The government plans to quadruple spending on school construction from $2.1 billion to $8.6 billion.
alberta debt
This year, program spending will reach a projected $14,334 per Albertan, which is $1,603 higher than the original plan.
Compared to the government’s 2022 mid-year plan, it will spend $6.1 billion more in 2023/24.
In 2023/24, debt interest payments will cost a projected $3.4 billion, equal to $691 per Albertan.
Program spending from 2023/24 to 2025/26 will be $6.4 billion higher than projected just three months ago.
Every dollar that goes towards debt repayment is a dollar unavailable for important services or tax relief.
From 2008/09 to 2020/21, the province racked up $60 billion in provincial net debt.
According to projections, debt interest costs will reach $3.1 billion in 2025/26.
By reducing provincial debt, the province would be better prepared for the next inevitable shock.
Due to tax hikes in Ottawa and Edmonton, the province's top combined income tax rate increased to 48 per cent.