According to the PBO, Alberta must reduce spending by 3.1 per cent of GDP to restore fiscal sustainability.
Between 2008/09 and 2019/20, the province's net debt increased by $71.8 billion.
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.
As a share of the provincial economy, Alberta's recent deficits are larger than those incurred in the early ’90s.
Alberta’s elevated spending levels produced large budget deficits and mounting debt.
The province expects a $15.5 billion budget deficit next year.
Between fiscal years 2014/15 and 2018/19, Alberta’s net contribution to Confederation was $94.9 billion.
In 2019, equalization represented 15.5 per cent of provincial revenue in Nova Scotia.