Alberta’s debt load shrinks by billions
Posted Jun 28, 2012 12:53 pm.
This article is more than 5 years old.
We may not be in the money, but Alberta’s debt load is down, considerably.
It sits at $23-million, that is $3.4-billion lower than estimated.
The Sustainability Fund is up to $7.5-billion and the Heritage Savings Trust Fund’s fair value is $16.1-billion.
The government is banking on oil averaging close to US$100 a barrel this fiscal year, but the price has been dropping steadily and now hovers in the US$80 range.
Finance Minister Doug Horner says investment revenue was more than expected, the province brought in over $3-billion more than the expected $39-billion.
He reiterates, the Redford government will not be bringing in a sales tax or raising income tax.
“We are all very fortunate to be in Alberta,” said Horner. “Our economy is strong and our bottom line is healthy. People from across the world are choosing Alberta as the place they want to be. That said, we are not immune to the effects of global economic uncertainty. Fluctuating oil prices and exchange rates, along with general market volatility are a cause for concern – we must continue to keep an eye on these issues and will adjust our forecast if necessary at first quarter.”
Other highlights:
– personal income rose 6.5 per cent
– total expenses was $39.3 billion, nearly $300 million higher than budget due to disaster assistance
