Governments in Alberta have a long history of increasing provincial spending during periods of high resource revenue, which inevitably leads to deficits once resource revenues decline.
The province will run a $13.2 billion projected surplus in 2022/23 due largely to resource revenue.
The province's revenues could be up to $28 billion higher over the next two years.
Without the recent resource revenue windfall, the province would still face a large deficit this year.
Despite smaller projected budget deficit, Albertans can’t afford to discount province’s fiscal challenges
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.
Between 2008/09 and 2019/20, the province's net debt increased by $71.8 billion.
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.