Alberta budget surplus of $12.3 billion will fund affordable packages: Finance minister

Edmonton—Alberta Treasurer Travis Towes Announces Thursday At a press conference, Alberta announced a projected $12.3 billion surplus in its 2022-23 interim budget. That’s well above his early February forecast, which was just $511 million.

Toews said the surplus would allow the province to provide greater support to Albertans and their families, “making more money available for rising food, gas, utility and other day-to-day costs.” You can put it in your pocket,” he said.

Alberta’s Prime Minister Daniel Smith pledged $2.4 billion this year and next for a range of aid and inflation relief measures, primarily targeted at middle- and low-income families, the elderly and the vulnerable. For some Albertans, including families with children under the age of 18 who earn less than $180,000, seniors, income assistance, guaranteed income for the severely disabled, and those receiving other government benefits. , will send $600 in benefits over the next 6 months. Also, state fuel taxes will be frozen for him for six months.

Toews clarified that the affordable relief will be funded by current surplus funds and will not include withdrawals from the Heritage Savings Trust Fund or debt service plans. “Our government is the first government to currently reinvest all of the Heritage Savings Trust Fund’s proceeds into the Trust Fund,” the minister said.

Minister suggested that if investment income had been left in the Heritage Savings Trust Fund from the beginning, without additional contributions and withdrawals, Alberta would have exceeded $270 billion at the end of 2019, with nearly $300 billion in the fund. did today.

“Energy powerhouse”

The surplus is attributed to Alberta being an “energy superpower,” Toews said. “Alberta maintains economic momentum despite global uncertainty, with a projected surplus of $12.3 billion and debt service of $13.4 billion.”

He said the state’s gross revenue forecast for the current fiscal year is expected to total $76.9 billion. This will be the case even if less personal income tax is collected once the system becomes inflation-linked, as announced in the affordable package. Increased revenue from corporate income tax is expected due to business growth and significant population growth.

According to Toews, Alberta accounts for more than a quarter of the new jobs created in Canada this year, but accounts for just 12% of Canada’s population. The state also recorded the highest population growth rate among her four largest states in her first six months of 2022.

The state continues to see high revenues from bitumen royalties, corporate income taxes, and other sources of income.

“De Havilland has announced a new aircraft manufacturing plant near Calgary that will eventually employ more than 1,500 people. Venture Capital Investments Made: The provincial agri-food sector has attracted nearly 1.5 billion new investments and created nearly 3,000 jobs in Alberta since 2019. These successes are the engine of Canada’s economy. We are solidifying Alberta’s position as a

And with $79.8 billion remaining in taxpayer-backed debt, the government has pledged to spend an additional $10.8 billion over the next three years on savings, debt relief, and the state’s future prosperity.

Touse Said“Even in the face of a potential global recession, Alberta’s focus on responsible financial management over the past three years has given us confidence that our province is in the best position possible. By investing in our savings and reducing debt for future generations, we will continue to make Alberta a great place to live, work and raise a family.”

Marnie Cathcart


Marnie Cathcart is a reporter based in Edmonton.