According to Thursday’s mid-year fiscal update, Alberta’s finances continue to be at risk from volatile resource revenue.
alberta finances
The province's net financial position deteriorated by $94.9 billion over this period.
The government will spend a projected $6,037 more per Albertan over four years than it originally planned.
The government will spend a projected $6,037 more per Albertan over four years than it planned in the 2022 mid-year update.
By shifting resources and money, the government is simply shifting jobs into film and away from other sectors.
In 2022/23, Alberta's program spending was $13,570 per person, more than $1,200 higher than Ontario.
Young Albertans are paying the price today for the past 15 years of government debt accumulation.
The province’s debt interest costs have increased from $61 per Albertan in 2007/08 to a projected $672 per Albertan in 2023/24.
The government has increased program spending by nearly $10 billion since its original plan in 2022.
Every US$1 decline in oil prices reduces government revenues by an estimated $630 million.