Albertans will get an update today on whether the province is still on track to record a $13-billion surplus in this year’s budget. Finance Minister Travis Toews will roll out results of the second quarter of the 2022-23 fiscal year. Toews shakes hands with Alberta Premier Danielle Smith after he was sworn into cabinet as President of Treasury Board and Minister of Finance in Edmonton, on Oct. 24, 2022. THE CANADIAN PRESS/Jason Franson
EDMONTON – Alberta’s projected surplus for this year’s budget is falling slightly but is still expected to finish at $12.3 billion.
That’s about $1 billion less than expected, but it takes into account more than $2 billion of recently announced emergency spending to help Albertans cope with inflation price spikes.
Finance Minister Travis Toews released the new numbers at his mid-year budget update.
The government is setting aside almost $3 billion to give Albertans a tax break on gas at the pumps, along with breaks on their electricity bills.
Premier Danielle Smith also announced this week that $600 or more in direct payments are coming for families with young children. along with help for seniors and people with disabilities.
It has been a wild ride this year for Alberta’s oil-dependent economy.
Toews announced in February the surplus would be $511 million, but that projection soared to $13 billion in August when global oil prices went through the roof.
