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Thursday, October 25, 2007 

Saskatchewan Party Rhetoric Challenged By National Bank

Brad Wall and the Saskatchewan Party are doing a lot of theatrics this campaign. In a News Release entitled, ‘No Balanced Budget Plan or Debt Reduction in NDP Platform - Wall Says NDP Plan Means Deficits or Tax Hikes’

In this release, Wall claims that the New Democrats have NO fiscal plan!

Well - well - well.
Here is what the National Bank of Canada had to say about the last 14 provincial budgets that the Saskatchewan NDP have delivered:

• Saskatchewan has brought down a 14th straight budget showing a surplus in the General Revenue Fund.
• A surplus is budgeted for 2007-08, achieved by a draw from the Fiscal Stabilization Fund.
• Total operating expenses are budgeted at $7.79 billion in 2007-08, an increase of 1.4% from the current 2006-07 estimate.

National Bank of Canada
March 22, 2007

The Saskatchewan Party has no credibility when it comes to financial matters. Their leader, Brad Wall, served as a ministerial assistant in the crime plagued Grand Devine government which never balanced even ONE budget during their nine years in power in the late 1980's.

"A surplus is budgeted for 2007-08, achieved by a draw from the Fiscal Stabilization Fund."
Where does the money in the Fiscal Stabilization Fund come from? Answer: They borrow it!
Creative book keeping is not good management.

That is absolute nonsense! The Fiscal Stabalization is deferred earnings retained from year to year. When not required, it is used to PAY DOWN DEBT. When required it is drawn down to balance. It is NOT BORROWED!!!

And to further my point that you have NO idea what you are talking about:
"After years of pressure from the provincial auditor, the government decided to move SLGA’s retained earnings into the budget in the 2000-01 fiscal year. However, rather than show a $132.7 million surplus, plus a one time revenue gain of almost $700 million from SLGA, the government allocated $775 million to the FSF and showed a forecast budget surplus of $57.7 million. [...] The creation of the FSF and incorporation of SLGA’s operating surpluses and deficits into the budget process improved budget transparency."
Gary Tompkins
Associate Professor
Department of Economics
University of Regina
Research Associate with the Saskatchewan Office of the Canadian Centre for Policy Alternatives.

"Saskatchewan Office of the Canadian Centre for Policy Alternatives."

That's a totally non-partisan body isn't it?

The budget wasn't balanced because we drew down on savings, simple as that.

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