By Charles Lefebvre and Leah Murray

Government projects $8.8 billion deficit in 2018-19 budget

Mar 22, 2018 | 3:20 PM

EDMONTON, AB – Finance Minister Joe Ceci said the province’s economy is showing signs of improving for the coming year.

Ceci tabled the budget for the 2018-19 fiscal year in the legislature Thursday afternoon, noting the province is projecting an $8.8 billion deficit, down $1.5 billion from last year.

“The recession is behind us, and Alberta’s economy is looking up,” Ceci said in a statement. “Alberta’s economy is creating good, mortgage-paying jobs and Alberta led the country in economic growth last year, and is poised to do so again in 2018.”

The Conference Board of Canada expects the provincial economy will grow by 2.7 per cent this year.

HERE'S WHAT TO KNOW

Summer pool hours extended and discounts applied as Big Marble Go Centre upgrades start

Apr 18, 2024

Medicine Hat company drawing in clients with witty signage

Apr 16, 2024

Medicine Hat College holding event for missing and murdered Indigenous women awareness day

Apr 16, 2024

The budget is projecting revenue of $47.9 billion for the fiscal year, and are expecting it to grow to $50.6 billion in the 2019-20 fiscal year and $53.8 billion in 2020-21. The government is expecting the construction of the Trans Mountain Pipeline to factor in the increase in revenue in future years.

The government is projecting expenses of $56.1 billion for the fiscal year, followed by $57.8 million in 2019-20 and $59.8 billion in 2020-21.

Oil is being projected at $59 USD/barrel, according to the West Texas Intermediate. The projection is up from $54/barrel in the 2017 budget.

The budget also includes information on how the government plans to balance the books by the 2023-24 fiscal year. The government says a diversified economy, cost containment and reducing the reliance on resource revenue will result in lower deficits over the next several years.

The full budget documents can be viewed here.