Highlights of the Alberta Budget 2019, part 1
Here are a few highlights:
• Overall, the budget includes cuts to operating spending of 2.8% over four years compared to 18% in Budget 1993.
• Total revenue is forecast to remain flat at $50 billion in 2019-2020, $50.1 billion in 2020-2021 and $57.5 billion by 2022-2023.
• Policy changes in the budget include the Job Creation Tax Cut, the carbon tax repeal, emissions reduction, post-secondary tuition increases and adjustments to fees.
• Indexation of non-refundable tax credits and tax bracket thresholds will be temporarily paused.
• Taxpayer support debt is forecast to be $93.3 billion at the end of 2022-2023 and debt servicing costs are projected to be $3 billion during that year. The previous forecast of the taxpayer supported debt was $97.1 billion by the end of 2022-2023 and debt servicing costs were projected to rise to $3.4 billion.
Budget 2019 focuses on three key priorities: Getting Albertans back to work, Making life better for Albertans and Standing up for Alberta. We will provide a summary of these key priorities on our next blog so please check back soon!
Source: https://www.cbc.ca/news/canada/edmonton/alberta-budget-1.5332779, https://www.alberta.ca/budget-highlights.aspx