The Alberta Budget is set to be announced today. Alberta Finance Minister Joe Ceci explains that the deficit of $10.4 billion for the province will be part of it but also a plan on how to get out of the red. He adds that the plan is to reduce that deficit year over year and will eventually get to a balance.
The large deficit has been attributed by the Finance Minister by the drop in oil revenue over the last two years. Premier Rachel Notley was part of a TV address to the entire province last week which showed that in the 2014-2015 budget year the resource revenue was $9 billion but this year’s revenue is only looking at $1.4 billion.
Along with the deficit, there will also be details on the new carbon tax which is part of the Alberta climate-change plan. It will begin on January 1st and is to encourage people to go greener by increasing the cost of everything from electricity, home heating, and gas, all incentives to move to a greener living.
The province plans to provide low and middle class Albertans with rebates. The tax is expected to bring in $3 billion a year.