Without question, the past 12 months have been some of the most difficult and trying in our lifetimes. A year has been swallowed by a virus that’s upended the status quo and wreaked havoc on everything from our health-care systems to our economy.
Alberta’s 2021 budget, tabled yesterday by Finance Minister Travis Toews, aims to maneuver within these realities, many of which have had a major impact on the lives of BTA affiliate members and their families.
Below is a quick overview of some key budget areas of particular interest to BTA membership:
Projected deficits:
– $20.2 billion shortfall for 2020-2021
– $18.2 billion shortfall for 2021-2022
– $11 billion shortfall for 2022-2023
– $8 billion shortfall for 2023-2024
Projected revenues:
– $42.3 billion for 2020-2021
– $43.7 billion for 2021-2022
– $47.4 billion for 2022-2023
– $50.9 billion for 2023-2024
Projected expenses:
– $55.5 billion for 2020-2021 (including $5.8 billion for COVID-19 recovery)
– $57.3 billion for 2021-2022
– $57.1 billion for 2022-2023
– $58 billion for 2023-2024
Projected unemployment rates:
– 9.9% in 2021
– 8.4% in 2022
– 7.3% in 2023
– 6.3% in 2024
Projected West Texas Intermediate (WTI):
– $46 per barrel for 2021-2022
– $55 per barrel for 2022-2023
– $56.50 per barrel for 2023-2024
Infrastructure and capital projects:
– Additional $1.7 billion to capital plan for a three year total capital spend of $20.7 billion
– 41 new infrastructure projects province-wide, aim is to increase private-sector investment and projects that benefit communities and create employment
– Projected to generate 90,000 jobs over the next three years
Training:
– $900-million for skills development and job training in key economic sectors, with focus on economic diversification and new technologies
Health:
– $143-million over three years for new facilities and health care infrastructure
– $900-million boost to health spending (mostly aimed at reducing backlog of procedures due to COVID-19)
– $3.5 billion to community care, continuing care and home care
– $140-million over four years to increase mental health supports
Building Trades of Alberta encourages all members and Albertans to learn more about Budget 2021, here.
