Alberta’s fiscal improvement is good news, but without significant policy changes, it will only last so long as commodity prices stay high.
Higher resource revenue accounts for nearly 80 percent of the $11.5 billion improvement in the province's budgetary balance in 2022/23.
The province's resource revenue is expected to increase from $3.3 billion in 2020/21 to $13.7 billion in 2021/22.
Resource revenue will be $9.1 billion higher in 2022/23 than projected last year.
By contributing to the Heritage Fund, the government would essentially transform a share of onetime resource revenue into a financial asset.
The price of Brent Crude oil could reach US$100 per barrel in 2022 due to a surge in demand.
Non-renewable resource revenue accounted for up to 27 per cent of total provincial government revenue.