Saskatchewan mid-year financials project $743M deficit, more than double from budget

The Saskatchewan government is projecting a deficit that’s more than double from budget, largely due to higher crop insurance payouts following a difficult farming season.

The province’s mid-year financial report says the province is projected to be $743 million in the red, up from the $273-million deficit earmarked in the budget.

It says weather conditions were good in the spring, but a hot July had dried out fields and reduced crop yields.

Finance Minister Jim Reiter says agriculture is fundamental to Saskatchewan and that crop insurance is vital for producers.

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Reiter says the province also plans to spend more to deal with pressures in prisons and hospitals.

Overall revenues are earmarked to be $20 billion, with larger gains in taxation.

— More info to come.