Alberta posts historically high $11.6B surplus in 2022, powered by oil revenues abpoli ableg
When asked if he would commit to not cutting spending, Horner suggested first quarter numbers can be an anomaly amid volatile prices.The 2022 annual report represents a bump from the third quarter estimated surplus of $10.4 billion, but it paints a stark contrast from that first outlined on Feb. 24, 2022, the day former finance minister Travis Toews released a budgeta $511 million surplus.
A lower-than-expected US-Canadian exchange rate also helped Alberta’s coffers, averaging US76 cents for every Canadian dollar in 2022-23 — three cents lower than projected in the original budget. Government officials estimated that every one-cent change in the exchange rate can result in a $490 million change in revenue.Article content
“Smith’s expensive and dishonest election promises are about to collide with the reality of weakening oil prices. Prices through the first quarter of 2023 have been below Budget 2023 assumptions, and all Minister Horner had to offer was ‘I’m trying,’ ” Kayande said.Budget 2023: Alberta’s UCP government posts $2.4 billion surplus, with rise in spending ahead of election
The government spent a total of $2.9 billion on affordability, including $1.1 billion in suspending its gas tax, and $304 million on re-indexing personal income taxes to inflation.
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