Canada Global(Web News)Alberta Premier Daniel Smith promised not to cut spending this year in a pre-budget speech Wednesday, but said the province still needs to show more restraint than previously expected.
Low resource revenues and volatile oil and gas prices have forced the government to think about a long-term strategic fiscal plan to maintain a stable, balanced budget, Smith said
. The roller coaster ride dependent on gas prices must be taken off.
According to Smith, these challenges are due to the province’s reliance on non-renewable resources, and Alberta cannot rely on billions of dollars in resource revenue to balance the budget.
The speech comes ahead of the United Conservative government’s 2024 budget, which is scheduled for Feb. 28. The province previously forecast a $5.5 billion surplus in 2023-24 during its mid-year fiscal update.
“We cannot rely solely on $16 billion or so in resource revenue to balance our budget year in and out,” Smith said.
