A boost in projected revenues this year have reduced the expected deficit for 2021/22, but this will only provide a small amount of relief.
alberta debt
The province's per-person spending is significantly higher than in Ontario, B.C. and Quebec.
According to the PBO, Alberta must reduce spending by 3.1 per cent of GDP to restore fiscal sustainability.
This year's combined projected federal and provincial government deficits total $234 billion.
In 2020/21, Alberta’s non-renewable resource revenue will comprise only 4.7 per cent of provincial revenue.
The province's net debt will reach a projected $102.1 billion by 2023/24.
A reliance on non-renewable resource revenue has caused trouble for the provincial finances for decades.
The program offset just 3.5 per cent of Alberta’s year-over-year revenue loss.
By 2023/24, debt interest will consume 6.6 per cent of all provincial revenues.
According to budget forecasts, debt interest payments will reach $3.3 billion by 2023/24.