The Notley government plans to increase spending by $146 million beyond what was budgeted in the spring.
Alberta now has a net debt position of $30 billion.
When oil prices were high, successive governments spent freely as though the good times would never end.
According to government projections, Alberta’s net debt will hit $56 billion by 2023/24.
The Notley government overshot its budgeted spending levels by $2 billion in 2016/17 and $1 billion in 2017/18.
By 2023/24, Alberta’s total net debt is projected to reach $56 billion—approximately $12,500 per person.
The budget projects Alberta’s operating deficit this year will be $8.8 billion.
Fort McKay reduced spending and reoriented its business strategy toward income stability.
The Notley government recently released its third quarter fiscal update.