Federal government offers Alberta $251 million in fiscal stabilization funds
Federal Finance Minister Bill Morneau has approved Alberta's request for fiscal stabilization funds. The fund applies to provinces that experience more than a 5% drop in non-resource revenue.
Morneau said the $251 million payment demonstrates the government's commitment to addressing the challenges facing middle class families and those struggling with the economic downturn. The cash injection amounts to $60 per Albertan.
This is the first time the federal government has handed out a stabilization payment in 20 years. Alberta has paid over $200 billion in equalization payments to Ottawa over the past 5 years. The federal government has denied requests from Alberta and Saskatchewan to re-examine the equalization formula.