Provincial budget reflects fiscal prudence, Chamber encourages greater support for Calgary

Calgary, Alberta, February 28, 2023 – The Calgary Chamber is pleased to see a strong commitment to fiscal responsibility in the 2022-23 provincial budget, including a deliberate fiscal framework and strategic investments in initiatives that seek to diversify and improve economic competitiveness across the province. However, the Chamber would have liked to see greater funding for investments in downtown vibrancy, supports for businesses including tax incentives and clear commitments to emissions reductions technology.

While the Chamber is encouraged by the balanced budget and allocation of the $10.4 billion surplus – recognizing the importance of saving for the future and paying down debt – significant investment in strategic infrastructure such as Arts Commons Transformation, Calgary’s Culture + Entertainment District and the Olympic Oval remains critical to attracting talent and investment.

"There are some strong steps forward in today’s budget, but a few missed opportunities as well. The fiscal framework leverages the provincial surplus, which is important in ensuring stability for the Alberta economy for today and the future," says Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. "However, as the biggest city in the province, we’re disappointed to see little support for Calgary in the context of downtown revitalization, and the businesses who drive our economic prosperity – especially given Calgary is the corporate headquarters for the province, where important investment decisions are made that affect the provincial economy."

The Chamber was pleased to see the following funding commitments in the budget:

• A strong commitment to fiscal responsibility by ensuring a balanced budget for 2023 and beyond and a commitment to pay down debt while saving for the future.
• A commitment to reinvesting the interest generated from the Heritage Savings Trust Fund to ensure future generations are less reliant on commodity cycles.
• Continued supports to address rising costs for businesses, including the continuation of fuel tax relief and targeted investments to improve Alberta’s supply chain infrastructure.
• Investments in economic diversification by adding $100 million to the Film and Television Tax Credit, and through the creation of an Agri-Processing Investment Tax Credit to encourage investment in the value‑added agricultural manufacturing sector.
• Measures to address Alberta’s labour gap including the extension of the Alberta at Work program and additional funding toward accessible childcare, strengthening labour force participation across the province.
• Investments in strategic infrastructure that promote businesses and the workforce, including investments in municipal infrastructure, Alberta’s broadband networks, supply chain infrastructure and Calgary’s public transportation network.

We look forward to working with the government on the following policy initiatives that would support businesses and accelerate Calgary’s economic prosperity, such as:

• Significant investments in Calgary’s downtown including for sport, arts, entertainment and culture infrastructure, as well as safety.
• Targeted supports for Carbon Capture Utilization and Storage projects through a stackable production investment tax credit.
• Further funding for post-secondary institutions and skills programs to develop the workforce of today and tomorrow, including more funding for increased seat capacity, and investments in office to post-secondary conversions.
• Greater support for decarbonization projects, including critical minerals, nuclear projects and further investments in advanced manufacturing.
• Advancing the development of a more inclusive provincial economy by ensuring economic opportunities are available to all individuals, helping businesses access the talent they need.

Following this cursory review, the Calgary Chamber will continue to analyze the specifics of Budget 2023 to provide further comment and insight. As the voice of Calgary’s business community, the Calgary Chamber will actively engage with key decision makers to ensure the government creates an environment for businesses to succeed. We look forward to working with the province to ensure Calgary’s business community remains top of mind in the legislative session ahead.

ABOUT THE CALGARY CHAMBER OF COMMERCE

The Calgary Chamber exists to help businesses thrive. As the convenor and catalyst for a vibrant, inclusive, and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification, and opportunity. As an independent, non-profit, non-partisan organization, we build on our 131-year history to serve and advocate for businesses of all sizes, in all sectors, and across the city.

Media opportunities

For media inquiries, please contact Shannon Hazlett, Senior Public Relations Advisor, at media@calgarychamber.com.