The reigning party is going to be looking pretty good tomorrow, thanks to oil prices
Alberta’s 2023 budget expected to be overflowing with surplus of petrodollars
By Dean Bennett The Canadian Press
Posted February 26, 2023 10:28 am
Alberta is scheduled to introduce its budget Tuesday — the last before a spring provincial election — with political observers wondering what the province will do with all its billions of extra petrodollars.
“Any budget that’s leading into an election is always one that contains quite a few goodies,” said University of Calgary economist Trevor Tombe.
“Combine that with a government with significantly higher resource royalties than planned, and you have a lot of scope for big announcements.”
Finance Minister Travis Toews, in his four years in the post, has tabled budgets that began with multibillion-dollar deficits and recently spotlighted multibillion-dollar surpluses due to rebounding oil and gas revenues.
The province said in its mid-year forecast that it’s expected to finish the current fiscal year, which concludes at the end of March, with a $12.3-billion surplus on the strength of high oil prices and oilsands operations reaching the higher post-payout stage of production.
The UCP has already announced a handful of plans for the 2023 budget, which will be tabled Tuesday.