Once again, the oilsands business is helping boost Alberta’s balance. The province’s first quarter financial update says the province’s surplus is expected to grow by $300 million this year, which covers $2.8 billion in borrowing. Finance Minister Doug Horner says borrowing for infrastructure projects is now forecast to be just over $2 billion in 2014-15.
“A full surplus give us options that other provinces and countries don’t have, such as using more cash to build infrastructure, while maintaining investment in priority programs and services. We have turned a corner financially. Albertans can be confident this government will continue to make our province the best place anywhere to live, work and invest,” said Horner in a news release.
The Wildrose Party says borrowing in such times isn’t necessary, but Horner says infrastructure is needed right now to deal with Alberta’s growing pains.
The update came under fire from the NDP, which says the province has to stop relying on unstable resource revenues to fund regular services.
