Alberta's government finances deteriorated by roughly $97 billion over 15 years.
According to forecasts, the province's net financial debt will eclipse $69 billion this fiscal 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.
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.