alberta deficit
Alberta’s first-quarter fiscal update now expects the province’s operating deficit this year will be $10.9 billion.
This year Alberta is projected to run a budget deficit of $10.9 billion.
Sustained program spending growth by successive governments is the primary reason for the big deficits.
According to the annual report, the province’s operating deficit for the year was $6.4 billion—about $300 million more than projected by the Notley government.
As oil royalties have fallen, Albertans have endured multiple tax hikes and a S&P downgrade.
The government has moved from a 10 per cent flat rate personal income tax to a progressive tax with steeper rates.
Alberta projects a budget deficit of $28.9 billion over the next three years.
Alberta expects to rack up $37 billion in new debt over the next three years.
There are 175 collective bargaining agreements with public-sector employees coming up for negotiation in the near future.