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Over these past few months, Albertans have expressed very clearly that they want change; an overhaul of the way we approach and prepare for our future. Premier Redford’s first Budget represents this change as it puts forward new ideas, and exercise fiscal responsibility while ensuring support for our most vulnerable. It also signals that our province is ready to take on a new leadership role in Canada and the world–a foundational shift Albertans want and deserve. |
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Budget 2012 invests in families, communities and supports for the vulnerable while maintaining Alberta’s tax advantage with no rate increases
The Government of Alberta is following through on its commitment to Albertans by responsibly investing in programs that support Albertans’ quality of life without raising taxes, and by positioning the province to balance the budget by 2013-14.
Investing in People and Our Province
Approximately 75 per cent of the province’s budget is allocated to the core programs of health, education and human services. This includes new strategic investments in health care, a strengthened child care subsidy program, and increases to monthly benefits for income supports clients and recipients of the Assured Income for the Severely Handicapped program.
In addition, Budget 2012 establishes three-year predictable funding for school boards, post-secondary institutions and municipalities to allow greater stability and improved planning.
Over the next three years, $16.5 billion will be allocated to public infrastructure to support Albertans’ quality of life and to help position the province for economic growth, including $5.6 billion to support municipal infrastructure.
Additional investments in environmental monitoring and reporting, beginning in the Lower Athabasca Region, will assist in advancing Alberta’s resource stewardship along with ongoing funding to encourage green energy production, public transit through the GreenTRIP program, bioenergy initiatives and climate change adaptation.
Enhanced funding and tax incentives will also support research efforts in key areas such as agriculture, energy and environment.
Revenues and Economic Outlook
Alberta remains in a solid economic position, despite continued uncertainty in the global marketplace, with the province leading the nation in employment growth and wage levels, a strong demand for oil, high prices for agricultural products and gains in business investment.
Economic growth is forecast to be 3.8 per cent in 2012, almost double the anticipated growth for the entire country and for the United States.
As the Alberta economy continues to strengthen, government revenues are expected to exceed $40 billion for the first time in Alberta’s history in 2012-13. Revenue is forecast to reach $49 billion by 2014-15, mainly due to higher income tax revenue, strengthening bitumen royalties, and higher federal transfers.
Savings set aside in the Sustainability Fund will be used to offset an $886 million deficit in 2012-13. A balanced budget is forecast for the following fiscal year, with projected surpluses of nearly $1 billion in 2013-14 and $5.2 billion in 2014-15.
Going forward, in consultation with Albertans, government will examine its revenue sources and savings strategy to reduce the province’s dependence on volatile resource revenues.
Along with a comprehensive review of all government programs and services, Alberta’s 20-year capital plan will be updated to ensure it aligns with Albertans’ priorities, providing the necessary infrastructure in a cost-effective and sustainable manner. |
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What Budget 2012 means for Calgary
Budget 2012 will have positive effects on the City of Calgary over the next year alone, through the following Capital Projects:
- as part of a $240.4 million P3 Project, several schools will open between September 2012 and January 2013;
- 211 affordable supportive living spaces will be created for our seniors along with 30 long-term care spaces totalling $24.4 million;
- SAIT will be able to add 3,600 new spaces as part of $300 million provincial support and Bow Valley College will be able to add 3,500 spaces with $170.2 million allocated to phase two of their expansion; and
- the South Health Campus is scheduled to open this fall, after a total of $1.3 billion will have been invested in the project.
The 2012 budget is one that was created to provide Albertans with the outcomes that they are looking for. If you would like to learn more, please visit: http://budget2012.alberta.ca. |
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