Alberta Provincial Budget 2023
On February 28, the Alberta Government presented Budget 2023 – Securing Alberta’s Future in the Legislature. The Budget calls for 2.6 billion in increased spending and forecasts a 2.4 billion dollar surplus for the 2023-24 fiscal year. This brings the total forecasted expenditures to 68.3 billion, including operating expenses and other expenses. Government revenues for fiscal year 2023-24 are projected at 70.7 billion - $5.4 billion lower than expected.
Unfortunately, co-operatives are not explicitly mentioned in the budget, and our $2 million ask is not outlined. We are still investigating to see if it is hidden in a line item as the ask was quite small. Our request for an investment tax credit was also not included.
Another thing to note is that an election was not called. The common practice for previous Alberta governments in election years was to put forward a budget, call an election, and then use that budget to run on. If the government was successfully re-elected, then it passed the budget. This time, the UCP government looks like it plans to pass the budget before the election starts.
Budget 2023 – By the Numbers
Taxpayer-supported debt is being reduced by $14.8 billion between 2021-22 and 2023-24.
The Alberta Heritage Savings Trust Fund is expected to grow by $5.7 billion between 2021-22 and 2025-26.
Revenue from Corporate income taxes is estimated at $5.9 billion in fiscal year 2023-24, down 7.8% from the year before. This is mostly because of lower commodity prices.
Non-renewable resource revenue is estimated to be $18.4 billion in 2023-24.
Public Security will be getting an increase of $84 million, and $94 million will be directed to providing services for addicts. Indigenous Albertans will be receiving $65 million over three years to strengthen First Nations policing.
Education is also receiving additional funding. The operating budget for education is increasing by almost $2 billion over the next three years with plans to hire 3,000 additional education staff. In total, $8.8 billion will be spent on education for kids in primary education. Also added is $820 million to support enrolment growth over the next three years given the increased immigration to Alberta.
A large amount of capital projects has been included in the capital plan for Alberta’s two major cities. The list is quite long, so here is a condensed list of larger projects:
Calgary:
$541.0 million over three years for Calgary LRT projects
$429.7 million over three years for Deerfoot Trail upgrades
$282.0 million over three years for the Springbank Off-Stream Reservoir Project
$166.0 million over three years for the Calgary Cancer Centre
$84.7 million over three years for the Peter Lougheed Centre Emergency Department, Mental Health Intensive Care Unit, and Laboratory Redevelopment
Edmonton:
$760.0 million over three years for Edmonton LRT projects
$634.1 million over three years for the new Edmonton hospital
$138.5 million over three years for the Yellowhead Trail freeway conversion
$92.3 million over three years for the Terwillegar Drive expansion project
$90.6 million over three years for the Gene Zwozdesky Centre at Norwood