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