Photo: Government of Alberta

By The Canadian Press

Annual Report

Annual report on provincial finances shows smaller than expected deficit

Jun 28, 2019 | 12:28 PM

EDMONTON – Newly released figures show the Alberta government ended the last fiscal year with a deficit more than $2 billion smaller than originally predicted in the budget.

Higher oil prices and more than $800 million in additional tax revenue are being credited for the smaller red number.

Resource revenue was up $1.6 billion from what was predicted in the 2018-19 budget _ the last brought in by Rachel Notley’s NDP before a provincial election loss earlier this year to Jason Kenney and the United Conservatives.

Expenses were up $150 million over the budget prediction.

Overall, the Alberta government ended up spending $6.7 billion more than it made in 2018-19.

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Finance Minister and GP-Wapiti MLA Travis Toews focused on the province’s debt in his statement that accompanied the release of the numbers, calling it unsustainable.

“This challenge requires immediate action. We are reviewing spending through a thoughtful and measured approach and will be considering the recommendations from the MacKinnon panel this summer. Albertans can be confident that we will fulfil our promise to balance the budget by 2022-23.”