SASKATOON — Saskatchewan's financial fortunes this year have taken a dramatic hit.

The province had budgeted a $12-million surplus this fiscal year, but a first-quarter update issued Friday announced that the modest surplus is now on track to be a $349-million deficit.

Saskatchewan Finance Minister Jim Reiter told reporters Friday the province is being rocked by global uncertainty, but its overall financial position remains stable.

"Certainly, we would much rather have a surplus," he said.

"I think it's important to put it in perspective with all the other economic indicators. We're at or near the top compared to every other province in the country."

The province is tying the reversal to a $172-million drop in revenues, most of it from its Crown agency, SaskPower.

That decline is pri

See Full Page