Alberta projects $12.3B surplus for budget in latest fiscal update

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.

The Canadian Press