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Budget 2014 March 6, 2014

Budget 2014 March 6, 2014. Fully balanced budget. Economic strength. Real Gross Domestic Product (GDP) Growth. Economic strength. Unemployment rate, 2013. Oil price differential. $10. $37. 2013 Flood. $1.1 B in provincial support over next 3 years $222 M operational expense

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Budget 2014 March 6, 2014

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  1. Budget 2014March 6, 2014

  2. Fully balanced budget

  3. Economic strength • Real Gross Domestic Product (GDP) Growth

  4. Economic strength • Unemployment rate, 2013

  5. Oil price differential $10 $37

  6. 2013 Flood • $1.1 B in provincial support over next 3 years • $222 M operational expense • $859 M on capital Money to help people and businesses for reconstruction and mitigation

  7. Booming population

  8. Priority spending

  9. Investing in families andcommunities 2014/15: $1 B increase to core programs • New operating funding for: • Health • K-12schools • Post-secondary education • Human services

  10. Comparing expense growth topopulation plus inflation growth

  11. Building Alberta Increasing net assets

  12. Building Alberta Estimated Assets and Liabilities, March 31, 2015 Alberta is the only province in Canada with net assets ($45 B)

  13. The 4 rules of borrowing Limited to 3.0% of operational revenue Must protect Alberta’s AAA credit rating Borrowing only for the capital plan Must have a clear repayment plan

  14. A plan for debt repayment Annual amounts set aside for debt repayment

  15. Future asset position By 2017, Alberta will have $49B of net assets • $61B in financial assets • $34B in capital assets • $22B of capital debt (thru P3s and direct borrowing) • After a 30-year amortization the debt will be paid off

  16. Net debt to GDP

  17. Investing in our future Total Savings Plan expected to reach $26B by 2016-17

  18. Savings Management Act • Investing in our future $1 B (by 2015-16) $2 B (by 2023-24) $200 M(2014-15) $200 M(2014-15)

  19. Budget 2014 www.budget.alberta.ca twitter.com/AB_TB_Finance#ABbudget

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