Alberta is predicting a $2.4-billion budget surplus this year, with plans to take a big bite out of its debt and put up guardrails to prevent eye-popping deficits when oil booms go bust. Linda_Olsen and JSenickGlobal have the highlights. YYC READ MORE:
Oil prices plunged into negative territory early in the COVID-19 pandemic only to rebound over the last 24 months as the global economy picked up and Russia’s invasion of Ukraine drove up prices.
However, as successive governments tied operational spending to the ups and downs of oil prices, oil booms have seen sky-high surpluses accompanied by equally head-spinning deficits during bad times. Toews said it would be “far more than embarassing” if the government were to break its own balanced budget law.“Simply passing legislation around these fiscal rules provides real teeth in terms of the impetus for governments to follow them.”
The inflation aid programs have seen the province pause its portion of the gasoline tax and once again index personal income tax brackets to inflation. There are also rebates on electricity bills and direct payments for young families, seniors and those in need.
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