A massive deficit creates additional current and future financial burden for all taxpayers,” said chamber president Adam Legge. “What businesses mainly want is for government to not make it any harder to survive in these challenging times …. The financial blueprint also raised concerns among business groups, with the Calgary Chamber of Commerce saying in a statement that “hope is not a strategy.” “They haven’t even slowed down on how fast they’re taking Alberta over the fiscal cliff,” said McIver. Interim Progressive Conservative Leader Ric McIver said the financial picture in the budget is even worse than the current fiscal year - where the province is projecting a $10.8-billion shortfall - because this year’s financial woes stem in part from the Fort McMurray wildfire. “The premier and her finance minister are neglecting even the most basic fiscal controls … the mess they are creating today will take decades to fix.” “The NDP have made clear they not only have no plan to balance the budget, but they have no intention of ever balancing the budget,” said Wildrose finance critic Derek Fildebrandt. The Wildrose official Opposition called the budget a “debt-fuelled disaster.” The soaring deficit and debt levels attracted fierce criticism from opposition parties who had called on the NDP to balance the budget before Ceci’s target of 2023-24. The province’s debt is projected to hit $45 billion this year, increasing to $71.1 billion by 2019-20.ĭebt servicing charges are estimated at $1.4 billion this year, increasing to $2.3 billion in 2019-20. The major new infrastructure item announced in the budget, though, is a new hospital for Edmonton, with $400 million earmarked for planning and development of that project over the next four years.Īlberta is borrowing $5.9 billion for capital and $6.3 billion to fund operating costs. There are no dollars in the budget for Calgary’s Green Line LRT expansion as the government pumps up capital spending to $9.2 billion.īut the province announced a new long-term care facility for Calgary, as well as five new schools in the city as part of an overall 24 new and modernized schools in the province. The government expects to collect more than $1 billion from its new carbon tax this year but has pledged to keep those dollars out of general revenue and to use it for green infrastructure, energy efficiency and rebates. There are no new tax increases in the budget. This advertisement has not loaded yet, but your article continues below. Corporate taxes are also expected to rise, to $3.9 billion, after a precipitous drop last year, while personal income tax revenue is forecast to slide to $11.2 billion. The budget pegs revenue at $45 billion, with the province forecasting an average oil price of US$55 a barrel for 2017-18 to increase non-renewable resource royalties to $3.7 billion. I appreciate that other parties may feel differently about that, but that would make life more difficult and leave Albertans on their own.”Ĭeci said the government had kept the increase in spending below the rate of inflation plus population growth, but total expenditures still hit a record $54.9 billion. The government is also building in a $500-million risk adjustment hedge against lower-than-expected energy revenue. “The choices we have made as a government is to continue to support Albertans with the necessary programs and services they require. “There are choices to be made,” Ceci told reporters at the provincial legislature. Manage Print Subscription / Tax Receipt.
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