CALGARY, AB (February 24, 2015): Despite enjoying record revenues, the PC government is still on track to borrow over $3 billion and is set to post a $2 billion consolidated deficit by the end of this fiscal year, the Wildrose Official Opposition said today.
With today’s fiscal update, Alberta is set to be $16.6 billion in debt by the end of 2016. Wildrose Finance Critic Drew Barnes said years of poor economic management by the PCs has left Alberta forced to stare down mounting debt and a growing fiscal crisis.
“Instead of holding spending back on things like $55 million pay raises to senior managers, billions of dollars in corporate welfare or $400 million for new MLA offices, this government has let Alberta’s finances balloon out of control,” Barnes said. “While Mr. Prentice is determined to bring in job-killing tax hikes to make Albertans pay for PC mismanagement, the Wildrose will be focused on ideas to roll back these costs and shrink the size of government.”
A recent report showed Alberta’s government is losing out on an extra $8 billion this year alone due to years of wasteful PC spending.
Barnes noted the government continues to use Redford-era budget presentation, despite promises from Prentice in the summer to put an end to the practice.
With small business owners reporting a decline of confidence in Alberta as a business-friendly environment, and worsening economic forecasts, Barnes said more immediate steps are needed to put Alberta’s finances back on track.
“We have the most expensive government in Canada that spends well above the national average across the board,” Barnes said. “It’s time for a leaner more efficient government that lives within its means and targets spending to front line services.”
A graph breaking down the third quarter update is available here.