According to projections, debt interest costs will reach $3.1 billion in 2025/26.
alberta government finances
The costs included agricultural subsidies and tax credits for natural gas drilling.
A majority of respondents in the province believe the average family should pay 25 per cent or less of its income in total taxes.
The province’s current spending levels greatly exceed its tax revenues.
If it held the line on spending, the government could have run a $6.7 billion surplus in 2023/24.
Program spending is projected to be $4.2 billion higher in 2023/24 than budgeted just a few months ago.
It would be irresponsible for the Smith government to repeat the mistakes of past governments.
Successive governments have perpetuated the boom-bust cycle of provincial finances.
The province will run a projected $12.3 billion budget surplus this fiscal year.
By reducing provincial debt, the province would be better prepared for the next inevitable shock.