The next premier will inherit a $3.9 billion surplus stemming from higher than expected oil prices and household income marking the biggest fiscal turnaround in Alberta’s history, the 2021–22 fiscal results show. .It's the first provincial surplus in seven years, said a finance department news release. The province paid down $1.3 billion of provincial debt..Alberta also saw $16.2 billion in non-renewable resource revenue, marking the highest non-renewable resource revenue in the province's history. .The year-end fiscal report is an opportunity to save resource revenue for future generations and avoid past mistakes that led to today’s debt burden, said Finance Minister Jason Nixon.."Sound fiscal management will continue to direct our decision-making for investing and spending to make life better for Albertans and future Albertans," Nixon said in a statement..Alberta recorded $68.3 billion in revenue in 2021–22 — an increase of $24.6 billion compared with the estimated $43.7 billion at Budget 2021. Ahead of Budget 2021, West Texas Intermediate crude was trading between US$40 and US$50 per barrel and the province forecast WTI at $46 per barrel. But the average price in 2021–22 rose to US $77 per barrel, or $31 higher than expected..The demand for energy was driven by economies re-opening following the COVID-19 pandemic and Russia’s invasion of Ukraine, which tightened global supply chains. .Provincial revenue sources include $23.5 billion in income and other taxes, which was $4.4 billion more than budgeted..Of this revenue, $13.3 billion is personal income taxes, totalling $1.7 million more than budgeted due to an increase in employment and household income. Another $4.7 billion comes from corporate income tax, which was $2.8 billion more than expected as corporate profits also rebounded..And $16.2 billion revenue in non-renewable resource revenue was $13.3 billion more than forecast, marking the highest non-renewable resource revenue in the province's history. The closest was $14.34 billion in 2005–6..More than half the recorded surplus, or $2 billion, is due to the partial reversal of the contract provision for the Sturgeon Refinery, primarily a result of the ownership change structure implemented this year..The government acquired 50% of the Sturgeon Refinery on June 30 and restructured the debt to achieve lower rates, finance department officials said at a Tuesday morning technical briefing. Price forecasts were also improved, an official said..Technical briefings are not for attribution. .Provincial expenses were also higher than the budget estimated. The province spent $64.4 billion in 2021–22, which was $2.5 billion more than forecast. This includes $3.8 billion for COVID-19 and recovery plan expenses, as well as $3.1 billion in disaster and emergency assistance..The Alberta Heritage Savings Trust Fund grew to its highest net value in its history — $18.7 billion — earning $1.95 billion in investments to bring the total value of the fund’s investments to $20 billion. The fund was created in 1976 and generates investment income that supports programs and services..The Canadian Taxpayers Federation is applauding Alberta’s 2021-22 balanced budget and is calling on the government to immediately provide relief by ending its income tax hike known as bracket creep. .“It’s great to see the Kenney government patch up Alberta’s leaky finances and give taxpayers a balanced budget,” said Franco Terrazzano, Federal Director of the CTF..“A balanced budget means less debt for Alberta’s kids and grandkids to pay back, less money wasted on interest charges and fewer tax hikes.”
The next premier will inherit a $3.9 billion surplus stemming from higher than expected oil prices and household income marking the biggest fiscal turnaround in Alberta’s history, the 2021–22 fiscal results show. .It's the first provincial surplus in seven years, said a finance department news release. The province paid down $1.3 billion of provincial debt..Alberta also saw $16.2 billion in non-renewable resource revenue, marking the highest non-renewable resource revenue in the province's history. .The year-end fiscal report is an opportunity to save resource revenue for future generations and avoid past mistakes that led to today’s debt burden, said Finance Minister Jason Nixon.."Sound fiscal management will continue to direct our decision-making for investing and spending to make life better for Albertans and future Albertans," Nixon said in a statement..Alberta recorded $68.3 billion in revenue in 2021–22 — an increase of $24.6 billion compared with the estimated $43.7 billion at Budget 2021. Ahead of Budget 2021, West Texas Intermediate crude was trading between US$40 and US$50 per barrel and the province forecast WTI at $46 per barrel. But the average price in 2021–22 rose to US $77 per barrel, or $31 higher than expected..The demand for energy was driven by economies re-opening following the COVID-19 pandemic and Russia’s invasion of Ukraine, which tightened global supply chains. .Provincial revenue sources include $23.5 billion in income and other taxes, which was $4.4 billion more than budgeted..Of this revenue, $13.3 billion is personal income taxes, totalling $1.7 million more than budgeted due to an increase in employment and household income. Another $4.7 billion comes from corporate income tax, which was $2.8 billion more than expected as corporate profits also rebounded..And $16.2 billion revenue in non-renewable resource revenue was $13.3 billion more than forecast, marking the highest non-renewable resource revenue in the province's history. The closest was $14.34 billion in 2005–6..More than half the recorded surplus, or $2 billion, is due to the partial reversal of the contract provision for the Sturgeon Refinery, primarily a result of the ownership change structure implemented this year..The government acquired 50% of the Sturgeon Refinery on June 30 and restructured the debt to achieve lower rates, finance department officials said at a Tuesday morning technical briefing. Price forecasts were also improved, an official said..Technical briefings are not for attribution. .Provincial expenses were also higher than the budget estimated. The province spent $64.4 billion in 2021–22, which was $2.5 billion more than forecast. This includes $3.8 billion for COVID-19 and recovery plan expenses, as well as $3.1 billion in disaster and emergency assistance..The Alberta Heritage Savings Trust Fund grew to its highest net value in its history — $18.7 billion — earning $1.95 billion in investments to bring the total value of the fund’s investments to $20 billion. The fund was created in 1976 and generates investment income that supports programs and services..The Canadian Taxpayers Federation is applauding Alberta’s 2021-22 balanced budget and is calling on the government to immediately provide relief by ending its income tax hike known as bracket creep. .“It’s great to see the Kenney government patch up Alberta’s leaky finances and give taxpayers a balanced budget,” said Franco Terrazzano, Federal Director of the CTF..“A balanced budget means less debt for Alberta’s kids and grandkids to pay back, less money wasted on interest charges and fewer tax hikes.”
