Finance Minister Travis Toews speaks to Albertans about Budget 2019.
Budget 2019 takes bold action to get Albertans back to work. It creates the right conditions to bring jobs, growth and investment back to Alberta while getting our fiscal house in order to stop the reckless dive into debt. It will do so by cutting taxes on job creators, removing red tape and supporting skills training to grow Alberta’s economy and increase our self-reliance.
On spending, Alberta’s new budget includes a moderate 2.8 per cent spending reduction over four years and protects front-line services, including funding for health and education.
“This budget reflects our commitment to living within our means, ending a nine-year run of government overspending and balancing the budget by 2023. It also includes supports to drive investment and help businesses succeed, while fuelling the economy and creating well-paying jobs for Albertans.”
The spending restraint is paired with a prudent economic forecast positioning Alberta to deal with future economic uncertainties. Budget 2019 forecasts a gradual climb in revenues in 2019-20 – with total revenue estimated to be $50 billion, $392 million higher than in 2018-19.
Budget 2019 also maintains or increases funding for core social services. For example, Children’s Services spending will increase by 15.2 per cent and Community and Social Services’ budget will expand by 7.6 per cent over four years.
“We are focusing our resources on those who need it the most. We’re very happy to be able to provide more funding for children, seniors and families.”
The 2019 capital plan sees continued support for critical ongoing projects that reflects needs in areas such as health and education.
Budget 2019 delivers on key government commitments of getting Albertans back to work, making life better for Albertans and standing up for Alberta. It is a meticulously developed plan to balance the province’s budget by fiscal year 2022-23.
Highlights of Budget 2019
Creating jobs and growing the economy
- Enshrines the Job Creation Tax Cut
- Streamlines government processes and eliminates red tape
- Provides new funding for innovation
- Builds investor confidence and improves global competitiveness
Protecting front-line services and supports for the most vulnerable
- Protects funding for health and education
- Increases funding for mental health, addictions and social supports
Living within our means
- Reduces spending by 2.8 per cent over four years – that’s three cents on the dollar
- Balances the budget by 2022-23
- Addresses a financial situation that already costs Albertans $5 million a day in interest to big banks and threatens to burden our children
- Does not rely on overly optimistic revenue projections
Keeping our commitments to Albertans
Some of the commitments include:
- Implementing the TIER program to support climate initiatives
- Introducing the Alberta Indigenous Opportunities Corporation
- Increasing funding for Alberta Law Enforcement Response Teams
- Hiring 50 new prosecutors and supporting programs to reduce rural crime
- Investing in increased access to Drug Treatment Courts
- Investing to create the Heroes Fund and Veterans Scholarship