Alberta Legislature -- LethbridgeNewsNOW

By The Canadian Press

Q1 report shows depth of fiscal problems

Oil prices, tax income keep Alberta first-quarter revenue in line with last year

Aug 27, 2019 | 11:41 AM

EDMONTON — A first-quarter fiscal update from the Alberta government is reporting consistent revenues compared with the same period last year.

The provincial revenue was $13.4 billion from April to June almost identical to the number in 2018.

It says resource revenue was $164 million higher, mainly from a narrower oil price differential.

Income tax revenue was also up $166 Million due to growth in household income and corporate profits. However, other tax revenue was $66 million lower, primarily due to the elimination of the carbon tax, and lower tobacco and fuel consumption.

But it says operating expenses grew $270 million and debt servicing costs increased $93 million, due to increased debt incurred last year, which requires tax dollar diversion from programs to pay for the resulting higher interest costs.

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