The Honourable Ken Krawetz

Deputy Premier

Minister of Finance

SASKATCHEWAN PROVINCIAL BUDGET

10-11

BALANCED. FORWARD-LOOKING. RESPONSIBLE.

MID-YEAR REPORT

Mid-Year Report

Government of Saskatchewan

November 25, 2010

TABLE OF CONTENTS

MID-YEAR REPORT
	Introduction	1
	Economic Update	2
	Financial Overview	10
	Borrowing and Debt	17
GENERAL REVENUE FUND (GRF) FINANCIAL TABLES
	GRF – Statement of Revenue	20
	GRF – Statement of Expense	21
	GRF – Statement of Debt	22
SUMMARY FINANCIAL STATEMENT INFORMATION
	Summary Financial Statement Update	23
SUMMARY FINANCIAL STATEMENT TABLES
	Summary Statement of Surplus	26
	Summary Statement of Debt	28

Mid-Year Report 2010-11 | Budget Update

  MID-YEAR REPORT

Introduction

At mid-year, 2010-11 provincial revenue is projected to be $10.68 billion – an increase of $726.2 million from the budget estimate – on the basis of quite robust year-to-date performance in Corporation Income Tax revenue and Crown Land Sales revenue, combined with the special CIC dividend for the Children’s Hospital.

Corporation Income Tax revenue is now expected to be $340.4 million higher than the budget estimate, reflecting stronger-than-expected assessment data for the 2009 taxation year, higher federal forecasts of the national corporate tax base and continued strength in Saskatchewan profits and taxable income.

Crown Land sales are expected to be $252.7 million higher than the budget estimate (at the first quarter projection), reflecting continued interest in oil and gas prospects within the province, with two of six sales left in the fiscal year.

The special CIC dividend is up $195.0 million from the budget, to fund the Children’s Hospital.

This increased revenue projection is more than adequate to fund the projected $415.0 million increase in expense.

Over 87 per cent of this spending increase -- $364 million – is related to costs associated with flooding combined with the $195.0 million flow-through of Children’s Hospital funding.

The spring and summer flooding had a significant negative impact on the agricultural sector, which, in turn, has a negative effect on real GDP in 2010.

However, strength in other areas of the economy, particularly the oil and potash sectors, is adequate to offset the large contraction in agriculture, leaving real GDP growth at 1.0 per cent in 2010.

And, other economic indicators point to a positive outlook for 2010.  Employment is up almost 6,000 for the first ten months of 2010 and the province’s population continues to grow.  On a year-to-date basis, gains have been made in average weekly earnings, international exports, retail sales, wholesale trade, value of building permits and the number of housing starts.

As a result, 2010 nominal GDP remains at about the same level forecast in the budget.

Real GDP is expected to rebound to a robust rate of 4.2 per cent in 2011, up from the budget forecast of 3.3 per cent.

Mid-Year Report 2010-11 | Budget Update   1

Economic Update

INTRODUCTION

The 2010-11 Budget economic forecast for 2010 was based on modest economic growth in Canada and the United States, an increase in potash shipments and a normal crop harvest in the province during the year.

Available data suggest that growth in Canada and the U.S. will be slightly higher in 2010 and Saskatchewan potash shipments abroad are on the mend.

However, recent crop production numbers for the province point to crop production in 2010 considerably below the ten-year average.

This combination of factors is expected to lead to a reduced pace of real growth for the province this year.

Nonetheless, strengthening prices and strong performances in the other sectors of the economy are adequate to maintain nominal GDP at the level forecast in the budget.

CANADIAN AND U.S. GROWTH ASSUMPTIONS
		2010-11 Budget						2010-11 Mid-Year
		2010		2011		2012		2010		2011		2012
	Can. Real GDP Growth (%)		2.2		3.5		3.6		2.9		2.3		2.9
	U.S. Real GDP Growth (%)		2.2		2.9		3.8		2.6		2.2		3.1

THE ECONOMIC ENVIRONMENT

Canadian and U.S. Growth

The outlook for Canadian and U.S. growth in 2010 has improved, but the outlook for 2011 has weakened.  The 2010-11 Budget had Canadian and U.S. growth pegged at 2.2 per cent and 2.2 per cent for 2010 and 3.5 per cent and 2.9 per cent for 2011, respectively.

The 2010-11 Mid-year Report sees Canadian and U.S. growth slightly higher for 2010 at 2.9 per cent and 2.6 per cent and lower for 2011 at 2.3 per cent and 2.2 per cent, respectively.

Canadian growth slowed to an annualized rate of only 2.0 per cent in the second quarter of 2010, from 5.8 per cent in the first quarter, due to easing domestic demand and exports.  As well, real GDP fell 0.1 per cent in July over the previous month.

However, more recent economic reports suggest that the economic recovery has continued and will continue as Canada’s real GDP advanced by 0.3 per cent in August.

2   Mid-Year Report 2010-11 | Budget Update

The U.S. economy similarly slowed in the second quarter, posting an annualized rate of growth of only 1.7 per cent, after advancing by 3.7 per cent in the first quarter.

U.S. growth came in stronger at 2.5 per cent in the third quarter, underpinned by a sizeable but temporary inventory build-up, underscoring the downside risk to fourth quarter growth.  Both countries face considerable headwinds from the external sector and the limits of household balance sheets, hence, the slower growth forecast for 2011.

Prospects for the Rest of the World

Leading economic indicators suggest economic recovery in countries abroad that are either global growth drivers and/or important markets for Saskatchewan remains relatively intact in 2010.

CANADIAN INTEREST RATE ASSUMPTIONS
		2010-11 Budget						2010-11 Mid-Year
		2010		2011		2012		2010		2011		2012
	Short-term Interest Rate (%)		0.27		1.59		3.08		0.61		1.58		3.13
	Long-term Interest Rate (%)*		3.65		4.07		4.64		3.10		2.66		3.29
	* 10-year Government of Canada Bond

However, softer export performance and fiscal consolidation are expected to dampen U.K. and Euro Zone growth prospects in 2011.  Like Canada and the U.S., Japan is also expected to move to a slower growth trajectory in 2011.

Countries in the Asia-Pacific region and Latin America are expected to post comparatively stronger growth rates, thereby underpinning demand for, and prices of, commodities.  China and India, for example, are expected to continue to top the growth charts in 2010 and 2011.

Interest Rates

Monetary policy is expected to remain exceptionally accommodative well into 2011. The Bank of Canada is leaving interest rates on hold until next year.

The U.S. Federal Reserve, on the other hand, has embarked on a “quantitative easing” pathway to promote even more accommodative monetary conditions.

  Mid-Year Report 2010-11 | Budget Update   3

CANADIAN DOLLAR ASSUMPTIONS
		2010-11 Budget						2010-11 Mid-Year
		2010		2011		2012		2010		2011		2012
	Canadian Dollar (US cents)		95.5		95.5		94.5		97.1		98.0		94.9

Canadian Dollar

Credit/quantitative easing in the U.S. are expected to reinforce the weakening trend in the U.S. dollar.

This, combined with stronger commodity prices, positive Canada-U.S. interest rate spreads and Canada’s slight economic performance edge over the U.S. should continue to support the Canadian dollar in 2011.

Oil Prices and Drilling

Largely reflecting strong growth in emerging markets and U.S. dollar weakness, world oil prices have risen. The price of a barrel of WTI oil averaged US$77.65 in the first nine months of 2010, up 36.2 per cent from the same period in 2009. It is expected to average US$79.32 per barrel in all of 2010 and US$83.50 per barrel in 2011.

Improved prices bode well for oil drilling.  In the first nine months, 1,816 oil wells have been drilled, up 83.8 per cent from the same period last year.

Potash Price and Sales

The price of potash is expected to average C$584.46 per K2O tonne in 2010, C$583.14 per K2O tonne in 2011 and C$610.90 per K2O tonne in 2012.

4   Mid-Year Report 2010-11 | Budget Update

Potash sales are forecast to more than double to 8.8 million tonnes in 2010 from a low of 3.7 million tonnes in 2009.  Potash sales are expected to continually increase over the forecast period.

Grain Prices and Production

In Saskatchewan, the 2010 harvest is estimated at 19.0 million tonnes, about 30 per cent less than the 2010-11 Budget assumption of 27.2 million tonnes, 36 per cent below last year’s level and 22 per cent below the ten-year average.

As of October, 2010, the price of wheat for the 2010-11 crop year was projected at $215.00 per tonne, up from the 2010-11 Budget assumption of $163.67 per tonne.

COMMODITY PRICE ASSUMPTIONS -- CALENDAR YEAR
		2010-11 Budget						2010-11 Mid-Year
		2010		2011		2012		2010		2011		2012
	WTI Oil (US$ per barrel)		75.00		85.00		87.00		79.32		83.50		85.00
	Natural Gas (C$ per GJ)		4.25		5.00		5.50		3.75		4.25		5.00
	Potash (C$ per K2O tonne)1		527.29		535.26		549.38		584.46		583.14		610.90
	Potash (US$ per KCl tonne)1		307.17		311.82		316.69		342.97		348.60		353.64
	Wheat (C$ per tonne)2		163.67		174.57		186.04		215.00		180.57		180.74
	Canola (C$ per tonne)2		412.02		417.47		418.79		374.20		366.88		365.86
	Barley (C$ per tonne)2		151.35		154.46		163.57		145.50		148.72		148.25
	1   The potash industry quotes prices in US dollars per KCl tonne. Provincial royalty calculations, however, are based on the Canadian dollar price per K2O tonne.
	2   Crop year basis.
	Source: Ministry of Energy and Resources, Ministry of Agriculture (as at October 2010).

At the same time, canola and barley prices were expected to decline from the budget assumptions.

Subsequently, canola prices have risen quite significantly.  The current November canola price is $495.00 per tonne and the 2010 year-to-date average is now at $405.09 per tonne.

Barley prices have also risen recently, although not as dramatically as canola.  The Current CWB Barley Pool B October PRO (less transport) is now $157.68 per tonne.

And, wheat prices continue to climb, although at a more modest rate.  The CWB price for #1 CWRS 13.5 October PRO (less transport) is $248.27 per tonne and for #1 Durum 13.0 October PRO (less transport) is $215.10 per tonne.

SASKATCHEWAN’S ECONOMIC OUTLOOK

In the 2010-11 Budget, the Ministry of Finance had forecast Saskatchewan real GDP to grow by 2.6 per cent in 2010.  Nominal GDP was forecast to grow by 3.8 per cent.

  Mid-Year Report 2010-11 | Budget Update   5

SASKATCHEWAN ECONOMIC INDICATORS
						Change from
		2007	2008	2009	July 1, 2010	July 1, 2009
	Population	1,000,257	1,013,792	1,029,124	1,045,622	16,498
	Per Cent Change				2010	January
	(Unless Noted Otherwise)				(year-to-date)	through
	Employment growth (000s)	10.2	11.0	7.9	5.9	Oct
	Unemployment rate (%)	4.2	4.1	5.3	5.2	Oct
	Consumer Price Index	2.9	3.2	1.1	1.2	Oct
	Average employment weekly earnings	5.4	4.8	2.5	4.9	Aug
	Value of manufacturing sales	5.6	26.5	-13.3	-5.4	Sep
	Value of international exports	19.5	52.9	-26.8	10.3	Sep
	Value of retail sales	13.6	11.8	-0.5	2.8	Sep
	Value of wholesale trade	19.0	38.9	-22.1	5.7	Sep
	Number of new vehicles sold	14.1	8.6	-9.3	5.7	Sep
	Value of building permits	44.6	32.8	-13.5	9.6	Sep
	Number of housing starts	61.7	13.7	-43.4	59.2	Sep

These forecasts were based on a set of assumptions, including those concerning the production/sales of various commodities, commodity prices, Canadian and U.S. economic growth and the value of the Canadian dollar.

All of these assumptions have been updated and incorporated into the latest forecast.  The most significant change in assumption has been the crop production assumption.

In the 2010-11 Budget, an average-size crop had been assumed for 2010.  Yet excess moisture and flooding in parts of the province this year left many acres unseeded.  The result is lower-than-expected grain production and a much bigger draw-down of farm inventories.

Despite the set-back in agriculture this year, the outlook for the Saskatchewan economy remains positive.

Oil producers have increased their investment this year, beyond what had been assumed in the 2010-11 Budget, while potash sales are forecast to rise to 8.8 million K2O tonnes, up from the budget assumption of 7.8 million tonnes.

Employment is up almost 6,000 through the first ten months of 2010 and the province’s population continues to grow.

All considered, Saskatchewan real GDP is now forecast to grow by 1.0 per cent this year.  Nominal GDP is forecast to grow by 3.6 per cent.

6   Mid-Year Report 2010-11 | Budget Update

ESTIMATED IMPACT OF FORECAST ASSUMPTION REVISIONS ON THE 2010-11 BUDGET FORECAST FOR 2010
				Real GDP Growth	Nominal GDP Growth
	2010-11 Budget Forecast (per cent)			2.6	3.8
		Forecast Assumptions		Impact of Revised Assumptions (percentage points)
			Crop production	-3.3	-4.5
			Oil investment	1.9	1.6
			Potash sales	0.4	0.6
			WTI oil price	0.1	1.0
			Potash price	0.0	0.1
			Grain price	0.0	0.7
			Canadian dollar	-0.1	-0.3
			Other	-0.6	0.6
		Total Impact		-1.6	-0.2
	2010-11 Mid-Year Forecast (per cent)			1.0	3.6

The nominal GDP growth forecast would have been revised down much more were it not for higher price assumptions for oil, potash and wheat in 2010.

As such, the current level of nominal GDP is forecast to remain at about the 2010-11 Budget forecast level.  And, the latest  hike in grain prices provides some upside to the nominal GDP forecast.

Crop production is expected to return to a more normal level in 2011.  Given the extent of the reduction to the 2010 crop production assumption, a return to a more normal level in 2011 is significant.

This, along with continued investment in both the oil and potash sectors, bodes well for the provincial economy next year.  As such, Saskatchewan real GDP is forecast to grow by 4.2 per cent in 2011.

The nominal GDP growth forecast for 2011 has come down from 10.0 per cent to 6.8 per cent as commodity price increases that had previously been anticipated for 2011 have eased.

ECONOMIC FORECAST SUMMARY
(Per cent Change Unless Otherwise Noted)
		2010-11 Budget			2010-11 Mid-Year
		2010	2011	2012	2010	2011	2012
	Real GDP	2.6	3.3	2.0	1.0	4.2	2.2
	Nominal GDP	3.8	10.0	6.2	3.6	6.8	5.9
	CPI	2.1	2.8	3.1	1.2	2.3	2.5
	Employment growth (000s)	4.1	3.9	4.6	5.9	5.3	3.0
	Unemployment rate (%)	5.0	4.9	4.6	5.3	5.2	5.1
	Retail Sales	5.7	4.3	5.1	3.3	2.9	4.4

Mid-Year Report 2010-11 | Budget Update   7

The private sector (on average) is forecasting 2.5 per cent real GDP growth for the province this year.  Individually, private sector forecasts range from 0.5 per cent to 6.3 per cent.

For 2011, the private sector (on average) is forecasting 3.6 per cent real GDP growth for Saskatchewan.

The private sector is forecasting growth for all provincial economies this year and next.

Saskatchewan’s economy is ranked fifth in terms of real GDP growth this year, according to the private sector, but is expected to lead the way in 2011.

PRIVATE SECTOR REAL GDP GROWTH FORECASTS FOR SASKATCHEWAN
	(Per Cent Change)	2010	2011	Release Date (2010)
	IHS Global Insight	2.8	2.4	Nov
	Conference Board of Canada	0.5	4.4	Nov
	The Centre for Spatial Economics	1.3	4.9	Jul
	TD Bank	2.0	3.0	Sep
	RBC	6.3	4.8	Sep
	BMO	2.6	3.8	Nov
	CIBC	2.1	3.2	Oct
	Scotia Bank	2.9	3.3	Nov
	Laurentian Bank	2.3	2.9	Nov
	Average of Private Sector Forecasts	2.5	3.6
	Ministry of Finance	1.0	4.2

 

8   Mid-Year Report 2010-11 | Budget Update

CONCLUSION

The effects of flooding in 2010 have been quite significant, particularly for the agricultural sector.  Nonetheless, continuing strength in the rest of the economy has been more than adequate to offset the set-back in agriculture.

Overall, the Saskatchewan economy is expected to expand, albeit modestly, in real terms in 2010.

Strength in the non-agricultural sectors of the economy, combined with rising oil, potash and grain prices, and increased investment contribute to more robust growth in nominal terms than in real terms.

The level of nominal GDP remains at about the 2010-11 budget level.

And, Saskatchewan’s economy is expected to once again post robust growth in 2011 and, according to private sector forecasters, out-pace all other provincial economies next year.

  Mid-Year Report 2010-11 | Budget Update   9

Financial Overview

OVERVIEW

The 2010-11 Budget estimated a General Revenue Fund (GRF) surplus of $20.0 million.

At mid-year:

·   revenue is up $726.2 million, or 7.3 per cent, from budget; and,

·   expense is up $415.0 million, or 4.1 per cent, from budget.

The resulting pre-transfer balance is $137.0 million, up $311.2 million from budget.

2010-11 GRF FORECAST OVERVIEW
		Budget			1st Quarter			Mid-Year			Change from
	(millions of dollars)	Estimate			Forecast			Projection			Budget			1st Quarter
	Revenue	$	9,949.9		$	10,144.8		$	10,676.1		$	726.2		$	531.3
	Expense		10,124.1			10,285.8			10,539.1			415.0			253.3
	Pre-Transfer Surplus		(174.2	)		(141.0	)		137.0			311.2			278.0
	Transfer to GFSF		-			-			(68.5	)		(68.5	)		(68.5	)
	Transfer from GFSF		194.2			161.0			-			(194.2	)		(161.0	)
	Net Transfer from (to) GFSF		194.2			161.0			(68.5	)		(262.7	)		(229.5	)
	GRF Surplus	$	20.0		$	20.0		$	68.5		$	48.5		$	48.5
	GFSF Balance*	$	510.8		$	797.3		$	1,026.8		$	516.0		$	229.5
	Government Public Debt	$	4,145.3		$	4,140.5		$	4,140.5		$	(4.8	)	$	-
	* First Quarter Forecast and Mid-Year Projection reflect actual 2010-11 opening balance of $958.3M.

The budgeted Growth and Financial Security Fund (GFSF) transfer to the GRF is eliminated.  Instead, the GRF will transfer $68.5 million to the GFSF, representing one-half of the pre-transfer surplus.

As a result, the projected GRF surplus at mid-year is $68.5 million, an increase of $48.5 million since budget.

The projected year-end GFSF balance is $1,026.8 million.

10   Mid-Year Report 2010-11 | Budget Update

GRF REVENUE

The 2010-11 Budget estimated GRF revenue at $9,949.9 million.

At first quarter, GRF revenue was forecast to increase $194.9 million, primarily due to higher-than-budgeted Crown Land Sales revenue.

The mid-year financial update includes a further increase of $531.3 million, largely as the result of a $195.0 million CIC Special Dividend to fund the Children’s Hospital and a $340.4 million increase in Corporation Income Tax revenue.

In total, GRF revenue is projected to be $10,676.1 million, an increase of $726.2 million (7.3 per cent) from the budget estimate.

Taxation revenue is projected to be up a total of $169.0 million compared to the budget estimate.

2010-11 REVENUE CHANGE
	(millions of dollars)		Change		Total
	Revenue - Budget Estimate				$	9,949.9
	Forecast Changes
		Corporation Income Tax		+ 340.4
		Crown Land Sales		+ 252.7
		CIC Special Dividend		+ 195.0
		Interest, Premium, Discount and Exchange		+ 50.3
		Oil		+ 45.2
		Potash		+ 36.6
		Individual Income Tax		- 169.0
		Other net changes		- 25.0
	Total Change from Budget					+ 726.2
	Revenue - Mid-Year Projection				$	10,676.1

Corporation Income Tax is projected to be $340.4 million higher than budget, reflecting stronger-than-anticipated assessment data for the 2009 taxation year, higher federal forecasts of the national corporate tax base and continued strength in Saskatchewan corporate profits and taxable income.

Individual Income Tax is down $169.0 million due to weaker-than-anticipated assessment data for the 2009 taxation year.  While taxable income growth in 2009 was positive, it was less than forecast as a result of a decline in investment income, resulting in a negative prior-year adjustment.

Tobacco Tax revenue is forecast to increase $4.6 million primarily due to a one-time payment from a legal settlement for past smuggling activities.  Fuel Tax revenue is projected to decline $7.0 million due to lower-than-expected consumption as a result of wet weather conditions in the spring and summer.

  Mid-Year Report 2010-11 | Budget Update   11

Non-renewable resource revenue is projected to be $315.9 million higher than the budget estimate.

Crown Land Sales are forecast to increase $252.7 million from budget as a result of continued interest in oil and gas prospects within the province.

Oil revenue is projected to increase $45.2 million primarily as the result of a higher forecast for West Texas Intermediate (WTI) oil prices, partially offset by a higher exchange rate.  At mid-year, the average fiscal-year WTI oil price forecast is US$80.51 per barrel, up from the budget estimate of US$77.50.  The average fiscal-year exchange rate is now forecast at 97.81 US cents, up from 95.50 US cents at budget.

2010-11 KEY RESOURCE FORECAST ASSUMPTIONS
		Budget	1st Quarter	Mid-Year
	WTI Oil Price (US$ per barrel)	77.50	78.23	80.51
	Exchange Rate (US cents)	95.50	95.95	97.81
	Light-Heavy Differential (% of WTI)	22	21	19
	Well-head Oil Price (C$ per barrel)	63.40	64.21	64.68
	Oil Production (millions of barrels)	148.6	149.7	149.2
	Total Oil Revenue ($Millions)	1,098.3	1,085.4	1,143.5
	Fieldgate Natural Gas Price (C$ per gigajoule)	4.40	3.93	3.50
	Total Natural Gas Revenue ($Millions)	42.2	34.5	27.4
	Potash Average Price (C$ per K2O tonne)	529	596	584
	Potash Average Price (US$ per KCI tonne)	308	349	349
	Potash Sales (million K2O tonnes)	8.1	8.6	9.0
	Total Potash Revenue ($Millions)	221.0	205.0	257.6

Potash revenue is projected to be $36.6 million above budget reflecting higher-than-budgeted prices and sales volumes.  At mid-year, potash prices are forecast to average C$584 per K2O tonne (US$349 per KCl tonne) in 2010-11, up from the budget forecast of C$529 (US$308).  Total sales are forecast at 9.0 million K2O tonnes, up 0.9 million K2O tonnes from the budget assumption of 8.1 million K2O tonnes.

These increases are partially offset by a $14.8 million decrease in natural gas revenue.  The average fiscal-year price for natural gas has fallen from $4.40 per gigajoule (GJ) at budget to the current forecast of $3.50 per GJ.  Other non-renewable resource revenue is forecast to decline $3.8 million from budget mainly due to a lower uranium price forecast.

Transfers from Crown Entities are projected to be $184.1 million higher than the budget estimate primarily due to the unbudgeted, $195.0 million special dividend from CIC to fund the Children’s Hospital.

 Other own-source revenue is forecast to increase $84.7 million from the budget estimate.  The increase is primarily due to a $50.3 million increase in interest, premium, discount and exchange

12   Mid-Year Report 2010-11 | Budget Update

earnings, largely as the result of gains on the redemption of sinking fund assets.  In addition, sales, services and service fees revenue is forecast to increase $24.0 million, primarily due to an increase in federal compensation payments related to forgone revenue as a result of the sale of Crown mineral rights under the Treaty Land Entitlement Framework Agreement.

Transfers from the Government of Canada are projected to decrease $27.5 million from budget due to:

·   a $16.4 million decrease in the Canada Health Transfer as a result of an increase in the value of Saskatchewan tax points;

·   a $0.2 million increase in the Canada Social Transfer due to revised population figures; and,

·   an $11.3 million decline in other federal transfers. The revised forecast includes a $19.3 million increase in federal funding for the Provincial Disaster Assistance Program (PDAP), bringing total federal PDAP contributions to $21.3 million.  However, this increase is more than offset by declines in other cost-sharing agreements, including infrastructure and stimulus funding streams due to weather-related delays and other changes.

   Mid-Year Report 2010-11 | Budget Update   13

GRF EXPENSE

The 2010-11 Budget estimated GRF expense at $10,124.1 million.

At first quarter, GRF expense was forecast to increase $161.7 million, predominantly related to costs associated with the spring and summer flooding.

The mid-year financial update includes an additional $253.3 million, of which $195.0 million is related to the decision to pre-fund the Children’s Hospital and is entirely offset by a higher-than-budgeted CIC Special Dividend.

In total, GRF expense is projected to be $10,539.1 million, an increase of $415.0 million from budget.  Over 87 per cent of this increase is attributed to the Children’s Hospital funding and weather-related costs.

2010-11 EXPENSE CHANGE, BY MAJOR PROGRAM
	(millions of dollars)		Change		Total
	Expense - Budget Estimate				$	10,124.1
	Forecast Changes
		Children's Hospital		+ 195.0
		Agriculture - Excess Moisture Program and AgriStability		+ 144.0
		Provincial Disaster Assistance Program		+ 25.1
		Other Net Changes		+ 50.9
	Total Change from Budget					+ 415.0
	Expense - Mid-Year Projection					+ 10,539.1

Major changes from budget occur in the following Ministries.

·   Health is up $202.6 million from budget, primarily due to funding for the Saskatchewan Children’s Hospital and Multiple Sclerosis (MS) clinical trials.

·   Agriculture is up $144.0 million from budget, primarily due to the provincial contribution to the Canada-Saskatchewan Excess Moisture Program as well as higher-than-expected costs for the Province’s portion of the AgriStability Program, based on the most recent federal government forecasts for the 2010 crop year.

·   Corrections, Public Safety and Policing is up $28.8 million from budget, primarily due to increases for claims under the Provincial Disaster Assistance Program and adult corrections inmate count management.

·   Enterprise and Innovation Programs is up $14.1 million from budget, primarily due to an increase in the Ethanol Fuel Tax Rebate Program based on reinstating the original program for 2010-11.

·   Advanced Education, Employment and Immigration is up $11.3 million 

14   Mid-Year Report 2010-11 | Budget Update

from budget due to the expansion of 170 Registered Nursing training seats.

·   Social Services is up $10.4 million from budget, mainly due to higher-than-expected Saskatchewan Assistance Program caseloads.

·   Education is up $8.5 million from budget, primarily due to an increase in the School Operating grant related to the 2009 property tax reconciliation.

·   Environment is up $8.0 million from budget due to funding through Saskatchewan Watershed Authority related to flooding assistance measures in the Fishing Lake area.

·   Justice and Attorney General is up $3.4 million from budget, primarily due to increased workloads in Court Services and the Public Guardian and Trustee.

·   First Nations and Métis Relations is down $10.7 million from budget, primarily due to reductions in payments under the gaming agreements, reflecting lower Saskatchewan Indian Gaming Authority earnings in 2009-10 and 2010-11 projections, and lower 2010 Saskatchewan Gaming Corporation net profits.

·   Finance Debt Servicing is down $5.0 million from budget due to lower-than-expected interest rates on in-year financing.

·   Tourism, Parks, Culture and Sport is down $2.2 million from budget, primarily due to a reduction for the Building Communities Program related to the timing of approved projects and a decrease in gaming payments to the Community 

2010-11 EXPENSE CHANGE, BY MINISTRY
	(millions of dollars)		Change		Total
	Expense - Budget Estimate				$	10,124.1
	Forecast Changes
		Health		+ 202.6
		Agriculture		+ 144.0
		Corrections, Public Safety and Policing		+ 28.8
		Enterprise and Innovation Programs		+ 14.1
		Advanced Education, Employment and Immigration		+ 11.3
		Social Services		+ 10.4
		Education		+ 8.5
		Environment		+ 8.0
		Justice and Attorney General		+ 3.4
		First Nations and Métis Relations		- 10.7
		Finance Debt Servicing		- 5.0
		Tourism, Parks, Culture and Sport		- 2.2
		Other Net Changes		+ 1.8
	Total Change from Budget					+ 415.0
	Expense - Mid-Year Projection				$	10,539.1

   Mid-Year Report 2010-11 | Budget Update   15

Initiatives Fund resulting from lower Saskatchewan Gaming Corporation net profits.

GROWTH AND FINANCIAL SECURITY FUND

The 2010-11 Budget included a transfer of $194.2 million from the GFSF.

Due to the projected improvement in the GRF, the GFSF is now projected to receive a transfer of $68.5 million from the GRF.  The transfer is one-half of the projected $137.0 million GRF pre-transfer surplus, as required by The Growth and Financial Security Act.

The 2010-11 year-end balance in the GFSF is projected to be $1,026.8 million, an increase of $68.5 million from 2009-10 year-end balance of $958.3 million as reported in the Public Accounts.

16   Mid-Year Report 2010-11 | Budget Update

Borrowing and Debt

GENERAL REVENUE FUND DEBT

The GRF borrows for government and Crown corporations.  Public debt is composed of gross debt less sinking funds.

Government public debt at March 31, 2011 is forecast to be $4.1 billion, unchanged from March 31, 2010.

Crown corporations are responsible for the principal and interest payments on their debt.  Crown corporation debt is incurred in the normal course of business, primarily for investment in infrastructure and business development initiatives which provide revenue streams to service the debt.

GRF DEBT
As at March 31
					1st Quarter		Mid-Year
					Forecast		Projection		Change from
	(millions of dollars)		31-Mar-10		31-Mar-11				31-Mar-10		1st Quarter
	GRF Government General Public Debt		$	4,140.5	$	4,140.5	$	4,140.5	$	-	$	-
	GRF Crown Corporation Public Debt
		Crown Corporation General		818.7		730.1		844.3		25.6		114.2
		Government Business Enterprise Specific		3,033.4		3,697.3		3,526.0		492.6		(171.3	)
	GRF Crown Corporation Public Debt			3,852.1		4,427.4		4,370.3		518.2		(57.1	)
	GRF Public Debt		$	7,992.6	$	8,567.9	$	8,510.8	$	518.2	$	(57.1	)
	Guaranteed Debt		$	17.1	$	57.1	$	44.2	$	27.1	$	(12.9	)

Crown corporation debt is divided into two components:  Crown corporation general debt and Government business enterprise (GBE) specific debt.

Crown corporation general public debt is forecast to be $844.3 million, an increase of $25.6 million from March 31, 2010.  GBE specific public debt is forecast to be $3.5 billion, an increase of $492.6 million from March 31, 2010.

Taken together, Crown corporation public debt is currently forecast to be $4.4 billion, an increase of $518.2 million from March 31, 2010.

  Mid-Year Report 2010-11 | Budget Update   17

BORROWING

The Province’s 2010-11 borrowing requirements are projected to be $185.7 million lower than estimated in the budget due to lower requirements for Crown corporations ($203.5 million), partly offset by higher requirements for government purposes ($17.8 million).

GRF Borrowing Requirements
			Budget		Mid-Year		Change from
	(thousands of dollars)		Estimate		Projection		Budget
	Borrowing for Crown Corporations
	Municipal Financing Corporation
		of Saskatchewan	$	20,000	$	20,000	$	-
	Saskatchewan Gaming Corporation			7,000		-		(7,000	)
	Saskatchewan Opportunities Corporation			15,000		13,000		(2,000	)
	Saskatchewan Power Corporation			454,100		336,600		(117,500	)
	Saskatchewan Telecommunications
		Holding Corporation		317,400		211,400		(106,000	)
	Saskatchewan Water Corporation			17,000		17,100		100
	SaskEnergy Incorporated			105,000		133,900		28,900
	Borrowing for Crown Corporations		$	935,500	$	732,000	$	(203,500	)
	Borrowing for Government			132,222		150,000		17,778
	Total Borrowing Requirements		$	1,067,722	$	882,000	$	(185,722	)

The decrease in borrowing by Crown corporations is largely attributable to delays in capital spending at SaskTel and SaskPower .

Government borrowing requirements have increased slightly due to a change in the mix of long-term and short-term debt.

18   Mid-Year Report 2010-11 | Budget Update

GENERAL REVENUE FUND

FINANCIAL TABLES

Statement of Revenue

Statement of Expense

Statement of Debt

   Mid-Year Report 2010-11 | Budget Update   19

GENERAL REVENUE FUND
Statement of Revenue
	(thousands of dollars)
	Budget		1st Quarter		Mid-Year		Change from
	Estimate		Forecast		Projection		Budget			1st Quarter
Corporation Income	$	762,500	$	762,500	$	1,102,900	$	340,400		$	340,400
Fuel		452,700		452,700		445,700		(7,000	)		(7,000	)
Individual Income		1,964,700		1,964,700		1,795,700		(169,000	)		(169,000	)
Provincial Sales		1,186,300		1,186,300		1,186,300		-			-
Tobacco		235,100		235,100		239,700		4,600			4,600
Other		257,900		257,900		257,900		-			-
Taxes	$	4,859,200	$	4,859,200	$	5,028,200	$	169,000		$	169,000
Crown Land Sales	$	202,800	$	455,500	$	455,500	$	252,700		$	-
Natural Gas		42,200		34,500		27,400		(14,800	)		(7,100	)
Oil		1,098,300		1,085,400		1,143,500		45,200			58,100
Potash		221,000		205,000		257,600		36,600			52,600
Resource Surcharge		398,700		398,700		398,700		-			-
Other		145,000		144,100		141,200		(3,800	)		(2,900	)
Non-Renewable Resources	$	2,108,000	$	2,323,200	$	2,423,900	$	315,900		$	100,700
Crown Investments Corporation of Saskatchewan	$	266,000	$	266,000	$	266,000	$	-		$	-
- Special Dividend		10,000		10,000		205,000		195,000			195,000
Saskatchewan Liquor and Gaming Authority		445,600		436,300		436,300		(9,300	)		-
Other Enterprises and Funds		46,900		44,600		45,300		(1,600	)		700
Transfers from Crown Entities	$	768,500	$	756,900	$	952,600	$	184,100		$	195,700
Fines, Forfeits and Penalties	$	11,800	$	11,800	$	12,800	$	1,000		$	1,000
Interest, Premium, Discount and Exchange		134,300		134,300		184,600		50,300			50,300
Motor Vehicle Fees		152,400		152,400		160,600		8,200			8,200
Other Licences and Permits		27,100		27,100		28,300		1,200			1,200
Sales, Services and Service Fees		108,300		108,300		132,300		24,000			24,000
Transfers from Other Governments		15,600		15,600		15,600		-			-
Other		65,000		65,000		65,000		-			-
Other Revenue	$	514,500	$	514,500	$	599,200	$	84,700		$	84,700
Own-Source Revenue	$	8,250,200	$	8,453,800	$	9,003,900	$	753,700		$	550,100
Canada Health Transfer	$	811,800	$	811,800	$	795,400	$	(16,400	)	$	(16,400	)
Canada Social Transfer		342,400		342,400		342,600		200			200
Other		545,500		536,800		534,200		(11,300	)		(2,600	)
Transfers from the Government of Canada	$	1,699,700	$	1,691,000	$	1,672,200	$	(27,500	)	$	(18,800	)
Revenue	$	9,949,900	$	10,144,800	$	10,676,100	$	726,200		$	531,300

20   Mid-Year Report 2010-11 | Budget Update

GENERAL REVENUE FUND
Statement of Expense
	(thousands of dollars)
	Budget		1st Quarter		Mid-Year		Change from
	Estimate		Forecast		Projection		Budget			1st Quarter
Ministries and Agencies
Advanced Education, Employment
and Immigration*	$	846,131	$	846,131	$	857,381	$	11,250		$	11,250
Agriculture		385,776		529,776		529,776		144,000			-
Corrections, Public Safety and Policing		336,205		359,201		365,006		28,801			5,805
Education		1,135,599		1,135,599		1,144,102		8,503			8,503
- Teachers' Pensions and Benefits		176,815		176,815		177,692		877			877
Energy and Resources		37,720		37,720		38,320		600			600
Enterprise and Innovation Programs		9,547		11,822		23,600		14,053			11,778
Enterprise Saskatchewan		37,036		37,036		37,036		-			-
Environment		174,299		174,299		182,299		8,000			8,000
Executive Council		12,177		12,177		12,070		(107	)		(107	)
Finance		60,353		60,353		60,353		-			-
- Public Service Pensions and Benefits		264,474		264,474		264,474		-			-
Finance Debt Servicing		435,000		435,000		430,000		(5,000	)		(5,000	)
First Nations and Métis Relations		85,740		75,040		75,040		(10,700	)		-
Government Services		12,472		12,472		12,472		-			-
Health		4,202,106		4,202,106		4,404,656		202,550			202,550
Highways and Infrastructure		402,939		402,939		402,939		-			-
Information Technology Office		16,472		16,472		16,472		-			-
Innovation Saskatchewan		1,318		1,318		1,318		-			-
Justice and Attorney General		140,350		143,739		143,739		3,389			-
Municipal Affairs		382,207		382,207		382,207		-			-
Office of the Provincial Capital Commission		10,082		10,082		10,082		-			-
Office of the Provincial Secretary		3,417		3,417		3,417		-			-
Public Service Commission		36,873		36,873		36,873		-			-
Saskatchewan Research Council		16,633		16,633		16,633		-			-
Social Services		753,703		753,703		764,113		10,410			10,410
Tourism, Parks, Culture and Sport		110,071		109,494		107,920		(2,151	)		(1,574	)
Legislative Assembly and its Officers
Chief Electoral Officer		1,679		1,679		1,927		248			248
Children's Advocate		1,621		1,697		1,697		76			-
Conflict of Interest Commissioner		156		256		256		100			-
Information and Privacy Commissioner		927		977		977		50			-
Legislative Assembly		23,950		23,950		23,950		-			-
Ombudsman		2,221		2,294		2,294		73			-
Provincial Auditor		8,017		8,017		8,017		-			-
Expense	$	10,124,086	$	10,285,768	$	10,539,108	$	415,022		$	253,340
* Includes the appropriations for which administration has been transferred to the Ministry of Labour Relations and the Ministry of Social Services.

   Mid-Year Report 2010-11 | Budget Update   21

GENERAL REVENUE FUND
Statement of Debt
	(thousands of dollars)
				As at March 31, 2011						Mid-Year
				1st Quarter			Mid-Year			Change from
	31-Mar-10			Forecast			Projection			31-Mar-10
Government General Public Debt	$	4,140,482		$	4,140,482		$	4,140,482		$	-
Crown Corporation General Public Debt
Information Services Corporation
of Saskatchewan	$	13,547		$	13,547		$	13,547		$	-
Municipal Financing Corporation
of Saskatchewan		6,356			11,356			11,356			5,000
Saskatchewan Housing Corporation		31,649			30,294			30,140			(1,509	)
Saskatchewan Opportunities Corporation		34,536			37,385			39,178			4,642
Saskatchewan Power Corporation		398,953			197,876			206,860			(192,093	)
Saskatchewan Telecommunications
Holding Corporation		29,500			30,200			90,900			61,400
Saskatchewan Water Corporation		50,973			62,328			67,062			16,089
SaskEnergy Incorporated		253,237			347,137			385,311			132,074
Crown Corporation General Public Debt	$	818,751		$	730,123		$	844,354		$	25,603
Government Business Enterprise Specific Public Debt
Municipal Financing Corporation
of Saskatchewan	$	90,154		$	104,767		$	104,756		$	14,602
Saskatchewan Gaming Corporation		6,000			13,000			6,000			-
Saskatchewan Power Corporation		2,117,440			2,622,085			2,608,324			490,884
Saskatchewan Telecommunications
Holding Corporation		255,616			471,372			321,036			65,420
SaskEnergy Incorporated		564,207			486,094			485,896			(78,311	)
Government Business Enterprise Specific Public Debt	$	3,033,417		$	3,697,318		$	3,526,012		$	492,595
Public Debt	$	7,992,650		$	8,567,923		$	8,510,848		$	518,198
Public Debt by Category
Government General Gross Debt	$	6,427,008		$	6,092,265		$	6,092,265		$	(334,743	)
Government General Sinking Funds		(2,286,526	)		(1,951,783	)		(1,951,783	)		334,743
Government General Public Debt	$	4,140,482		$	4,140,482		$	4,140,482		$	-
Crown Corporation Gross Debt	$	4,263,017		$	4,870,816		$	4,816,917		$	553,900
Crown Corporation Sinking Funds		(410,849	)		(443,375	)		(446,551	)		(35,702	)
Crown Corporation Public Debt	$	3,852,168		$	4,427,441		$	4,370,366		$	518,198
Public Debt	$	7,992,650		$	8,567,923		$	8,510,848		$	518,198
Guaranteed Debt	$	17,058		$	57,053		$	44,248		$	27,190

22   Mid-Year Report 2010-11 | Budget Update

SUMMARY FINANCIAL STATEMENT

INFORMATION

INTRODUCTION

Summary financial information provides an accounting of the full nature and extent of the financial affairs and resources which the Government controls.  This information consolidates the financial transactions of the GRF, Crown corporations, agencies, boards and commissions.

2010-11 SUMMARY FINANCIAL SURPLUS/(DEFICIT)
	(millions of dollars)
	Summary Financial Surplus/(Deficit) - Budget Estimate				$	(622.7	)
	Changes from Budget
	Treasury Board Organizations
		GRF Surplus		+ 48.5
		GFSF Transfer		+ 262.7
		Regional Health Authorities		+ 209.7
		Other net changes		+ 23.8
			Treasury Board Organizations			+ 544.7
	CIC Board Organizations
		Increase in GRF dividend		- 195.0
		CIC (non-consolidated)		+ 59.4
		SaskTel		+ 48.9
		Interagency Accounting Adjustments		- 70.6
		Other net changes		+ 15.9
			CIC Board Organizations			- 141.4
	Not-for-Profit Insurance Organizations
		Saskatchewan Crop Insurance Corporation		- 100.3
		Other net changes		- 5.9
			Not-for-Profit Insurance Organizations			- 106.2
	Total Change from Budget					+ 297.1
	Summary Financial Surplus/(Deficit) - Mid-Year Projection				$	(325.6	)

SUMMARY STATEMENT OF SURPLUS

The summary statement balance is currently projected to be a deficit of $325.6 million, an improvement of $297.1 million from the budgeted deficit of $622.7 million.

   Mid-Year Report 2010-11 | Budget Update   23

SUMMARY STATEMENT OF DEBT

GRF debt includes all debt borrowed for government purposes and most debt borrowed for Crown corporations.  Some Crown corporations and other government organizations have additional debt that they have borrowed on their own.  The Summary Statement of Debt reports the combined debt of the GRF and all organizations controlled by the Government.

SUMMARY STATEMENT DEBT
As at March 31
				Mid-Year		Change
				Projection		from
	(millions of dollars)	31-Mar-10		31-Mar-11		31-Mar-10
	GRF Crown Corporation Public Debt	$	3,852.1	$	4,370.3	$	518.2
	GRF Government General Public Debt		4,140.5		4,140.5		-
	GRF Public Debt	$	7,992.6	$	8,510.8	$	518.2
	Other Debt		234.4		164.5		(69.9	)
	Summary Statement Public Debt	$	8,227.0	$	8,675.3	$	448.3
	Guaranteed Debt	$	23.4	$	31.2	$	7.8

24   Mid-Year Report 2010-11 | Budget Update

SUMMARY FINANCIAL STATEMENT

TABLES

Summary Statement of Surplus

Summary Statement of Debt

   Mid-Year Report 2010-11 | Budget Update   25

GOVERNMENT OF SASKATCHEWAN
Summary Statement of Surplus
	(millions of dollars)
	Estimated			Projection
		2010-11			2010-11		Change
Treasury Board Organizations 1
General Revenue Fund (GRF)	$	20.0		$	68.5		$	48.5
Growth and Financial Security Fund		(194.2	)		68.5			262.7
Agricultural Credit Corporation of Saskatchewan		1.5			1.1			(0.4	)
Boards of Education		31.9			31.9
Community Initiatives Fund		(1.5	)		(1.2	)		0.3
Enterprise Saskatchewan		(7.9	)		(7.1	)		0.8
Global Transportation Hub Authority		2.2			(0.4	)		(2.6	)
Liquor and Gaming Authority		445.6			436.3			(9.3	)
Regional Colleges		6.3			27.2			20.9
Regional Health Authorities		(76.0	)		133.7			209.7
Saskatchewan Agricultural Stabilization Fund		(8.4	)		(7.6	)		0.8
Saskatchewan Cancer Agency		(10.2	)		(5.5	)		4.7
Saskatchewan Financial Services Commission Fund		7.9			7.7			(0.2	)
Saskatchewan Health Information Network		18.1			15.7			(2.4	)
Saskatchewan Housing Corporation		(5.9	)		(5.9	)		-
Saskatchewan Institute of Applied Science and Technology		(1.3	)		3.5			4.8
Saskatchewan Research Council		0.3			-			(0.3	)
Saskatchewan Student Aid Fund		(7.7	)		(8.0	)		(0.3	)
Saskatchewan Watershed Authority		(2.0	)		(3.1	)		(1.1	)
Other Organizations		(8.7	)		(0.7	)		8.0
Interagency Accounting Adjustments 2		(145.7	)		(145.7	)		-
Adjustment to account for pension costs on an accrual basis		(289.2	)		(297.7	)		(8.5	)
	$	(224.9	)	$	311.2		$	536.1
Dividends included in GRF surplus		(452.6	)		(444.0	)		8.6
Surplus (Deficit) of Treasury Board Organizations	$	(677.5	)	$	(132.8	)	$	544.7
CIC Board Organizations 3
Crown Investments Corporation (non-consolidated) 4	$	(70.3	)	$	(10.9	)	$	59.4
CIC Asset Management Inc.		5.2			4.2			(1.0	)
Information Services Corporation		10.9			15.1			4.2
SaskEnergy Incorporated		58.1			54.0			(4.1	)
Saskatchewan Gaming Corporation		25.2			22.0			(3.2	)
Saskatchewan Government Insurance		42.7			37.4			(5.3	)
Saskatchewan Opportunities Corporation		2.8			6.0			3.2
Saskatchewan Power Corporation		134.2			156.0			21.8
Saskatchewan Telecommunications Holding Corporation		115.2			164.1			48.9
Saskatchewan Transporation Company		(0.7	)		(0.3	)		0.4
Saskatchewan Water Corporation		0.2			0.1			(0.1	)
Interagency Accounting Adjustments 2		(73.6	)		(144.2	)		(70.6	)
	$	249.9		$	303.5		$	53.6
Dividends included in GRF surplus		(276.0	)		(471.0	)		(195.0	)
Retained Surplus of CIC Board Organizations	$	(26.1	)	$	(167.5	)	$	(141.4	)
Surplus (Deficit) Prior to Not-for-Profit Insurance Organizations	$	(703.6	)	$	(300.3	)	$	403.3

26   Mid-Year Report 2010-11 | Budget Update

 

GOVERNMENT OF SASKATCHEWAN
Summary Statement of Surplus
	(millions of dollars)
	Estimated			Projection
		2010-11			2010-11		Change
Surplus (Deficit) Prior to Not-for-Profit Insurance Organizations	$	(703.6	)	$	(300.3	)	$	403.3
Not-for-Profit Insurance Organizations 5
Saskatchewan Auto Fund	$	0.3		$	23.1		$	22.8
Saskatchewan Crop Insurance Corporation		51.3			(49.0	)		(100.3	)
Crop Reinsurance Fund of Saskatchewan		20.7			19.9			(0.8	)
Workers' Compensation Board (Saskatchewan)		8.6			(19.3	)		(27.9	)
Surplus (Deficit) of Not-for-Profit Insurance Organizations	$	80.9		$	(25.3	)	$	(106.2	)
Surplus (Deficit)	$	(622.7	)	$	(325.6	)	$	297.1
1  The budgets of these organizations are subject to Treasury Board review and include any transfers from the GRF.
2  Interagency accounting adjustments are to ensure financial transactions between agencies are effectively eliminated.
3  Budgets of these organizations are subject to CIC Board review and include grants from CIC.
4  CIC figures exclude the dividend revenue it receives from its subsidiaries ($262.1M Budget Estimate).
5  These insurance organizations establish rates and fees that will allow them to be actuarially sound over the long term.
Year ends of organizations may be different from the Government's March 31 year end.

   Mid-Year Report 2010-11 | Budget Update   27

GOVERNMENT OF SASKATCHEWAN
Summary Statement of Debt
	(thousands of dollars)
				Mid-Year Projection								Mid-Year
				31-Mar-11								Change from
	31-Mar-10			GRF Debt		Other Debt			Debt			31-Mar-10
Treasury Board Organizations
Government Public Debt	$	4,140.5		$	4,140.5	$	-		$	4,140.5		$	-
Boards of Education	$	87.3		$	-	$	76.0		$	76.0		$	(11.3	)
Growth and Financial Security Fund		(43.7	)		-		(45.2	)		(45.2	)		(1.5	)
Municipal Financing Corporation
of Saskatchewan		96.5			116.1		-			116.1			19.6
Regional Health Authorities		74.7			-		89.0			89.0			14.3
Saskatchewan Housing Corporation		41.7			30.1		8.9			39.0			(2.7	)
Other Treasury Board Organizations		1.6			-		2.1			2.1			0.5
Public Debt of Other
Treasury Board Organizations	$	258.1		$	146.2	$	130.8		$	277.0		$	18.9
Public Debt of Treasury Board Organizations	$	4,398.6		$	4,286.7	$	130.8		$	4,417.5		$	18.9
CIC Board Organizations
Information Services Corporation
of Saskatchewan	$	13.5		$	13.5	$	-		$	13.5		$	-
Saskatchewan Gaming Corporation		20.2			6.0		8.6			14.6			(5.6	)
Saskatchewan Immigrant Investor Fund		-			-		14.1			14.1			14.1
Saskatchewan Opportunities Corporation		34.5			39.2		-			39.2			4.7
Saskatchewan Power Corporation		2,595.2			2,815.2		-			2,815.2			220.0
Saskatchewan Telecommunications		291.7			411.9		6.2			418.1			126.4
Saskatchewan Water Corporation		51.0			67.1		-			67.1			16.1
SaskEnergy Incorporated		822.3			871.2		4.8			876.0			53.7
Public Debt of CIC Board Organizations	$	3,828.4		$	4,224.1	$	33.7		$	4,257.8		$	429.4
Public Debt	$	8,227.0		$	8,510.8	$	164.5		$	8,675.3		$	448.3
Guaranteed Debt		23.4			44.2		(13.0	)		31.2			7.8

28   Mid-Year Report 2010-11 | Budget Update