By Leah Murray and Charles Lefebvre

Alberta’s total debt could hit $96 billion by 2023

Mar 22, 2018 | 3:23 PM

EDMONTON –  Alberta has more than $54 billion in total debt, and the number is expected to grow by 2023, when the government anticipates it will table a balanced budget.

According to the provincial government, the debt is projected to hit $54.2 billion in the 2018-19 fiscal year, a number that is expected to grow to $65.8 billion in 2019-20, $77.1 billion in 2020-21 and $96 billion by 2023-24.

When asked if he was concerned about the mounting debt, Finance Minister Joe Ceci said it’s necessary “to support the services Albertans expect and rely on.”

The NDP government has pegged the 2023-24 fiscal year as the year they will table a balanced budget. The 2018-19 fiscal year is projecting an $8.8 billion deficit, down from $10.3 billion last year.

The province says their net debt to GDP ratio is an estimated $30.5 billion in 2018-19. The net debt, the province includes money in the Heritage Fund, along with non-financial assets such as buildings and land holdings. The NDP says other provincial government’s use the net debt to GDP ratio when discussing provincial debts.

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Ceci was asked if he knew how long it would take to repay the estimated $96 billion in forecast debt, but said he’s focused on returning to a balanced budget, and wouldn’t comment on repayment.