New numbers show Alberta's economy continues to dig itself out of the deep hole caused by crashing oil prices, with Premier Rachel Notley's government saving more -- and spending more. Alberta Finance Minister Joe Ceci speaks about the Government of Alberta's 2016-17 year-end financial results, in Edmonton on Thursday, June 29, 2017. THE CANADIAN PRESS/Jason Franson
February 28, 2018 - 12:46 PM
EDMONTON - Alberta Finance Minister Joe Ceci released the third-quarter fiscal update Wednesday showing the province on track for a $9.1-billion deficit when the budget year ends March 31 — $1.4 billion lower than expected. Here are some other highlights from the update:
— The province is expected to take in an extra $1.9 billion in revenue this year for a total of $46.9 billion.
— Spending is going up to $55.9 billion, about $1 billion more than projected in last spring's budget.
— Crude oil royalties to bring in $883 million, almost double what was expected.
— Revenue from bitumen royalties to be $2.4 billion, about $188 million less than projected.
— Personal income tax revenue expected to be $10.9 billion, $322 million less than expected.
— Corporate income tax to generate $3.9 billion, about $66 million less than budget.
— Capital plan spending forecast to be $9.2 billion, in line with the budget.
— The unemployment rate was projected at 7.6 per cent at budget, but is now pegged at 6.8 per cent.
— Of the 90,000 new full-time jobs created in the last year, most are in the oil and manufacturing sectors.
— Debt for capital and operating expenses is forecast to reach $41.7 billion — about 12.4 per cent of GDP — with debt servicing costs at $1.4 billion.
News from © The Canadian Press, 2018