Alberta Finance Minister Travis Teows -- Image from Alberta Budget announcement

By Connor Gunn

Alberta presents balanced budget for 2022

Feb 24, 2022 | 4:26 PM

EDMONTON, AB – Alberta is back in the black.

Premier Jason Kenney and Finance Minister Travis Toews announced the 2022 Budget Thursday, February 24, and according to Kenney, the deficit is gone.

Kenney says the surplus is due to spending restraints and dynamic growth in every sector.

The government says the budget is guided by three fiscal anchors:

• Bring per capita spending in line with other provinces, ensuring Albertans get value for their tax dollars.
• Keep net debt-to-GDP low to prevent debt servicing costs from threatening the province’s future.
• Find a path back to a balanced budget.

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The total revenue is estimated to be $62.6 billion in 2022-23, which is $900 million higher than the forecast for 2021-22.

Total expenses in 2022-23 are projected to be $62.1 billion; $2.8 billion less than 2021-22. As a result, the government outlined the following surplus targets:

• $500 million for 2022-23 (compared to the forecasted deficit of $3.2 billion for 2021-22).
• $900 million for 2023-24.
• $700 million for 2024-25.

The government announced what it calls “record healthcare funding” on its website, stating that by 2024-25, the province will add $1.8 billion in operating expenses to the total health care budget. The government says it “will provide targeted funding to strengthen healthcare capacity on a permanent basis.” Here are some of the details:

• Nearly $15.1 billion for Alberta Health Services (AHS) operations; an increase of $476 million or 3.3%.
• $5.5 billion per year for physician compensation and grants to post-secondary institutions for academic medicine.
• Nearly $3.7 billion for community care, continuing care, and home care programs.

In terms of the economic outlook, the province outlined the following:

• In 2022, real GDP is expected to grow by 5.4%, which is up from the 5.1% forecast at mid-year.
• Alberta’s economy, as measured by real GDP, is expected to fully recover to 2014 levels this year.

The full breakdown of the 2022 Budget can be found at alberta.ca/budget-highlights.

NDP Leader Rachel Notley voiced her concerns on the budget saying “This budget is a prime example of why Albertans can’t trust the UCP.”

“Only the UCP could have soaring energy prices and still find new ways to disappoint the hardworking people of this province. Sky-high oil prices and no stability in our hospitals, 1,000 fewer teachers in schools, no real plan for jobs or economic diversification, and no help for Albertans who can’t pay their utility bills today.”

Alberta Teacher’s Association (ATA) President Jason Schilling, says schools may still suffer under the current funding model.

“Unfortunately, 1.7 per cent increase in operational funding will not keep pace with inflation or student population growth.

We will have reaction to the provincial budget as it becomes available.