Harpauer has opted to use the windfall to pay down the debt, rather than address calls for significantly more funding in health care and education or to provide more relief from inflation than was afforded by sending out 825,000Harpauer chose debt reduction for its ongoing effect on the budget. The $1 billion in debt reduction translates to a $117-million drop in interest payments.
The surplus underlines the reality of Saskatchewan’s economy, which is still reliant on resource revenues, where the fortunes are determined globally, not locally. The budget is counting on $1.4 billion from potash, based on a price of US$369 per tonne, far lower than its current price. But the budget also expects $963.1 million from oil with a price of US$79.50 per barrel, above its current price.
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