The most recent figures show that Alberta’s fight against COVID-19 claimed more than $5 billion at the end of the last fiscal year in March.
The money went to medical care, hospitals, testing, vaccine distribution, non-public protective equipment, as well as subsidies and aid to businesses and workers.
The figures are part of the final report for 2020-21 released Wednesday through Finance Minister Travis Toews.
It ended up with a deficit of $17 billion of the $60 billion in spending.
But Toews noted that oil costs, for Alberta’s backline, are emerging in the near term, and several economic forecasts expect Alberta to lead the country’s economic expansion in the coming months.
“I don’t need to melt our situation,” Toews said. The global pandemic, the wonderful economic downturn and collapsing energy costs have disproportionately affected Alberta’s economy.
“But we have done everything we can to position this province for the expansion of economic recovery and from what I see, I am encouraged. “
On Thursday, Alberta will lift all public fitness orders, the first in Canada to do so, with the aim of restoring its economy and society to pre-pandemic normalcy.
For more than 16 months, the province, supported through $1. 8 billion in federal transfers, has provided an additional budget or temporarily overdue bills to vaccinate Albertans and save their businesses permanently.
The monetary report indicates that the taxpayer-funded debt in Alberta is $93 billion and about $2,500 million a year covers the debt.
He says the pandemic hit Alberta’s economy last year: genuine GDP fell 8. 2 according to the penny and unemployment rose to 11. 4 consistently with the penny. Non-renewable revenue was about $3. 1 billion, about $2 billion less than expected.
However, the benchmark crude value for West Texas Intermediate, projected in this year’s budget at an average of US$46 consistent with the barrel, is higher than US$66 consistent with the barrel.
Total profit in 2020-2021 $43. 1 billion. The deficit is nearly $10 billion higher than projected when the budget was presented in early 2020. This includes a loss of $1. 3 billion as a result of Alberta’s investment in the defunct Keystone XL pipeline project.
Alberta invested in the pipeline, which will send oil from Alberta to the U. S. Gulf Coast. U. S. In early 2020, although its long term is uncertain. The Democratic candidate, now President of the United States, Joe Biden had said he would cancel the assignment if he won the presidency, because it did not correspond to his purpose of combating climate change, he did so on his first day in office.
Critics, Alberta’s opposition NDP, called the investment irresponsible and risky, but Toews repeated his defense.
“It’s a strategic and calculated resolution that detects that there is a risk,” he said. “But the potential wealth creation of a KXL pipeline is so vital to this generation and long-term generations of Albertans, the resolution is justified. “
The report also shows that total spending on education was $8. 3 billion, $331 million less than the initial projection. The province said this was due to declining student enrollment and the shift to online courses from the pandemic.
NDP finance critic Shannon Phillips considers it a misappropriation of public funds.
“I know all the students, staff and families who spent the terrible school year that just ended will be outraged that UCU has taken so many resources from the school formula in the most difficult year we have ever experienced,” Phillips said.
“Think of all the anguish we could have stored for Alberta families if this government had used the money it had already set aside for education. “