Alberta premier says budget will be accompanied by a 10-year plan that will remake how province earns and spends money.
Changes speak to the volatility of oil prices, provincial finance minister says.
Credit agency is skeptical the province’s planned spending restraints won’t be enough to return the province to balance.
To do nothing would add $20 billion in debt over the next three years just to run the government, finance minister says.
Premier sticks to liquefied natural gas plans, and expects to have three plants in operation the province by 2020.
Premier Prentice says the government could see a $7-billion drop in resource revenue.
Premier reiterates plan to look for in-house savings.
The opposition NDP and Torys say the Liberals have limited options to stem the flow of red ink.
Credit agency warns the Kathleen Wynne’s Liberals must make a considerable shift “from recent trends” to meet deficit targets.
The Ontario Liberals have a $130.4-billion spending blueprint aimed at stimulating the economy.
That’s just 0.5% of the province’s budget, which hovers around $120 billion.
Plan includes cuts to corporate and personal taxes, and eliminating restrictions on skilled trade certifications.
Volatile oil and gas prices will force province to hold the line on spending, finance minister Horner says.
Potash and other revenues fall.
Public service layoffs and program cuts have already started as anxious workers wait for more bad news.