Wednesday, April 17, 2024
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Alberta Government Releases First Quarter Update

On August 23rd the Alberta government released their first quarter update. The deficit has risen by $500 million due mostly because of the Fort McMurray disaster relief efforts. On the revenue side the province saw slight increases due to a small bump in projected oil royalties.

Below are the financial highlights

Wood Buffalo Fire, Forecast Fiscal Impact ($ million)

Disaster Recovery $647
Transfer from federal government (452)
Forecast fiscal impact (revenue from corporate and personal income taxes, non-renewable resources) 300
Net fiscal impact $495

2016-17 First Quarter forecast ($ millions)

Full-year forecast Budget 2016-17 Q1 forecast Change from Budget
Income taxes $15,730 $15,068 $(662)
Non-renewable resource revenue 1,364 2,108 744
Total revenue 41,435 42,143 708
Operating expense (net of in-year savings) 44,094 44,216 122
Disaster/emergency assistance expense 246 1,072 826
Risk Adjustment (700) (700)
Total Expense 51,097 52,332 1,235
Deficit $(10,362) $(10,889) $(527)

 

Energy and economic Assumptions Budget 2016 Q1 forecast Change from Budget
WTI (US$/bbl) * 42 45 3
Exchange rate (US¢/Cdn$)* 73.5 77.0 3.5
Real GDP growth (%)** -1.4 -2.7 -1.3
Unemployment rate** 8.0 8.0

*2016-17 fiscal year     **2016 calendar year       

3-Month Actuals ($ millions)

April 1 to June 30 Budget Actuals Change from Budget
Revenue $10,606 $11,543 $937
Expense 13,592 14,458 866
Deficit $(2,986) $(2,915) $71

Related information
Q1 results and economic outlook Budget website