The Smith government will soon unveil Alberta’s fiscal update, which basically shows Albertans the province’s books.
If there’s one thing we already know for sure, windfall resource revenue has fuelled a fiscal turnaround in Alberta.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
This volatility creates a problem, when during times of high resource revenue, governments increase spending to levels that are unsustainable once resource revenue inevitably declines — which eventually produces periods of routine deficits.As resource revenue began increasing, Alberta’s per-person spending increased from $7,393 in 1998 to $13,114 by 2008.Those deficits persisted nearly uninterrupted for 13 years until the recent boom in resource revenue brought Alberta back into surplus.
If the Smith government creates a new sustainability fund, it should learn from this and establish the fund as a “constitutional rule,” which would make it more difficult to change in the future.
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