Alberta’s finance minister says he would like to see a panel formed within the next year and a half to address the province’s often volatile revenue structure.
Travis Toews told the Calgary Chamber of Commerce on Thursday that the province has worked hard on its fiscal framework and has been reducing debt and cutting spending. However, he said because the majority of Alberta’s revenue comes from oil and gas revenue, it creates uncertainty during times of boom and bust.“We do have a volatile revenue structure in this province and at some point, some day, Albertans are going to have to consider what we need to do to correct that,” Toews said in his speech.“I’ll just say it because it’s worthy of being said: That’s our reality.
Alberta is predicting a $2.4-billion budget surplus this year, with plans to take a big bite out of its debt and help prevent deficits when oil booms go bust. With a population of 4.4 million, the province is on track to take in $70.7 billion in revenue and spend almost $67 billion. Another $1.5 billion is being set aside for unforeseen spending emergencies.Oilsands money remains the key driver, with bitumen royalties alone expected to bring in $12.6 billion.
That’s true, so why is he agreeing to spend it like it’s a renewable resource?
From LukaszukAB: AdrianaLaGrange spins a 5% budget increase in education. Simply a lie. Inflation in Alberta is at 6%. Alberta-wide student enrollment increase is 2.7%. Large Yyc & Yeg school boards have 4% enrollment growth. This budget is 3.7% to 5% cut.
The albertaNDP said the same thing and started to diversify for stability and the UCP ruthlessly attacked them for it. Another way that the AlbertaNDP were correct and on the right path. BetterOffWithRachel
They better thank their lucky asses that oil increasing a little just before election!
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