Highlights of the Alberta Budget 2017, part 1

by in Canadian Government News and Updates
Highlights of the Alberta Budget 2017, part 1
The Government of Alberta recently released its 2017 budget which focuses supporting changes to make life more affordable for Albertans, creating jobs and building a diversified economy and protecting and improving the services and supports that make a difference in the lives of Albertans.

Here is an overview of the highlights and changes to revenue and expenditures in this year’s provincial budget.

-      Provincial revenue is projected to be $45 billion for 2017-18.  Revenue comes from sources such as taxes, non-renewable resource revenue, federal transfers and investment income.
-      Deficit is expected to be at $10.3 billion.
-      Provincial debt climbs to $45 billion this year and $71 billion by 2019-20.
-      Rate of growth for operating expenses will be 2.2% for 2017-18, compared to 3.9% in 2016-17.
-      Government forecasts economic growth of 2.6% in the coming year.
-      Budget 2017 continues the significant infrastructure investment from last year.  The capital plan will support $29.5 billion in infrastructure projects over 4 years.
-      Budget 2017 will make life more affordable by reducing school fees for parents with children in the K-Grade 12 education system, extending the tuition freeze in post-secondary institutions, ensuring stable and affordable electricity prices, and providing carbon levy rebates, among other things.
-      Budget 2017 will provide $71 million for 2 tax credits to encourage investors to support small and medium sized companies and encourage business capital investments.

 We’ll take a look at more budget highlights on our next blog as well as what the provincial government has to say with regards to income taxes for this year.

Source:  https://www.alberta.ca/budget-highlights.aspx#p5360s6
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