Newspaper article The Canadian Press

Alberta NDP Government Inherits More Than $1B Surplus from Last Budget under PCs

Newspaper article The Canadian Press

Alberta NDP Government Inherits More Than $1B Surplus from Last Budget under PCs

Article excerpt

Alberta NDP inherits more than $1B surplus

--

EDMONTON - Premier Rachel Notley's NDP government is taking over Alberta's finances with more than $1 billion in surplus cash, according to figures released Tuesday.

But Finance Minister Joe Ceci said challenges lie ahead as the current fiscal year will be the first full reporting period with oil at drastically reduced prices.

"The oil (price per) barrel is under $60 on average every day," Ceci said Tuesday.

"That has to be taken into consideration about the impact on our revenues and ability to project where we're going to be at the end of the year."

The final numbers from the 2014-15 budget year, which ended March 31, show Alberta recorded a $1.1-billion surplus, up from the $514 million projected when the Progressive Conservative government tabled its spending document in the spring of 2014.

West Texas Intermediate oil, Alberta's benchmark for crude, has dropped to below US$60 a barrel from US$107 a barrel one year ago.

The 2014-15 budget is the first surplus in six years.

The extra revenue came from diverse sources, including more tax money and higher-than-expected investment income.

Total revenue for the year was $49.5 billion, while total spending was $48.4 billion.

Total debt for capital spending was $11.9 billion, while the rainy-day savings contingency account is $8.2 billion.

The long-term Heritage Savings Trust Fund is valued at $18 billion.

Alberta is currently between budgets.

The Tories introduced a budget March 26, but lost to the NDP in the May 5 election before it passed. Ceci is to introduce a budget in October to reflect savings promises and priorities from the NDP campaign.

The Notley government has passed a bill to keep $18.5 billion in government money flowing. It has also announced $624 million in new spending to cover higher class size enrolment and more money for health care and social programs. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.