The government projects that the Alberta economy will reach pre-COVID levels by 2022, one year earlier than forecast
The Government of Alberta has tabled their 2021 budget, Minister of the Treasury Board and Finance Travis Toews says the budget will focus on health care and job creation.
“There can be no mistake that the direct and indirect impacts of the pandemic have been profoundly difficult. Some have lost their lives, or that of a loved one, more have lost their livelihoods and many have lost their hope,” said Toews during his budget address.
Here’s a look at Alberta’s healthcare budget highlights:
- $23 billion dollars for health care excluding COVID-19
- $1.25 billion for COVID-19 contingency
- $16 billion for Alberta Health Services operations
- $3.4 billion for health related capital projects and programming
The province will continue investing infrastructure for to help create jobs in the province.
“The 2021 Capital Plan will build roads, bridges, overpasses, water projects, gas lines, schools, hospitals, long-term care homes for seniors, addiction treatment centres, tourism infrastructure, and agriculture and natural resources projects that will help develop and protect Alberta’s distinctive resources and support environmental sustainability,” said Toews.
Here’s a look at Alberta’s recovery budget highlights:
- $3.1 billion for supporting recovery plan strategies
- $1.7 billion more for capital funding than what was planned in Budget 2020
- $1.5 billion for Alberta’s Recovery plan
Additional highlights include:
- $8.3 billion for operating expense for kindergarten to grade 12 education services
- $6.3 to $6.4 billion operating exnpense for social services ministries
- $136 million over 3 years for the Alberta Jobs Now program
- $166 million over 3 years for the Innovation Employment Grant
- $500 million in 2021-22 for additional investments in economic recovery
Another goal for the 2021 Budget is maintaining responsible spending. As the the effects of the pandemic begin to fall to the wayside after vaccination rollout, it is projected that Alberta’s deficit will improve in the years to come.
Here’s a look at Alberta’s current deficits:
- $18.2 billion deficit is targeted for 2021-22
- $11 billion deficit for 2022-23
- $8 billion for 2023-24
For a more in depth look at Alberta's 2021 Budget, click here.