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Alberta to deliver update on whether province still on track for $13B surplus

Albertans are to get an update on whether the province is still on track to record a $13-billion surplus in this year’s budget.
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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 — Albertans are to get an update 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 today.

The budget Toews presented in February predicted a surplus of just $511 million, but that projection soared to $13.2 billion in the first-quarter update on the strength of oil prices in the US$100-a-barrel range.

The benchmark price for West Texas Intermediate has since softened but remains strong at around US$80 a barrel.

Spending will now have to take into account a massive injection of inflation-fighting aid announced this week by Premier Danielle Smith.

Smith has pledged $2.4 billion on a range of supports targeted mainly toward middle- to lower-income families, seniors and the vulnerable.

This report by The Canadian Press was first published Nov. 24, 2022.

The Canadian Press