Breakenridge: Expert panel needed to review Alberta's revenue sources |
If last month’s announcement of the fall referendums was meant to distract from the bad news budget, it turns out such a ploy was unnecessary.
Global events have provided far more than just a distraction from Alberta’s latest budget — they’ve likely rendered it all but irrelevant.
The forecast of $60-per-barrel West Texas Intermediate (WTI) oil now seems completely out the window as the conflict in Iran has pushed those oil prices closer to $100 per barrel. We’re likely past the point where even a quick resolution to the conflict would settle those prices back to recent levels.
Alberta’s forecasted $9.4-billion deficit for the coming fiscal year is likely now to be much lower. In fact, it could be wiped out altogether, depending how circumstances play out.
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But even if the red ink turns black, it doesn’t undo the decisions that led to the deficit in the first place. It’s a tale as old as time in Alberta, where resource revenues come to the rescue of governments that can’t otherwise figure out how to keep spending and revenue in balance.
When resource revenues........