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.
The Alberta government expects another budget deficit of more than $10 billion.