Alberta budget deficit hits $24.2 billion as revenues plunge, but government resists tax hikes

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Deficit will be $16.8 billion higher than forecast this year

Asked during a press conference whether or not the province should look at additional taxes to increase its revenues, Toews said the province was focused on reducing costs and “delivering efficient government.”The province’s deficit for the year is now expected to be $24.2 billion — or $16.8 billion higher than previous estimates.

The province had announced in February that it would book a $1.3-billion loss as it moved to sell contracts to move 120,000 barrels of oil per day on rail cars out of the province. However, as the coronavirus pandemic hit, the Alberta government was not able to fully transfer those contracts to the private sector.

“This was exactly the type of scenario that made the contract unfortunate and a big gamble for the Alberta taxpayers,” Alberta Energy Minister Sonya Savage said, adding the estimated cost of fully running the program through the COVID-19 pandemic would have been between $2.3 billion and $2.7 billion.

 

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Trudeau and his Liberals 5 years of hate on Canadian Oil and Gas and on Albertans was the major cause of all of this.

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