tangible capital assets | (3343) | 1678 |
|  Net increase to provisions for loss on accounts receivable and loans receivable | 18663 | 43861 |
|  Net gain on portfolio investments<sup>1</sup>  | (17079) | (6707) |
|  Earnings retained in sinking funds (*schedule 4*) | (64096) | (29179) |
|  **Total Other Non-Cash Items Included in the Operating (Deficit) Surplus** | 667537 | 726014 |
|  **Net Change in Non-Cash Operating Activities** |  |  |
|  Decrease (increase) in accounts receivable | 141639 | (1003550) |
|  Decrease in other financial assets | 941 | 113 |
|  Increase in accounts payable and accrued liabilities | 212486 | 728655 |
| (Decrease) increase in unearned revenue | (4898) | 90654 |
|  Decrease in pension liabilities | (165576) | (9957) |
|  Decrease in unamortized debt-related costs | (9364) | (103676) |
| (Increase) decrease in inventories held for consumption | (1707) | 18360 |
|  Decrease (increase) in prepaid expenses | 10782 | (4520) |
|  **Net Change in Non-Cash Operating Activities** | 184303 | (283921) |

---

<sup>1</sup> Includes $15 million (2024 - $12 million) net gain on sale of investments that have been reclassified from accumulated remeasurement gains. 

**Other Supplemental Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  Cash interest paid during the year |  | 711117 |  | 720641 |
|  Cash interest received during the year |  | 229964 |  | 182548 |

---

---

| | |
|:---|:---|
| **86** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Government Reporting Entity** | **Schedule 19** |
| For the Year Ended March 31, 2025 |  |

---

The government reporting entity consists of public sector entities (entities) classified as government service organizations, government business enterprises and partnerships. The listing below reports the entities under these classifications segregated by segments which are based on functional groupings of activities, or themes.

**Government Service Organizations** (Consolidated) **and Partnerships** (Proportionately Consolidated)

**Agriculture** 

Agricultural Credit Corporation of Saskatchewan

Crop Reinsurance Fund of Saskatchewan

Ministry of Agriculture

Prairie Agricultural Machinery Institute

Prairie Diagnostic Services Inc. (*partnership - organization under shared control*) <sup>1a</sup>

Saskatchewan Agricultural Stabilization Fund

Saskatchewan Crop Insurance Corporation

**Community Development** 

Community Initiatives Fund

Government House Foundation <sup>4a</sup>

Ministry of Education <sup>2b</sup>

Ministry of Government Relations <sup>2a</sup>

Ministry of Parks, Culture and Sport <sup>2a</sup>

Northern Municipal Trust Account <sup>1d</sup>

Provincial Archives of Saskatchewan

Provincial Capital Commission

Saskatchewan Arts Board

Saskatchewan Centre of the Arts Fund

Saskatchewan Heritage Foundation

Saskatchewan Lotteries Trust Fund for Sport, Culture and Recreation

Saskatchewan Snowmobile Fund

Western Development Museum Fund

**Economic Development <sup>3</sup>** 

Creative Saskatchewan

CIC Asset Management Inc. <sup>2a</sup>

Global Transportation Hub Authority

Innovation Saskatchewan

Ministry of Energy and Resources

Ministry of Environment <sup>2b</sup>

Ministry of Finance <sup>2b</sup>

Ministry of Immigration and Career Training <sup>2b</sup> 

Ministry of SaskBuilds and Procurement <sup>2b</sup>

Ministry of Trade and Export Development

Saskatchewan Health Research Foundation

Saskatchewan Indigenous Investment Finance Corporation

Saskatchewan Research Council

SaskBuilds Corporation

Tourism Saskatchewan

**Education** 

Battlefords First Nations Joint Board of Education (*partnership - organization under shared control*) <sup>1c</sup>

Boards of Education <sup>1c</sup>

Chinook School Division No. 211

Christ the Teacher Roman Catholic Separate School Division No. 212

Conseil des écoles fransaskoises no. 310

Creighton School Division No. 111

Good Spirit School Division No. 204

Holy Family Roman Catholic Separate School Division No. 140

Holy Trinity Roman Catholic Separate School Division No. 22

Horizon School Division No. 205

Ile-a-la Crosse School Division No. 112

Light of Christ Roman Catholic Separate School Division No. 16

Living Sky School Division No. 202

Lloydminster Roman Catholic Separate School Division No. 89

Lloydminster School Division No. 99

North East School Division No. 200

Northern Lights School Division No. 113

Northwest School Division No. 203

Prairie South School Division No. 210

Prairie Spirit School Division No. 206

Prairie Valley School Division No. 208

Prince Albert Roman Catholic Separate School Division No. 6

Regina Roman Catholic Separate School Division No. 81

Regina School Division No. 4

Saskatchewan Rivers School Division No. 119

Saskatoon School Division No. 13

South East Cornerstone School Division No. 209

St. Paul's Roman Catholic Separate School Division No. 20

Sun West School Division No. 207

Ministry of Advanced Education

Ministry of Education <sup>2a</sup>

Ministry of Immigration and Career Training <sup>2a</sup>

North Central Shared Facility (*partnership - 72.9 per cent interest in assets and 69.7 per cent interest in operations under shared control*)<sup>1c</sup>

Regional Colleges <sup>1b</sup>

Carlton Trail College

Great Plains College

North West College

Northlands College

Southeast College

Suncrest College

Saskatchewan Apprenticeship and Trade Certification

Commission <sup>1b</sup>

Saskatchewan Distance Learning Corporation <sup>1c</sup>

Saskatchewan Polytechnic <sup>1b</sup>

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **87** |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Government Reporting Entity *(continued)*** | **Schedule 19** |

---

**Education** (*continued*)

Saskatchewan Professional Teachers Regulatory Board <sup>1c</sup>

Saskatchewan Student Aid Fund

Training Completions Fund

**Environment and Natural Resources** <sup>3</sup>

Commercial Revolving Fund

CIC Asset Management Inc. <sup>2b</sup>

Fish and Wildlife Development Fund

Forest Management Funds

Carrier Forest Management Trust Fund

Crown Agricultural Land Forest Fund

Dunkley Forest Renewal Trust

Island Forests Management Fund

L&M Forest Management Trust Fund

Meadow Lake OSB Forest Management Trust Fund

Mee-Toos Forest Management Fund Trust

Mistik Forest Management Trust

North Central Trust Fund

Park Land Forests Management Fund

Sakaw Forest Renewal Trust Fund

Weyerhaeuser Forest Renewal Trust Fund

Impacted Sites Fund

Institutional Control Monitoring and Maintenance Fund

Institutional Control Unforeseen Events Fund

Ministry of Environment <sup>2a</sup>

Ministry of Highways <sup>2b</sup> 

Ministry of Parks, Culture and Sport <sup>2b</sup>

Oil and Gas Orphan Fund

Operator Certification Board

Saskatchewan Technology Fund

Water Security Agency

**General Government** <sup>3</sup>

Century Plaza Condominium Corporation

Crown Investments Corporation of Saskatchewan (separate)

Extended Health Care Plan for Certain Other Employees <sup>1d</sup>

Extended Health Care Plan for Certain Other Retired Employees <sup>1d</sup>

King's Printer Revolving Fund

Legislative Assembly and its Officers <sup>2a</sup>

Ministry of Finance <sup>2a</sup>

Ministry of Government Relations <sup>2b</sup>

Ministry of Highways <sup>2b</sup> 

Ministry of Justice and Attorney General <sup>2b</sup>

Ministry of Parks, Culture and Sport <sup>2b</sup>

Ministry of SaskBuilds and Procurement <sup>2a</sup>

Office of Executive Council

Public Employees Benefits Agency Revolving Fund

Public Employees Dental Fund <sup>1d</sup>

Public Employees Disability Income Fund <sup>1d</sup>

Public Employees Group Life Insurance Fund <sup>1d</sup> 

Public Service Commission

School Division Tax Loss Compensation Fund

**Health**

eHealth Saskatchewan

Health Quality Council

Health Sector Affiliates

All Nations' Healing Hospital Inc.

Bethany Pioneer Village Inc.

Circle Drive Special Care Home Inc.

Cupar and District Nursing Home Inc.

Duck Lake and District Nursing Home Inc.

Foyer St. Joseph Nursing Home Inc.

Jubilee Residences Inc.

Lakeview Pioneer Lodge Inc.

Lumsden & District Heritage Home Inc.

Lutheran Sunset Home of Saskatoon

Mennonite Nursing Homes Incorporated

Mont St. Joseph Home Inc.

Oliver Lodge

Providence Place for Holistic Health Inc.

Radville Marian Health Centre Inc.

Raymore Community Health and Social Centre

Salvation Army - William Booth Special Care Home

Santa Maria Senior Citizens Home Inc.

Saskatoon Convalescent Home

Sherbrooke Community Society Inc.

Société Joseph Breton Inc.

Spruce Manor Special Care Home Incorporated

St. Ann's Senior Citizens Village Corporation

St. Anthony's Hospital

St. Joseph's Hospital (Grey Nuns) of Gravelbourg

St. Joseph's Hospital of Estevan

St. Joseph's Integrated Health Centre of Macklin Inc.

St. Paul Lutheran Home of Melville

St. Peter's Hospital, Melville

Strasbourg and District Health Centre Corp.

Sunnyside Adventist Care Centre

The Border-Line Housing Company (1975) Inc.

The Qu'Appelle Diocesan Housing Company

The Regina Lutheran Housing Corporation <sup>4b</sup>

Ukrainian Sisters of St. Joseph of Saskatoon

Warman Mennonite Special Care Home Inc.

Health Shared Services Saskatchewan

Ministry of Health

Saskatchewan Association of Health Organizations Inc.

Saskatchewan Cancer Agency

Saskatchewan Health Authority

Saskatchewan Healthcare Recruitment Agency

Saskatchewan Impaired Driver Treatment Centre Board of Governors

---

| | |
|:---|:---|
| **88** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Summary Financial Statements

---

| | |
|:---|:---|
| **Government Reporting Entity *(continued)*** | **Schedule 19** |

---

**Protection of Persons and Property** 

Correctional Facilities Industries Revolving Fund

Criminal Property Forfeiture Fund

Financial and Consumer Affairs Authority of Saskatchewan

Firearms Secretariat

Integrated Justice Services <sup>4c</sup>

Law Reform Commission of Saskatchewan

Legislative Assembly and its Officers <sup>2b</sup>

Ministry of Corrections, Policing and Public Safety

Ministry of Government Relations <sup>2b</sup>

Ministry of Justice and Attorney General <sup>2a</sup>

Ministry of Labour Relations and Workplace Safety

Saskatchewan Public Safety Agency

Victims' Fund

**Social Services and Assistance** 

Ministry of Government Relations <sup>2b</sup>

Ministry of Parks, Culture and Sport <sup>2b</sup>

Ministry of Social Services

Saskatchewan Housing Corporation <sup>1d</sup>

Saskatchewan Legal Aid Commission

**Transportation** 

Ministry of Government Relations <sup>2b</sup>

Ministry of Highways <sup>2a</sup> 

Transportation Partnerships Fund

**Government Business Enterprises** (Modified Equity)

**Utility** <sup>3</sup>

Saskatchewan Power Corporation

Saskatchewan Telecommunications Holding Corporation

Saskatchewan Water Corporation

SaskEnergy Incorporated

**Insurance & Financing** <sup>3</sup>

Municipal Financing Corporation of Saskatchewan <sup>1d</sup>

Saskatchewan Auto Fund

Saskatchewan Government Insurance

Workers' Compensation Board <sup>1d</sup>

**Liquor & Gaming <sup>3</sup>** 

Liquor and Gaming Authority

Lotteries and Gaming Saskatchewan Corporation

<sup>1</sup> The year-ends of certain entities differ from March 31, 2025: <sup>a</sup> April 30, 2024; <sup>b</sup>June 30, 2024; <sup>c</sup> August 31, 2024; <sup>d</sup> December 31, 2024.

<sup>2</sup> Activities are allocated across more than one theme: <sup>a</sup> primary activity; <sup>b</sup> secondary activity.

<sup>3</sup> Included in Other for segment disclosure (*schedule 17).*

<sup>4</sup> During 2024-25 the following changes were made to the government reporting entity:

<sup>a</sup> Entity wound up.

<sup>b</sup> Entity's operations wound up into the Saskatchewan Health Authority.

<sup>c</sup> Ministry was wound up into the Ministry of Corrections, Policing and Public Safety and the Ministry of Justice and Attorney General.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **89** |

---

------

Glossary of Terms

**Glossary of Terms** 

**Accumulated (Deficit) Surplus:** A measure that represents a government's net economic resources. It is the difference between total assets and liabilities and is comprised of all the past operating surpluses (deficits) and remeasurement gains (losses).

**Accumulated Operating (Deficit) Surplus:** The accumulation of all past operating surpluses or deficits plus any adjustments that were charged directly to the accumulated deficit.

**Accumulated Remeasurement Gains and Losses:** The unrealized gains and losses related to fair value measurement and foreign exchange that have accumulated prior to the settlement of financial instruments.

**Amortization:** A systematic process of allocating an amount to revenue or expense over a period of time. Capital assets are amortized to expense over their expected remaining economic life. Actuarial gains and losses, such as those experienced by pension plans, are also amortized.

**Amortized Cost:** The initial cost of a security adjusted for the cumulative amortization of any purchase premium or discount, less any principal repayments.

**Asset Retirement Obligation:** A legal obligation associated with the retirement of a tangible capital asset.

**Canada Health Transfer:** A federal transfer provided, on an equal per capita cash basis, to jurisdictions in support of health care.

**Canada Social Transfer:** A federal transfer provided, on an equal per capita cash basis, to jurisdictions in support of post-secondary education, social services and assistance, early childhood development, early learning and childcare.

**Capital Asset:** An asset with physical substance held by the government that has an economic life extending beyond one year, will be used on a continuing basis and is not for sale in the ordinary course of operations.

**Capital Transfer:** A grant provided to a third party, such as a university or municipality, to acquire or develop capital assets.

**Consolidation:** The method used to account for government service organizations (GSOs) in the Summary Financial Statements (SFS) in which the accounts of GSOs are adjusted to the basis of accounting described in note 1 of the SFS and combined with other GSOs and partnerships. Inter-entity balances and transactions are eliminated.

**Contaminated site:** A site at which substances occur in concentrations that exceed the maximum acceptable amounts under an environmental standard.

**Contingency:** A possible right to economic resources, or an obligation that may result in future sacrifice of economic benefits, arising from existing conditions or situations involving uncertainty.

**Contractual Obligation:** An obligation to others that will become a liability in the future when the terms of contracts or agreements are met.

**Contractual Right:** A right to economic resources that will result in both an asset and revenue in the future when the terms of contracts or agreements are met.

**Debenture:** A certificate of indebtedness where the issuer promises to pay interest and repay principal by a maturity date. It is usually unsecured, meaning there are no liens or pledges on any specific assets.

**Debt:** An obligation incurred through the issuance of debt instruments. Terms used when describing debt include:

***Gross debt*** is borrowings through the issuance of debt instruments such as promissory notes and debentures.

***Public debt*** is gross debt net of the government's own securities held as investments and adjusted for the accumulated impact of translating debt issued in foreign currencies to Canadian dollars.

***General debt*** is public debt net of loans to Crown corporations for GBE specific debt.

***Government business enterprise (GBE) specific debt*** is debt issued by GBEs or debt issued by the General Revenue Fund (GRF) specifically on behalf of a GBE where the government expects to realize the receivable from the GBE and settle the external debt simultaneously.

---

| | |
|:---|:---|
| **90** | Government of Saskatchewan Public Accounts 2024-25 |

---

------

Glossary of Terms

***Guaranteed debt*** is a specific type of contingent liability, representing the debt of others that the government has agreed to repay if others default.

**Derivative:** A contract in which the value is based on the performance of an underlying financial asset, index or other investment. It does not require an initial investment and is settled at a future date.

**Financial Asset:** An asset that can be used to discharge existing liabilities or finance future operations and is not for consumption in the normal course of operations.

**Financial Instrument:** Any contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party.

**Financing Charges:** Costs associated with general debt, pension liabilities, obligations under long-term financing arrangements such as public private partnerships, and capital lease obligations. Financing charges include interest, foreign exchange gains and losses, discounts, fees and commissions.

**Fixed Rate:** An interest rate that remains fixed either for an entire term or part of a term.

**Floating Rate:** An interest rate that changes on a periodic basis.

**General Revenue Fund (GRF):** The primary operational account for the government through which all provincial monies under the direct authority of the Legislative Assembly are collected and disbursed.

**Government Business Enterprise (GBE):** An entity that is controlled by the government, is self-sufficient and has the financial and operating authority to sell goods and services to individuals and organizations outside the government reporting entity as its principal activity. GBEs are recorded in the SFS using the modified equity method.

**Government Reporting Entity:** A set of entities that are either controlled by the government (government service organizations and government business enterprises) or subject to shared control (partnerships). Trusts administered by the government are excluded from the government reporting entity.

**Government Service Organization (GSO):** An entity that is controlled by the government, except those designated as GBEs. GSOs are consolidated in the SFS.

**Gross Domestic Product (GDP):** The standard measure of the overall size of an economy, the value of all goods and services produced during a given period.

**Hedge:** A strategy to minimize the risk of loss on an asset (or liability) from market fluctuations such as interest rate or foreign exchange rate changes. This is accomplished by entering into offsetting commitments with the expectation that a future change in the value of the hedging instrument will offset the change in the value of the asset (or liability).

**Modified Equity:** The method used to account for GBEs in the SFS. The government's investment, which is originally recorded at cost, is adjusted annually to include the net earnings (losses) and other net equity changes of the GBE.

**Net Debt:** A measure that represents the future revenue required to fund past transactions or events. It is the difference between liabilities and financial assets.

**Net Realizable Value:** The selling price of an asset less any costs incurred to make the sale.

**Non-Financial Asset:** An asset that will be used up when providing future services and is not normally used to discharge existing liabilities.

**Operating Surplus (Deficit):** A measure that represents the overall change in financial position for the period being reported on, excluding remeasurement gains and losses. It is the amount by which revenue exceeds expense (expense exceeds revenue) for a fiscal period.

**Other Comprehensive Income (Loss) (OCI):** OCI includes certain unrealized gains and losses of GBEs that are excluded from the deficit or surplus but recognized as a change in net debt and accumulated remeasurement gains and losses during the period.

---

| | |
|:---|:---|
| Government of Saskatchewan Public Accounts 2024-25 | **91** |

---

------

Glossary of Terms

**Partnership:** A contractual arrangement between the government and one or more partners outside the government reporting entity where the partners share, on an equitable basis, the risks and benefits of the arrangement. Partnerships are proportionately consolidated in the SFS.

**Pension Liability:** An actuarial estimate of discounted future payments to be made to retirees under the government's pension plans, net of plan assets.

**Performance Obligation:** Enforceable promises to provide specific goods or services to a specific payor.

**Premium/Discount:** The amount by which the selling price of a security is greater or less than its par or face value.

**Present Value:** The current value of one or more future cash payments, determined by discounting the future cash payments using interest rates.

**Proportionate Consolidation:** The method used to account for partnerships in the SFS in which the accounts of partnerships are adjusted to the basis of accounting described in note 1 of the SFS and the government's proportionate share is combined with other GSOs and partnerships. Inter-entity balances and transactions are eliminated.

**Public Private Partnership (P3):** A long-term contractual arrangement between the government and a private sector contractor to deliver public infrastructure. Under such contractual arrangements, a private contractor: provides some or all of the financing for the project; designs and builds the project, often providing operations and maintenance for the project; and receives payments over an extended period of time. The liabilities arising from P3 arrangements are classified in the SFS as obligations under long-term financing arrangements.

**Realized gain (loss):** A gain (loss) realized when a financial instrument is settled at a price higher (lower) than its book value plus selling costs.

**Related Party:** A related party exists when one party has the ability to exercise control or shared control over the other. Two or more parties are related when they are subject to common control or shared control. Related parties also include key management personnel, their close family members and organizations controlled by, or under shared control of, any of these individuals.

**Remeasurement gain (loss):** A change in the reported value of a financial instrument due to fair value measurement or change in exchange rates. This change is not realized in the operating surplus or deficit until a financial instrument is settled.

**Remediation:** The improvement of a contaminated site to prevent, minimize or mitigate damage to human health or the environment.

**Restructuring Transaction:** A transfer of an integrated set of assets and/or liabilities, together with related program or operating responsibilities without consideration based primarily on the fair value of the individual assets and liabilities transferred.

**Segment:** A distinguishable activity or group of activities of the government for which it is appropriate to separately report financial information to help users of the SFS identify the resources allocated to support the major activities of the government.

**Sinking fund investment:** An investment held for the repayment of debt.

**Subsidiary:** An organization that is wholly-owned or controlled by another organization.

**Summary Financial Statements (SFS):** The statements prepared to account for the full nature and extent of the financial activities of the government.

**Transfer:** A transfer of money from a government to an individual, an organization or another government for which the government making the transfer does not: receive any goods or services directly in return, as would occur in a purchase/sale transaction; expect to be repaid, as would be expected in a loan; or expect a financial return, as would be expected in an investment.

---

| | |
|:---|:---|
| **92** | Government of Saskatchewan Public Accounts 2024-25 |

---

## Exhibit 99.3

**Exhibit 99.3**![LOGO](g35755g85a88.jpg)

**FIRST QUARTER** 

**FINANCIAL REPORT** 

------

  <u> 2025-26 First Quarter Financial Report Government of Saskatchewan August 22, 2025</u>

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**2025-26 FIRST QUARTER HIGHLIGHTS** 

**Overview** 

At the end of the first quarter (Q1), total revenue for 2025-26 is forecast to be $20.9 billion and total expense is forecast to be $21.2 billion, resulting in a forecast deficit of $349 million. This compares to a projected $12 million surplus in the 2025- 26 Budget.

For a more detailed overview, see Table 1.

**Revenue** 

Total revenue at Q1 is forecast to decrease $172 million, or 0.8 per cent, lower than budgeted.

Government Business Enterprise (GBE) net income is forecast to decrease $250 million, which is largely attributable to a $163 million reduction in SaskPower net income from budget. This decline is primarily due to the removal of the federal carbon tax charge from customer bills in Q1. The Government of Saskatchewan continues discussions with the federal government on industrial carbon pricing in the electricity sector as part of the ongoing review of the Output-Based Performance Standards Program. SGI net income is also down $83 million primarily due to an increase in claims.

Non-Renewable Resources revenue is forecast to decrease by $30 million compared to budget due to lower oil prices and a higher exchange rate. However, this is mostly offset by higher- than-anticipated realized potash prices. Other Own-Source revenue is forecast to increase by $102 million primarily due to gains in fees as a result of increased activity in the oil and gas, housing, education and health care sectors.

For a more detailed review of revenue, see Tables 2 and 3.

**Expense** 

Total expense at Q1 is forecast to increase $189 million, or 0.9 per cent, higher than budget.

There is an estimated $80 million increase in Protection of Persons and Property expense related to wildfire costs and evacuation activities.

In addition, there is a combined increase of $115 million due to actuarial adjustments to pension expenses across all expense themes.

For a more detailed overview, see Table 1.

**Debt** 

Total gross debt at Q1 is forecast to be $38.8 billion, an increase of $429 million, or 1.1 per cent, from budget.

Taxpayer-supported debt rose $198 million, or 0.8 per cent, mainly due to increases in operating debt to fund the forecasted deficit. Self-supported debt (i.e. GBE debt) increased $231 million, or 1.6 per cent, primarily due to borrowing to fund the deterioration in SaskPower net income and higher-than-anticipated capital spending.

For a more detailed review of gross debt, see Table 4.

Saskatchewan's net debt-to-GDP ratio is projected to be 14.5 per cent at March 31, 2026, an improvement over the budget projection of 14.6 per cent. This is due to higher-than- anticipated GDP growth and a lower-than-anticipated deficit at 2024-25 year-end actuals. Saskatchewan's net debt-to-GDP ratio remains second-best among all provinces.

For a review of provincial net debt-to-GDP ratios, see Graph 1.

 <br> 2025-26 First Quarter Financial Report 1

------

**Economy** 

Saskatchewan had the second-fastest growing economy among provinces in 2024 with real GDP growth of 3.4 per cent. The construction, natural resources and agriculture sectors had the strongest year-over-year growth rates.

According to the most recent average of private-sector forecasts, real GDP is expected to grow by 1.8 per cent in 2025 – unchanged from budget – the second-highest among provinces. Saskatchewan's major projects and housing construction, retail sales and labour market performance have been among the strongest in Canada in 2025.

The average tariff rate for Saskatchewan exports to the United States is estimated to be 2.1 per cent as of August 1, 2025. It is currently estimated that about 95 per cent of Saskatchewan exports to the U.S. are compliant with the

Canada-United States-Mexico Agreement (CUSMA) on trade and are eligible for ongoing tariff exemptions as of August 2025.

In 2026, private-sector forecasters anticipate Saskatchewan's real GDP growth will be 1.5 per cent, also the second- highest among provinces. This is down from 2.0 per cent in the budget, as tariff uncertainty remains a threat to Saskatchewan's export-reliant sectors and global trade and investment relationships continue to be restructured.

For more figures on the economy, see Table 5.

**TABLE 1: 2025-26 FORECAST UPDATE - FIRST QUARTER** 

For the year ended March 31

*(millions of dollars)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Budget** | **First Quarter** | **Change** |
|  **Revenue** |  |  |  |
|  Taxation | 10449.5 | **10449.5** |  |
|  Non-Renewable Resources | 2699.4 | **2669.9** | (29.5) |
|  Net Income from Government Business Enterprises | 705.2 | **455.4** | (249.8) |
|  Other Own-Source | 3265.0 | **3366.6** | 101.6 |
|  Transfers from the Federal Government | 3937.0 | **3942.7** | 5.7 |
|  **Total revenue** | **21056.1** | **20884.1** | **(172.0)** |
|  **Expense** |  |  |  |
|  Agriculture | 1597.6 | **1597.6** |  |
|  Community Development | 858.4 | **858.4** |  |
|  Economic Development | 351.9 | **351.9** |  |
|  Education | 4428.1 | **4457.0** | 28.9 |
|  Environment and Natural Resources | 448.6 | **448.6** |  |
|  Financing Charges | 1058.5 | **1064.5** | 6.0 |
|  General Government | 642.2 | **716.0** | 73.8 |
|  Health | 8004.9 | **8004.9** |  |
|  Protection of Persons and Property | 1094.8 | **1174.8** | 80.0 |
|  Social Services and Assistance | 1842.2 | **1842.2** |  |
|  Transportation | 716.7 | **716.7** |  |
|  **Total expense** | **21043.9** | **21232.6** | **188.7** |
|  **Operating surplus (deficit)** | **12.2** | **(348.5)** | **(360.7)** |

---

 <br> 2025-26 First Quarter Financial Report 2

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**TABLE 2: 2025-26 NON-RENEWABLE RESOURCE FORECAST ASSUMPTIONS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **2025-26** | **2025-26** | |
|  | **2024-25**<br>**Actual** | **Budget** | **First Quarter** |<br>**Change** |
|  WTI oil price (US$/barrel) | 74.49 | 71.00 | **65.50** | (5.50) |
|  Light-heavy differential (% of WTI) | 14.0 | 15.0 | **14.2** | (0.8) |
|  Well-head oil price (C$/barrel)<sup>1</sup> | 82.21 | 80.09 | **70.24** | (9.85) |
|  Oil production (million barrels) | 163.1 | 166.9 | **163.2** | (3.7) |
|  Potash price (netback, US$/KCl tonne) | 233 | 239 | **266** | 27 |
|  Potash sales (million KCl tonnes) | 24.9 | 24.9 | **24.6** | (0.3) |
|  Uranium price (realized, US$/U<sub>3</sub>O<sub>8</sub> pound) | 54.75 | 57.11 | **60.68** | 3.57 |
|  Uranium sales (kt U<sub>3</sub>O<sub>8</sub>)<sup>2</sup> | 16.1 | 17.4 | **17.1** | (0.3) |
|  Canadian dollar (US cents) | 71.90 | 70.39 | **72.32** | 1.93 |

---

*<sup>1</sup>* *The average price per barrel of Saskatchewan light, medium and heavy oil.* 

*<sup>2</sup>* *Uranium sales are estimated in kilotonnes (kt),the conversion rate is 1 kt : 2,204,600 pounds.* 

 <br> 2025-26 First Quarter Financial Report 3

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**TABLE 3: 2025-26 SCHEDULE OF REVENUE** 

For the year ended March 31

*(millions of dollars)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Budget** | **First Quarter** | **Change** |
|  **Taxation** |  |  |  |
|  Corporation income | 1658.5 | **1658.5** |  |
|  Fuel | 519.7 | **519.7** |  |
|  Personal income | 3382.1 | **3382.1** |  |
|  Property | 816.1 | **816.1** |  |
|  Provincial sales | 3331.3 | **3331.3** |  |
|  Other taxation | 741.8 | **741.8** |  |
|  **Total Taxation** | **10449.5** | **10449.5** | **—** |
|  **Non-Renewable Resources** |  |  |  |
|  Oil and natural gas | 1067.7 | **923.0** | (144.7) |
|  Potash | 720.0 | **857.1** | 137.1 |
|  Resource surcharge | 526.9 | **526.9** |  |
|  Uranium | 290.2 | **268.5** | (21.7) |
|  Other non-renewable resources | 94.6 | **94.4** | (0.2) |
|  **Total Non-Renewable Resources** | **2699.4** | **2669.9** | **(29.5)** |
|  **Net Income from Government Business Enterprises** |  |  |  |
|  Liquor and Gaming Authority | **246.6** | **245.0** | **(1.6)** |
|  Lotteries and Gaming Saskatchewan | 201.2 | **201.2** |  |
|  Municipal Financing Corporation of Saskatchewan | 1.2 | **0.8** | (0.4) |
|  Saskatchewan Auto Fund | (230.8) | **(254.2)** | (23.4) |
|  Saskatchewan Government Insurance | 90.0 | **7.5** | (82.5) |
|  Saskatchewan Power Corporation | 126.3 | **(36.9)** | (163.2) |
|  Saskatchewan Telecommunications Holding Corporation | 116.6 | **116.6** |  |
|  Saskatchewan Water Corporation | 6.0 | **7.5** | 1.5 |
|  Saskatchewan Workers' Compensation Board | (10.9) | **8.8** | 19.7 |
|  SaskEnergy Incorporated | 42.5 | **53.3** | 10.8 |
|  Consolidation Adjustments | 116.5 | **105.8** | (10.7) |
|  Total Net Income from Government Business Enterprises | **705.2** | **455.4** | **(249.8)** |
|  **Other Own-Source** |  |  |  |
|  Fees | **1321.7** | **1391.3** | **69.6** |
|  Insurance | 553.6 | **553.6** |  |
|  Investment income | 284.9 | **276.4** | (8.5) |
|  Output-Based Performance Standards | 431.5 | **466.9** | 35.4 |
|  Transfers from other governments | 69.2 | **70.9** | 1.7 |
|  Miscellaneous | 604.1 | **607.5** | 3.4 |
|  **Total Other Own-Source** | **3265.0** | **3366.6** | **101.6** |
|  **Transfers from the Federal Government** |  |  |  |
|  Canada Health Transfer | 1634.4 | **1634.4** |  |
|  Canada Social Transfer | 520.5 | **520.5** |  |
|  Other transfers | 1782.1 | **1787.8** | 5.7 |
|  **Total Transfers from the Federal Government** | **3937.0** | **3942.7** | **5.7** |
|  **Total Revenue** | **21056.1** | **20884.1** | **(172.0)** |

---

 <br> 2025-26 First Quarter Financial Report 4

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**TABLE 4: 2025-26 SCHEDULE OF GROSS DEBT - FIRST QUARTER** 

As at March 31

*(millions of dollars)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Budget** | **First Quarter** | **Change** |
|  **Government Service Organization debt** |  |  |  |
|  General Revenue Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - operating | 7463.9 | **7663.9** | 200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Saskatchewan Capital Plan<sup>1</sup> | 15791.1 | **15791.1** |  |
|  Boards of education | 94.0 | **94.0** |  |
|  Global Transportation Hub Authority | 16.0 | **16.0** |  |
|  Health sector affiliates | 3.4 | **2.1** | (1.3) |
|  Innovation Saskatchewan | 50.6 | **50.6** |  |
|  Saskatchewan Health Authority | 36.6 | **36.6** |  |
|  Water Security Agency |  | **—** |  |
|  Other | 3.2 | **2.4** | (0.8) |
|  **Taxpayer-supported debt** | 23458.8 | **23656.7** | 197.9 |
|  **Government Business Enterprise Debt** |  |  |  |
|  Lotteries and Gaming Saskatchewan Corporation | 19.0 | **19.0** |  |
|  Municipal Financing Corporation of Saskatchewan | 369.2 | **369.2** |  |
|  Saskatchewan Power Corporation | 10077.1 | **10389.1** | 312.0 |
|  Saskatchewan Telecommunications Holding Corporation | 1970.8 | **1970.8** |  |
|  Saskatchewan Water Corporation | 110.6 | **111.2** | 0.6 |
|  SaskEnergy Incorporated | 2326.6 | **2245.4** | (81.2) |
|  **Self-supported debt <sup>2</sup>** | **14873.3** | **15104.7** | **231.4** |
|  **Total** | **38332.1** | **38761.5** | **429.3** |
|  **Guaranteed debt** | **75.0** | **75.0** | **—** |

---

*<sup>1</sup>* *General Revenue Fund - Saskatchewan Capital Plan consists of amounts borrowed by the General Revenue Fund to finance investment in infrastructure assets.* 

*<sup>2</sup>* *GBE debt includes both general debt and GBE-specific debt. General debt of GBEs is the amount transferred from the General Revenue Fund to a GBE and recorded as a loan receivable in the Summary Financial Statements. GBE-specific debt is debt issued by, or specifically on behalf of, GBEs. GBE- specific debt is included in "Investment in government business enterprises" in the Summary Financial Statements.* 

 <br> 2025-26 First Quarter Financial Report 5

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**GRAPH 1: NET DEBT AS A PER CENT OF GDP** 

(As at March 31, 2026)

![LOGO](g35755157.jpg)

*Source: Net Debt: Jurisdictions most recent data as of July 28, 2025.*

*GDP: SK-Average private-sector forecast; Canada and other provinces - Conference Board of Canada fiscalized data released on May 9, 2025.*

**TABLE 5: PRIVATE-SECTOR FORECAST AT A GLANCE** 

*(Per cent change unless otherwise noted)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **2024 Actual** | **2025 Forecast** | **2026 Forecast** |
|  Real GDP | 3.4 | 1.8 | 1.5 |
|  Nominal GDP\* | 5.0 | 3.4 | 2.7 |
|  Consumer Price Index (CPI) | 1.4 | 2.4 | 1.8 |
|  Employment growth (000s) | 15.2 | 9.5 | 3.5 |
|  Unemployment rate (% level) | 5.4 | 5.2 | 5.3 |

---

*\* Estimate for 2024*

*Sources: Statistics Canada (2024); Average private-sector forecast as of July 28, 2025 (2025 and 2026).* 

 <br> 2025-26 First Quarter Financial Report 6