Alberta budget surplus announcement good news for all. Tuesday the Alberta government released latest budget information for the province. Finance and Enterprise Minister Iris Evans released the province's First Quarter Update, showing a forecast surplus of $8.5 billion for 2008-09, $7 billion higher than predicted in Budget 2008.
Higher-than-budgeted resource revenues will enable government to increase its savings this year and cover the full cost of two new initiatives aimed at reducing greenhouse gases. Cash available as a result of 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). An additional $1 billion will be placed into government's capital account for infrastructure projects. Another $2.5 billion will be placed into savings, boosting government savings this year to $3.1 billion.
Strong economic news.
More on the Alberta Budget surplus click here.