The program offset just 3.5 per cent of Alberta’s year-over-year revenue loss.
Both B.C. and Saskatchewan now carry less per-person provincial government debt than Alberta.
Alberta is projected to experience the largest increase in per-person net debt of any province from 2007/08 to 2020/21.
In the 1990s, Premier Ralph Klein’s government reduced program spending by 21.6 per cent.
Government debt interest will cost Albertans a projected $3.0 billion by 2022/23.
Alberta’s fiscal capacity dropped by an estimated 45.1 per cent between 2007 and this year.
The update projects a $21.3 billion provincial budget deficit in 2020/21.
This fiscal year, Alberta projects a historic budget deficit of $24.2 billion.
The Alberta government projects a $24.2 billion budget deficit in 2020/21.