Calgary/CMEDIA: Alberta pulled in with a $3.9-billion surplus amounting to 56 percent more revenue during the 2021-22 years than initially forecasted, the government said Tuesday in its latest fiscal update.
A record $16.2 billion in non-renewable resource revenues was pumped into provincial coffers, due to its skyrocketing oil and gas prices.
“The year-end fiscal report is fantastic news for Albertans and our province — and an opportunity to save resource revenue for future generations and avoid past mistakes that led to today’s debt burden,” Alberta’s Finance Minister Jason Nixon said in a news release.
In spring 2021, the province anticipated an $18.2-billion deficit for the year ahead.
But due to exceeded expectations of shooting oil prices during the final two months of the fiscal year as Russia began its invasion of Ukraine.
The average price of oil currently sits at $111 compared to last year’s $77 US per barrel.
With the increased economic activity as people tried to move beyond the COVID-19 pandemic, the provincial government collected more corporate and personal income taxes than expected allowing the government to collect higher royalties and contributed to the record-breaking resource revenue haul.
About half of the province’s income came from non-renewable resource revenues.
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