When the CCF government of T.C. Douglas was elected in July of 1944 there was a dramatic shift in the province's public policy. The creation of the Government Finance Office to oversee Crown Corporations was intended to expand and diversify the provincial economy with the greatest benefit given to the Saskatchewan taxpayer.
Under part two of the Crown Corporations Act of 1947 the government of the day created the Government Finance Office as the holding company for existing crown corporations. The first corporations to fall under the authority of the Government Finance Office had been created by order-in-council in 1945 as independent entities; however, under the amended Crown Corporations Act of 1947, the corporations were governed by part 2 of the Act. The crowns included the Saskatchewan Reconstruction Corporation, Saskatchewan Minerals, Saskatchewan Government Printing Company, Saskatchewan Reconstruction Housing Corporation, Saskatchewan Fur Marketing Service, Saskatchewan Transportation Company, Saskatchewan Lake and Forest Products Corporation, Saskatchewan Industries and Saskatchewan Government Insurance Office.
The Government Finance Office assumed all liabilities and assets by crowns to be used for public enterprises. The Lieutenant Governor had the authority to appoint at least three members of the Office. Those first members were appointed in April 1947, C.M Fines, Provincial Treasurer, J.H. Brocklebank, Minister of Municipal Affairs, O.W. Valleau, Provincial Secretary, as well as T. Lax, Deputy Provincial Treasurer and G.W. Cadbury, Chief Industrial Executive.
In May of 1964 the Liberals, led by W. Ross Thatcher, were elected. The Government Finance Office, while still responsible for arranging capital financing and administrative services for the Crowns, began to privatise certain ventures. This included part of Saskatchewan Minerals, the Saskatchewan Clay Products Division (as of 1966 Estevan Brick Limited) as well as withdrawing from the Industrial Development Fund, created under part 3 of the Crown Corporations Act, with an amendment to the Act in 1966.
June 1971 saw another shift in government with the election of The NDP and Allan E. Blakeney as premier. The Government Finance Office expanded the number of crown corporations within its mandate, including Saskatchewan Computer Utility (SaskComp) and the Saskatchewan Water Supply Board (SWSB). The reinvigorated Office continued to act as the intermediary between government and the crowns to ensure that the fiscal requirements of the crowns were consistent with prudent financial planning.
By 1977 the Office offered co-ordinated management services to all crowns of the government whether service or resource based. These included Potash Corporation of Saskatchewan, Saskatchewan Mining Development Corporation, Saskatchewan Minerals, Saskatchewan Forest Products and Saskatchewan Oil and Gas Corporation. Within the financial and services area the Office offered administrative services to Saskatchewan Government Insurance Office, Saskatchewan Economic Development Corporation, Saskatchewan Development Fund Corporation, the Municipal Financing Corporation of Saskatchewan, Agricultural Development Corporation of Saskatchewan, Saskatchewan Transportation Company, Saskatchewan Government Printing Company and Saskatchewan Fur Marketing Service. The GFO also had a broader role in the management of the major public utilities Saskatchewan Power Corporation (SPC) and Saskatchewan Telecommunications (SaskTel).
With an eye to the future the government reorganised the Government Finance Office, so as to better serve the publicly owned corporations, in 1978 and renamed the office the Crown Investments Corporation of Saskatchewan (CIC).