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Record-high oil and gas prices continue to bolster Alberta’s books, with the province forecasting a $12.3-billion surplus for 2022-2023 in its midyear fiscal update, released Thursday. The surplus is almost $1-billion less than forecast in the province’s previous fiscal update in August, but is still about $11.8-billion more than forecast when the 2022-2023 budget was tabled in February. That budget was released the same day that Russia invaded Ukraine, kicking off a global energy crisis and supply fears that sent commodity prices skyrocketing to record highs. Alberta Premier Danielle Smith used the province’s recent energy windfall to announce a series of measures earlier this week designed to help ease the burden of rising inflation, including direct payments to families and seniors. The optimistic financial forecast also comes six months before the provincial election in May, which will be Ms. Smith’s first campaign since taking over in October from Jason Kenney as Premier and United Conservative Party Leader. The global energy situation has benefited Alberta’s coffers immensely. Total revenue for 2022-2023 is forecast at $76.9-billion, which is $14.3-billion higher than the initial budget. Of that, non-renewable resource revenue is expected to hit $28.1-billion – that is $12-billion higher than in […]
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