Alberta Budget 2024 balances fiscal responsibility with key investments

Calgary, February 29, 2024 – The Calgary Chamber of Commerce is pleased to see Budget 2024 prioritize fiscal responsibility, while making important investments in diversification, decarbonization and vibrancy. The budget tabled today promotes talent and labour attraction, advances economic reconciliation and helps future-proof critical industries like agriculture and energy. However, we would have liked to see further investments for small businesses, technology and innovation, and housing affordability.

“Budget 2024 addresses several of the key asks of the Calgary Chamber’s business community including investments in carbon capture, drought mitigation, arts infrastructure, post-secondary and mental health,” says Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. “At the same time, we encourage the government to renew its focus on small businesses, innovation and transformative technology, downtown vibrancy and housing affordability – particularly in light of our growing population.”

Aligned with our recommendations, the Calgary Chamber is pleased to see:

• Investments in the Heritage Savings Trust Fund and debt repayment, with an eye to ensure long-term sustainability and a continued low tax environment.
• Advancement of the Alberta Carbon Capture Incentive Program (ACCIP), with significant funding, $393 million over the next four years, and confirmation it will be resource-agnostic. We encourage the government to provide clarity on longer-term funding and the terms for accessing the program.
• Infrastructure that supports vibrancy and talent attraction, including support for Arts Commons and Olympic Plaza Transformation, Glenbow Museum, and Rivers District and Event Center.
• A commitment to increase the aggregate loan guarantee for the Alberta Indigenous Opportunities Corporation (AIOC) to $3 billion through 2024-25, advancing economic reconciliation.
• Support for the agriculture industry, including $125 million for drought mitigation, $400 million for water management and irrigation projects, and $49 million in reinsurance costs.
• A commitment to increase funding at the University of Calgary by $55 million, resulting in 1,000 additional seats in STEM programming, as well as $100 million in funding for apprenticeships.
• Funding for public transit, including $43 million to Calgary’s Blue Line LRT project.
• A 12.7 per cent increase in tourism and sport funding, helping springboard the sector’s success and international profile.
• Funding for mental health increased by $32 million, acknowledging the growing concerns, and impact to personal well-being and economic productivity.

While we are pleased to see several key investments advanced, the Chamber will continue to advocate for the following policy measures, critical to business success:

• Increased support for small businesses, including eliminating the small business tax.
• A clear strategy to address housing affordability for market housing, acknowledging the average rent has increased 10.4 per cent in Calgary, and efforts to attract more people to Alberta are ongoing.
• A focus on diversification and innovation, including a transformational digital policy, funding for incubators and accelerators, and support for the film and television sector to establish the full value chain in Alberta.
• Greater clarity on the future of the electricity market, and policies to ensure affordable, reliable and clean electricity.

We look forward to working closely with the provincial government to ensure Alberta remains a stable and competitive jurisdiction that attracts talent and investment. We encourage the government to continue consulting Calgary’s business community as they advance and implement the announcements made in Budget 2024.

ABOUT THE CALGARY CHAMBER OF COMMERCE

The Calgary Chamber of Commerce exists to help businesses reach their potential. 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 founded in 1891, we build on our history to serve and advocate for businesses of all sizes, in all sectors across the city.

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