Province’s revenue holding steady, fiscal update shows

EDMONTON – A first-quarter fiscal update from the Alberta government is reporting consistent revenues compared with the same period last year.

The province says it brought in $13.4 billion from April to June almost identical to the number in 2018.

It says resource revenue was $164 million higher, mainly from a narrower oil price differential.

Income tax revenue was also up due to growth in household income and corporate profits.

But it says operating expenses grew $270 million and debt servicing costs increased $93 million.

“This Q1 report shows just how much work is needed to get Alberta back on track,” said Travis Toews, President of Treasury Board and Minister of Finance. “Burdened with cost pressures and compounding debt left by previous governments, we have to find ways to exercise restraint.”

Premier Jason Kenney has said he won’t release his United Conservative government’s first budget until the fall to give an appointed panel time to examine Alberta’s finances.