Calgary: The Road Ahead is CBC Calgary's special focus on our city as we build the city we want — the city we need. The partisan bickering is part of our democratic process, but it can leave you, the voter, in an awkward spot. The economy is practically where it was right before the crash. Among them are researchers with the Fraser Institute who wrote a recent report that raises concerns about Alberta's borrowing. It's a steep descent from a previously enviable financial position. Please try again. One recent claim came from United Conservative Party finance critic Drew Barnes, who tweeted that Alberta would reach Quebec's level of indebtedness, on a per-person basis, by the year 2023 and Ontario's by 2024. Our newsroom abides by the RTDNA Code of Ethics and Professional Conduct and follows the Canadian Press Stylebook, Digital Juice Festival goes Saturday evening, Breweries come together to brew up support for legions, 85 years of Kinsmen, Kinettes in Medicine Hat, CMHA-ASER - Addiction Crisis Worker Program, Chamber recognizes top local businesses at annual awards, Glass House Haunting turns greenhouse to haunted house. On a debt-per-capita, Alberta will be at Quebec’s level by 2023, Ontario’s by 2024. Booms and busts have been a way of life for our province, as have corresponding surpluses and deficits. The budget numbers are complicated enough on their own, let alone with multiple layers of political spin piled on top. Fax: 613-233-1458 “The Alberta Liberals have supported the use of debt as a means of tackling our massive infrastructure deficit,” he said in a statement. But the past couple of years, in particular, have pushed us most heavily into the red. Advice he receives from Dodge, along with input from Albertans, will shape the capital borrowing plan the government will announce in the budget in the fall, Ceci said. "I thought we were past that," he said. Our net financial position continues to slide, but we remain the least indebted province in the country. As busts go, this one has been especially hard on the provincial treasury. The finance minister said he plans to solicit the advice of Albertans on a road tour though several large and medium-sized communities this summer. What does a billion dollars look like? The 2018-19 fiscal year is projecting an $8.8 billion deficit, down from $10.3 billion last year. It's the place for possibilities. When asked if he was concerned about the mounting debt, Finance Minister Joe Ceci said it’s necessary “to support the services Albertans expect and rely on.”. https://globalnews.ca/news/4091895/watch-live-alberta-budget-2018 The net debt, the province includes money in the Heritage Fund, along with non-financial assets such as buildings and land holdings. “We currently expect the debt could even double up to 60 per cent over the next few years if they go ahead with infrastructure spending, and revenues remain low,” she said. Calling it his happiest moment since becoming finance minister, Joe Ceci recently informed Albertans that their province should wrap up the fiscal year at the end of this month with a $9.1-billion deficit. A government could then use any interest derived from that investment in the annual budget. Read more about cookies here. Assuming a common revenue forecast, if Alberta’s government had kept to the March 2015 spending forecast it would be on pace to shrink the deficit to under $2 billion by … The budget is complicated enough on its own, let alone with multiple layers of political spin piled on top. ​"We are as reliant now as ever on royalty revenue to balance the books," said University of Calgary economist Trevor Tombe. The opposition's take has been predictably more dire. “But I also look forward to hearing from Albertans in the weeks and months ahead about how best we should proceed with our fiscal plan that will be coming later in the fall,” Ceci said. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. But it's not unprecedented. Alberta could get rid of its deficit tomorrow if it had even a modest sales tax. The report — which compares the ability of Alberta and Alaska to cope with low oil prices — says an increase in Alberta’s debt to above 50 per cent to 60 per cent of revenue, combined with a long-term erosion of its liquidity assets, would put “negative pressure” on Alberta’s credit profile. Tel: 613-563-1341 “What has concerned the credit rating agencies and led to the credit downgrades is the fact there is no detailed map to return to balance,” University of Calgary economist Trevor Tombe told me. “The absence of a credible plan to restore fiscal balance in the next few years, rebuild reserve funds and contain debt accumulation could erode the credit profiles of both entities,” the report says. Your email address will not be published. And, as you'll see in one final graph below, it mirrors a slide in resource revenue. Even if the level of debt is still low compared with the rest of the country, people here don’t like it. This puts the number in context of the overall economy and makes for better comparisons to the past, as well as between provinces. So that discussion will be kicked down the road until the next crisis arrives. “I recognize there are challenges ahead and we need to closely watch our debt situation as we make future plans to invest in infrastructure,” he said. In July 2004, Alberta Premier Ralph Klein held up a Paid in Full sign after announcing that the province's debt had been paid off. When the NDP took over in 2015, Alberta’s debt totalled $11.9-billion.

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