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- Title
From Famine to Feast: The Evolution of Budgeting Rules in Alberta.
- Authors
Kneebone, Ronald D.
- Abstract
The government of Alberta enjoys the benefits of receiving substantial amounts of revenue from the sale of fossil fuels. However, these revenues are highly variable, and this makes budget planning difficult. Budgeting is made even more difficult by a commitment to avoid deficits and by the fact that these revenues are earned from a non-renewable resource, a characteristic that suggests the need to save a substantial portion of these funds. This article reviews and evaluates the government's response to these challenges through the use of fiscal rules. The rules have been changed as the government has learned from experience, An important part of Alberta's experience has been the usefulness of fiscal anchors in the form of zero-deficit and zero-debt rules in guiding the government's fiscal choices over time. Concerns about the government's current fiscal situation stem from the absence of a new fiscal anchor for budget planning following the achievement of a succession of surpluses and the elimination of the provincial debt.
- Subjects
ALBERTA; REVENUE; FOSSIL fuels; BUDGET; BUDGET surpluses; PUBLIC debts; DEBT; TAXATION
- Publication
Canadian Tax Journal / Revue Fiscale Canadienne, 2006, Vol 54, Issue 3, p657
- ISSN
0008-5111
- Publication type
Article