Saskatchewan reports nearly $1 billion deficit to close out 2025-26

The Saskatchewan Legislative Building as seen on Aug. 26, 2024. (David Prisciak/CTV News)

Saskatchewan has ended the 2025-26 fiscal year with a $947 million operating deficit.

The province released the figures as part of its public accounts on Tuesday. The deficit represents a drastic departure from the original $12 million surplus forecasted in the 2025-26 budget.

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The modest surplus was short lived, as the province soon projected a ballooning deficit in its quarterly updates, with the projected deficit reaching $1.21 billion in the third quarter.

Saskatchewan previously reported a $249 million deficit in its 2024-25 public accounts.

According to the province, total revenue increased by $77 million while expenses increased by $1 billion from budget projections.

Total expenses amounted to $22 billion. The $1 billion or 4.9 per cent increase was primarily due to increases in health, economic development and education – with the province specifically identifying a higher demand for health care and an increased wildfire response and evacuation effort.

The expense spikes were offset by a drop off in agriculture expenses – thanks to improved yields and less crop insurance payouts.

Despite a net debt increase of $1.5 billion in 2025-26, the province touts the second lowest net debt-to-GDP ratio in Canada.