Alberta forecasts $8.5 billion surplus for 2008-09

Finance and Enterprise Minister Iris Evans released the province's First Quarter Update yesterday. It shows a forecast surplus of $8.5 billion for 2008-09, $7 billion higher than predicted in Budget 2008.

"Alberta's economy continues to do well despite a general slowdown in global economic activity," says Evans. "The additional revenue from the surplus gives us the opportunity to address the priorities of Albertans, including caring for our environment through the carbon capture and Green TRIP funds."

The surplus will be used to create one $2 billion fund to advance carbon capture and storage projects and another $2 billion fund to support energy-saving public transit initiatives (Green TRIP). And additional $1 billion will be placed into government's capital account for infrastructure projects. Another $2.5 billion will be placed into savings, increasing government savings this year to $3.1 billion.

For more information, go here.

Image courtesy of Government of Alberta

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