Strong dollar could hurt Alberta’s bottom line
Posted Apr 7, 2010 8:44 am.
This article is more than 5 years old.
There are fears that the combination of a high flying loonie and low natural gas prices could result in a billion dollar shortfall for the Stelmach Goverment.
Finance Minister Ted Morton tells the Calgary Herald he is concerned, but he’s not about to panic.
The latest Alberta budget estimated the Canadian dollar would average 95 cents US this year.
Every one cent increase over and above that mark over the course of the year would cost the treasury $215 million.
The senior economist at ATB Financial tells 660News, some of those losses will be offset by other gains.
Todd Hirsch says oil prices are higher than the government forecasted and the province is also getting additional dollars from increased land sales and higher corporate and personal taxes.
Hirsch says our province is in much better financial shape than many other jurisdictions in North America.
He says things should only get better as the US continues to emerge from the recession.
