Kenney Announces 13.2 Billion Surplus Ahead Of Alberta Budget Update

It’s an exponential escalation from the forecast of a $511 million surplus when the provincial budget was introduced in February. “Of course, a lot of that is thanks to rising commodity prices and royalty revenue,” Kenney, who is on a government trip to South Korea, said Tuesday in a video posted to Twitter. “But we essentially would never have had a balanced budget on the books this year if we hadn’t had control of our spending and the broader growth of Alberta’s economy.” Reporters did not have a chance to ask the prime minister about the figures on Tuesday. The province is experiencing another wave of economic prosperity due to high oil and natural gas prices, along with higher royalty payments from oil and petroleum maturation projects. Story continues below ad 2:03 Alberta ends 2021-22 fiscal year with $3.9 billion surplus Alberta ends 2021-22 fiscal year with $3.9 billion surplus – June 28, 2022 Finance Minister Jason Nixon is set to release more details Wednesday on the province’s finances for the first three months of this fiscal year. Trending Stories

			Mikhail Gorbachev, last Soviet leader to end Cold War, dies aged 91 	   				The proposed update to Canada’s alcohol guidelines suggests just 3 drinks per week 	  



		Read more: Alberta ends latest fiscal year with $3.9 billion surplus as oil and gas surge 		

Kenney said the windfall will allow the province to adjust non-refundable income tax caps and tax scale caps to inflation starting this year. He said that means the average Albertan would see a benefit of $300 and a cost of $300 million to the coffers. The Kenney government was heavily criticized for adjusting the brackets in 2019 after promising not to punish Albertans with more taxes. A recent study from the University of Calgary’s School of Public Policy says the move effectively forced Albertans to pay nearly $647 million more in taxes from 2020 to 2022. Story continues below ad “We never intended to de-index the system in the first place,” Kenney said in his video statement. “But we had to get the province’s finances in order and do it without cutting health care.”

		Read more: Provincial income tax policy costs Albertans more: University of Calgary study 		

Alberta’s economy has weathered the highs and lows of volatile oil prices for decades, with prices falling during the COVID-19 pandemic. As prices recovered, the province submitted a budget this year that projected a surplus of $511 million, dependent on the benchmark West Texas Intermediate oil price averaging 70 barrels. West Texas has been much higher than that, averaging over US$100 a barrel in the first six months of this year and now in the $80 range. Last year’s budget, created during the economic downturn of the COVID-19 pandemic, projected a deficit of $18 billion, but ended up with a surplus of nearly $4 billion. 1:57 PM Kenney warns municipalities it’s too early to spend on oil revenue boom Premier Kenney warns municipalities it’s too early to spend on oil revenue boom – March 10, 2022 © 2022 The Canadian Press

title: “Kenney Announces 13.2 Billion Surplus Ahead Of Alberta Budget Update Klmat” ShowToc: true date: “2022-10-24” author: “Keith Nevarez”

It’s an exponential escalation from the forecast of a $511 million surplus when the provincial budget was introduced in February. “Of course, a lot of that is thanks to rising commodity prices and royalty revenue,” Kenney, who is on a government trip to South Korea, said Tuesday in a video posted to Twitter. “But we essentially would never have had a balanced budget on the books this year if we hadn’t had control of our spending and the broader growth of Alberta’s economy.” Reporters did not have a chance to ask the prime minister about the figures on Tuesday. The province is experiencing another wave of economic prosperity due to high oil and natural gas prices, along with higher royalty payments from oil and petroleum maturation projects. Story continues below ad 2:03 Alberta ends 2021-22 fiscal year with $3.9 billion surplus Alberta ends 2021-22 fiscal year with $3.9 billion surplus – June 28, 2022 Finance Minister Jason Nixon is set to release more details Wednesday on the province’s finances for the first three months of this fiscal year. Trending Stories

			Mikhail Gorbachev, last Soviet leader to end Cold War, dies aged 91 	   				The proposed update to Canada’s alcohol guidelines suggests just 3 drinks per week 	  



		Read more: Alberta ends latest fiscal year with $3.9 billion surplus as oil and gas surge 		

Kenney said the windfall will allow the province to adjust non-refundable income tax caps and tax scale caps to inflation starting this year. He said that means the average Albertan would see a benefit of $300 and a cost of $300 million to the coffers. The Kenney government was heavily criticized for adjusting the brackets in 2019 after promising not to punish Albertans with more taxes. A recent study from the University of Calgary’s School of Public Policy says the move effectively forced Albertans to pay nearly $647 million more in taxes from 2020 to 2022. Story continues below ad “We never intended to de-index the system in the first place,” Kenney said in his video statement. “But we had to get the province’s finances in order and do it without cutting health care.”

		Read more: Provincial income tax policy costs Albertans more: University of Calgary study 		

Alberta’s economy has weathered the highs and lows of volatile oil prices for decades, with prices falling during the COVID-19 pandemic. As prices recovered, the province submitted a budget this year that projected a surplus of $511 million, dependent on the benchmark West Texas Intermediate oil price averaging 70 barrels. West Texas has been much higher than that, averaging over US$100 a barrel in the first six months of this year and now in the $80 range. Last year’s budget, created during the economic downturn of the COVID-19 pandemic, projected a deficit of $18 billion, but ended up with a surplus of nearly $4 billion. 1:57 PM Kenney warns municipalities it’s too early to spend on oil revenue boom Premier Kenney warns municipalities it’s too early to spend on oil revenue boom – March 10, 2022 © 2022 The Canadian Press

title: “Kenney Announces 13.2 Billion Surplus Ahead Of Alberta Budget Update Klmat” ShowToc: true date: “2022-10-28” author: “Kelly Johnson”

It’s an exponential escalation from the forecast of a $511 million surplus when the provincial budget was introduced in February. “Of course, a lot of that is thanks to rising commodity prices and royalty revenue,” Kenney, who is on a government trip to South Korea, said Tuesday in a video posted to Twitter. “But we essentially would never have had a balanced budget on the books this year if we hadn’t had control of our spending and the broader growth of Alberta’s economy.” Reporters did not have a chance to ask the prime minister about the figures on Tuesday. The province is experiencing another wave of economic prosperity due to high oil and natural gas prices, along with higher royalty payments from oil and petroleum maturation projects. Story continues below ad 2:03 Alberta ends 2021-22 fiscal year with $3.9 billion surplus Alberta ends 2021-22 fiscal year with $3.9 billion surplus – June 28, 2022 Finance Minister Jason Nixon is set to release more details Wednesday on the province’s finances for the first three months of this fiscal year. Trending Stories

			Mikhail Gorbachev, last Soviet leader to end Cold War, dies aged 91 	   				The proposed update to Canada’s alcohol guidelines suggests just 3 drinks per week 	  



		Read more: Alberta ends latest fiscal year with $3.9 billion surplus as oil and gas surge 		

Kenney said the windfall will allow the province to adjust non-refundable income tax caps and tax scale caps to inflation starting this year. He said that means the average Albertan would see a benefit of $300 and a cost of $300 million to the coffers. The Kenney government was heavily criticized for adjusting the brackets in 2019 after promising not to punish Albertans with more taxes. A recent study from the University of Calgary’s School of Public Policy says the move effectively forced Albertans to pay nearly $647 million more in taxes from 2020 to 2022. Story continues below ad “We never intended to de-index the system in the first place,” Kenney said in his video statement. “But we had to get the province’s finances in order and do it without cutting health care.”

		Read more: Provincial income tax policy costs Albertans more: University of Calgary study 		

Alberta’s economy has weathered the highs and lows of volatile oil prices for decades, with prices falling during the COVID-19 pandemic. As prices recovered, the province submitted a budget this year that projected a surplus of $511 million, dependent on the benchmark West Texas Intermediate oil price averaging 70 barrels. West Texas has been much higher than that, averaging over US$100 a barrel in the first six months of this year and now in the $80 range. Last year’s budget, created during the economic downturn of the COVID-19 pandemic, projected a deficit of $18 billion, but ended up with a surplus of nearly $4 billion. 1:57 PM Kenney warns municipalities it’s too early to spend on oil revenue boom Premier Kenney warns municipalities it’s too early to spend on oil revenue boom – March 10, 2022 © 2022 The Canadian Press

title: “Kenney Announces 13.2 Billion Surplus Ahead Of Alberta Budget Update Klmat” ShowToc: true date: “2022-11-19” author: “Ruth Lyon”

It’s an exponential escalation from the forecast of a $511 million surplus when the provincial budget was introduced in February. “Of course, a lot of that is thanks to rising commodity prices and royalty revenue,” Kenney, who is on a government trip to South Korea, said Tuesday in a video posted to Twitter. “But we essentially would never have had a balanced budget on the books this year if we hadn’t had control of our spending and the broader growth of Alberta’s economy.” Reporters did not have a chance to ask the prime minister about the figures on Tuesday. The province is experiencing another wave of economic prosperity due to high oil and natural gas prices, along with higher royalty payments from oil and petroleum maturation projects. Story continues below ad 2:03 Alberta ends 2021-22 fiscal year with $3.9 billion surplus Alberta ends 2021-22 fiscal year with $3.9 billion surplus – June 28, 2022 Finance Minister Jason Nixon is set to release more details Wednesday on the province’s finances for the first three months of this fiscal year. Trending Stories

			Mikhail Gorbachev, last Soviet leader to end Cold War, dies aged 91 	   				The proposed update to Canada’s alcohol guidelines suggests just 3 drinks per week 	  



		Read more: Alberta ends latest fiscal year with $3.9 billion surplus as oil and gas surge 		

Kenney said the windfall will allow the province to adjust non-refundable income tax caps and tax scale caps to inflation starting this year. He said that means the average Albertan would see a benefit of $300 and a cost of $300 million to the coffers. The Kenney government was heavily criticized for adjusting the brackets in 2019 after promising not to punish Albertans with more taxes. A recent study from the University of Calgary’s School of Public Policy says the move effectively forced Albertans to pay nearly $647 million more in taxes from 2020 to 2022. Story continues below ad “We never intended to de-index the system in the first place,” Kenney said in his video statement. “But we had to get the province’s finances in order and do it without cutting health care.”

		Read more: Provincial income tax policy costs Albertans more: University of Calgary study 		

Alberta’s economy has weathered the highs and lows of volatile oil prices for decades, with prices falling during the COVID-19 pandemic. As prices recovered, the province submitted a budget this year that projected a surplus of $511 million, dependent on the benchmark West Texas Intermediate oil price averaging 70 barrels. West Texas has been much higher than that, averaging over US$100 a barrel in the first six months of this year and now in the $80 range. Last year’s budget, created during the economic downturn of the COVID-19 pandemic, projected a deficit of $18 billion, but ended up with a surplus of nearly $4 billion. 1:57 PM Kenney warns municipalities it’s too early to spend on oil revenue boom Premier Kenney warns municipalities it’s too early to spend on oil revenue boom – March 10, 2022 © 2022 The Canadian Press