Alberta Finance Minister Joe Ceci unveiled the 2018 budget on Thursday and the province's projected deficit over the next year is pegged at $8.8 billion dollars as $47.9 billion in revenue will be offset by $56.2 billion in expenses.
“The recession is behind us and Alberta’s economy is looking up," said Ceci in a statement. "Alberta’s economy is creating good, mortgage-paying jobs and Alberta led the country in economic growth last year and is poised to do so again in 2018. We will hold the line on spending increases and invest in new opportunities that create good jobs and diversify the economy. We will make sure the benefits of Alberta’s strengthening economic recovery will reach all Albertans and is built to last.”
The 2018 budget release starts the last full budget cycle ahead of the next general election which is set for the spring of 2019.
The provincial government hopes to balance the budget by 2023, a goal contingent on pipeline approval and higher oil prices. The budget projects oil prices of:
- $59 USD per barrel in 2018-2019
- $60 USD per barrel in 2019-2020
- $63 USD per barrel in 2020-2021
Alberta's current debt is $54.2 billion and the debtload is expected to balloon to nearly $96 billion by 2023-2024.
The 2018 budget includes $30 billion in spending over the next four years on roads, schools, the Calgary Cancer Centre and a new hospital in Edmonton.
With files from CTV's Chris Epp
