Alberta’s budget deficit will be $5.8 billion in 2021/22—$12.4 billion less than originally forecast.
The province's per-person spending is significantly higher than in Ontario, B.C. and Quebec.
By making fiscal rules constitutional in nature, governments can protect them from being ignored.
In 2020/21, Alberta’s non-renewable resource revenue will comprise only 4.7 per cent of provincial revenue.
A reliance on non-renewable resource revenue has caused trouble for the provincial finances for decades.
In the 1990s, Premier Ralph Klein’s government reduced program spending by 21.6 per cent.
Alberta’s elevated spending levels produced large budget deficits and mounting debt.
The province expects a $15.5 billion budget deficit next year.
Alberta’s fiscal capacity dropped by an estimated 45.1 per cent between 2007 and this year.