Wall confident in province’s fiscal future

Premier points to AAA credit rating as proof his financial plan is working

Premier Brad Wall says he is “feeling more optimistic” about Saskatchewan finances now than he did when the 2017-18 budget was released six months ago.

“There is every reason to be more optimistic,” said the outgoing premier, who cited recent reports showing increased growth forecasts for the province.

He also pointed to the province maintaining a AAA credit rating from Moody’s, saying that is an “indicator of the fiscal plan and the management of a government and the financial health of a province.”

Saskatchewan has the secondlowest debt to GDP ratio in Canada and, according to the premier, remains on track to balance the books over the next three years.

Moody’s released a report Tuesday confirming Saskatchewan’s AAA rating.

“Saskatchewan’s AAA rating benefits from very strong debt affordability … Saskatchewan’s fiscal planning is supported by comprehensive and transparent financial reporting,” reads part of that report, according to the province.

A fiscal update released at the end of August showed the province had used more than half of a $300-million contingency fund to stay on the back-to-balance plan.

That money will be used to offset compensation savings that were expected to be achieved in March, but now will not be.

Wall said reducing public sector wages remains “pretty key” to the back-to-balance plan, but that he wants to allow collective bargaining with unions to continue.

British Columbia and Saskatchewan are the only two provinces in Canada maintaining a AAA credit rating.