Province unveils a balanced budget with a focus on health care, helping Albertans find jobs

It’s all about “moving forward” when it comes to Alberta’s Budget 2022.

Alberta Finance Minister Travis Toews delivered the province’s budget Thursday afternoon, with a focus on economic growth.

It’s only the second time in more than a decade that the province will table a balanced budget. In 2022-23, total revenue is estimated to be $62.6 billion, which is $0.9 billion higher than the forecast for 2021-22.

“After many challenging years of economic and pandemic hardship, Alberta is moving forward once again,” Toews says, adding the government’s focused fiscal management and pursuit of economic growth will put the province on a more sustainable fiscal trajectory.

“We are now able to present a balanced budget while expanding health-care capacity and helping Albertans develop their skills and find jobs. Budget 2022 will help Alberta move forward into a very hopeful and prosperous future.”

A challenging road for Albertans

The government has made the tough decisions needed to balance the budget, Toews says, and this budget is for “every Albertan” and for future generations.

“It’s ultimately Albertans who deserve the credit for this achievement,” Toews adds.

Budget 2022 estimates show that Alberta is expected to fall within the projected per capita spending range of the three-province (British Columbia, Ontario, and Quebec) average in 2022-23.

Alberta’s economy, as measured by real GDP, is expected to fully recover to 2014 levels this year, Toews adds.

Calgary Chamber of Commerce applauds budget

The budget tabled by the government prioritizes economic recovery and supports businesses that are recovering from the impacts of the pandemic, says Deborah Yedlin, president and CEO of the Calgary Chamber of Commerce.

“Businesses are finally in a position to look above the horizon towards a post-COVID economy,” Yedlin says. “This budget reflects future-focused investments that will spur economic growth and support our diversification across several sectors.”

The Chamber points to key investments that will accelerate economic growth, including support for diversification, funding to mitigate the labour shortage, and advancement of the childcare agreement.

The Chamber says it will continue working closely with the provincial government to ensure the path to economic recovery is aligned with the challenges and opportunities faced by the business community.

Click here for the full breakdown of Budget 2022.

THE HIGHLIGHTS

Building health system capacity

Alberta Health’s total operating expense budget is growing by $600 million this year and will grow by a total of $1.8 billion by 2024-25 in order to scale up capacity.

Over the next three years, Alberta will invest $100 million per year to provide additional health care capacity permanently, including adding new intensive care unit beds. This means more hospital beds available when Albertans need them and reduced surgery wait times.

The budget also includes a $750-million COVID contingency this year, which will help address the surgical backlog and ensure the province can cover evolving pandemic-related costs.

Getting more Albertans to work

More than $600 million is being dedicated over three years to a new initiative called Alberta at Work.

A new component of Alberta’s Recovery Plan, Alberta at Work will provide $47 million over three years in capital funding and $25 million over three years in operating funding to support collegiate programs and charter school expansions, creating pathways for students into higher learning and in-demand careers.

Alberta at Work also provides $171 million over three years to expand student enrolment in areas with skills shortages.

Another $698 million over three years is earmarked to advance technology and jobs that specifically focus on driving down emissions while keeping our energy industry competitive.

Also included is funding to address supply chain challenges, including $30 million for commercial drivers.

Odds and ends

Additionally, the government will continue the $2.6 billion partnership with the federal government for the Canada-Alberta Early Learning and Child Care Agreement, including $666 million this year to lower child-care costs to $10 per day by 2026.

The Alberta Film and Television Tax credit will get a boost with $81 million in additional funding over the next three years, including $71 million total in 2022 to entice major TV and movie productions to shoot in Alberta.