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Alberta’s 2021-22 budget predicts a deficit of $18.2 billion and debt ballooning to a record $115.8 billion by the end of the fiscal year, as the province continues to recover from the COVID-19 pandemic and low oil prices. The budget, tabled Thursday by Finance Minister Travis Toews, points to widespread distribution of the COVID-19 vaccine in the second half of 2021, the rebound of the oil and gas sector and potential changes to the public sector salary structure as key factors in an eventual fiscal recovery. Almost a year after the start of the pandemic and the plummeting of global oil prices, Toews said this budget will see Alberta past the economic crisis by focusing on what matters. “Budget 2021 is founded on these three main themes: Ensuring health care is resourced to deal with the pandemic, positioning the economy for recovery, and ensuring that we’re delivering government services most efficiently,” Toews told reporters prior to tabling the document. Ultimately, Alberta’s economy is now expected to reach pre-COVID-19 levels by 2022. Conservative predictions for oil prices Total revenue is estimated at $43.7 billion in 2021-22, or about $1.4 billion higher than the third quarter forecast for 2020-21. The government […]
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