-18 C
Fort St. John
Friday, January 18, 2019
Tel: 250-787-7100
9924 101 ave Fort St. John, B.C.
Advertisement
Advertisement

Alberta spending more, but saving more: Highlights from the fiscal update

Advertisement

EDMONTON — Alberta Finance Minister Joe Ceci released the third-quarter fiscal update Wednesday showing the province on track for a $9.1-billion deficit when the budget year ends March 31 — $1.4 billion lower than expected. Here are some other highlights from the update:

The province is expected to take in an extra $1.9 billion in revenue this year for a total of $46.9 billion.

Spending is going up to $55.9 billion, about $1 billion more than projected in last spring’s budget.

- Advertisement -

Crude oil royalties to bring in $883 million, almost double what was expected.

Revenue from bitumen royalties to be $2.4 billion, about $188 million less than projected.

Personal income tax revenue expected to be $10.9 billion, $322 million less than expected.

Corporate income tax to generate $3.9 billion, about $66 million less than budget.

Capital plan spending forecast to be $9.2 billion, in line with the budget.

The unemployment rate was projected at 7.6 per cent at budget, but is now pegged at 6.8 per cent.

Of the 90,000 new full-time jobs created in the last year, most are in the oil and manufacturing sectors.

 Debt for capital and operating expenses is forecast to reach $41.7 billion — about 12.4 per cent of GDP — with debt servicing costs at $1.4 billion.

The Canadian Press

get the latest news in your inbox

Author

Advertisement
Advertisement
Advertisement
Advertisement

Local Events

Advertisement
Advertisement
Advertisement

Must Read

Fort St. John Flyers to host Grimshaw Huskies this Saturday

FORT ST. JOHN, B.C. - The Fort St. John Flyers are home this Saturday as they host the Grimshaw Huskies. The Flyers have not yet...

Synergy – Project Management Event