These colours of these arms are green and gold, the colours of the province of Saskatchewan. The book represents the presence fo the University of Saskatchewan, while the wheat sheaf and gear wheel represent agriculture and industry, respectively. The odd device in the lower portion of the shield represents Saskatoon's position as a railway centre. The lion in the crest is taken from the chief of the provincial coat of arms.

The motto is the usual bland "top three priorities".

Image and data taken from here.