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.

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Saskatchewan Finance Minister Jim Reiter told reporters in Saskatoon on 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.

Reiter said the deficit is not huge percentage wise when

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