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The deficit was predicted to be $6.8 billion when Finance Minister Travis Toews introduced the budget last February. But a global recession, the COVID-19 pandemic and an energy price war sent that forecast soaring to $21 billion in November. “Thankfully with significant recovery in energy prices, our revised projection has come down in our last quarterly report to about $14 billion,” Kenney said Tuesday. “You’ll have to wait and see on Thursday for our final projection for the fiscal year that is about to end, but it will be in that range.” Kenney said Thursday’s budget will focus on getting Alberta through the pandemic and getting the economy back on its feet. There will be no new tax hikes or drastic spending reductions. “As much as I hate deficits, now would be the worst time to cut billions of additional dollars in spending where we need it — in health care — and we need it to help stimulate economic growth.” Kenney has said the long-term plan to get Alberta back to budget balance, and build confidence with investors and bond rating agencies, will be guided by keeping the net debt to GDP ratio below 30 per cent. He […]
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