Province now $33.3 billion in debt
MEDICINE HAT, AB — The Alberta government is now $33.3 billion in debt after borrowing money to finance its operational and capital spending.
The number was revealed Thursday when the province released its annual financial report for 2016-17.
Alberta finished 2016-17 with a $10.8 billion deficit which was in line with the most recent forecast from finance minister Joe Ceci, but up from the $10.4 billion that was estimated when the NDP released their 2016 budget.
Revenue for the year actually increased by $1 billion from the 2016 budget prediction of $41.4 billion, thanks in large part to higher oil and gas royalties and better-than-expected Heritage Fund investment returns.