By Canadian Press

Alberta legislation proposes mandated balanced budgets, set policies for surplus cash

Mar 9, 2023 | 3:56 PM

EDMONTON – Alberta has introduced legislation that would require it to keep a tight rein on spending and continue to pay down its debt.

Finance Minister Travis Toews says Bill 10 proposes a new fiscal framework that mandates balanced budgets, limits expense increases and set policies for surplus cash.

It would also enable the United Conservative Party government to keep all investment income within the Alberta Heritage Savings Trust Fund.

Toews says if all the earnings from the fund had been kept in it over the years, it would now be worth $300 billion.

The legislation would also tie future municipal funding levels more closely to provincial revenues.

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Toews says municipalities need to have more predictable and consistent funding.

He says there is enough flexibility in the bill that it should stand the test of time, but it’s not written in stone.

Toews acknowledges if the bill passes, the fiscal framework could be changed by a future government.

This report by The Canadian Press was first published Mar. 9, 2023.

The Canadian Press