Some good news and bad news came from the Saskatchewan government when they released their provincial budget on Wednesday.

Among the changes of note is the Provincial Sales Tax increase one point from 5% to 6%, and it will apply to previously exempt items, such as children's clothing and restaurant meals. Tobacco and alcohol taxes are increasing as well.

Funding is to be cut for post-secondary schools and libraries, as well as funeral services for low-income residents.

The government is also winding down the provincially owned bus service, the Saskatchewan Transportation Company, citing reduced ridership and increased costs. This is expected to result in a loss of over 200 jobs.

However, there is some positive, as personal income and corporate taxes are to be cut in order to help stimulate economic growth. As well, the elected school boards will not be amalgamated.

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The 2017/18 budget will put the provincial deficit at $1.288 billion by the end of the fiscal year.

With all of the changes made in this budget, and if forecasts hold true, the deficit will be reduced to:

End of 2017 - $1.288 billion deficit

2017/18 - $685 million deficit

2018/19 - $304 million deficit

2019/20 - $15 million surplus

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The federal budget, also released on Wednesday, revealed an end to the 71-year-old Canada Savings Bond, as it is no longer cost effective. Employment insurance premiums are also expected to go up. 

READ MORE: More Details On 2017/18 Budget