|By Marketwired .||
|July 24, 2014 08:15 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 07/24/14 -- Despite a wealth of natural resources and booming economy, the Alberta government's finances fall short when compared to other energy-rich North American jurisdictions, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
The study, An Economic and Fiscal Comparison of Alberta and Other North American Energy-Producing Provinces and States, compares Alberta to Saskatchewan, Newfoundland and Labrador, Alaska, Wyoming, Louisiana, Oklahoma, Texas, North Dakota and Colorado.
"Considering the strength of the Alberta economy, most Albertans likely assume that the province's finances are in order, but when compared to other energy-producing provinces and states, Alberta loses its lustre," said Livio Di Matteo, study co-author, Fraser Institute senior fellow and economics professor at Lakehead University.
For example, post-recession, Alberta has struggled to balance its books, despite a strong economy. Of the 10 energy-producing jurisdictions analyzed in the study, Alberta was one of only three to incur a deficit (spending exceeded revenues) in 2011-12, the most recent year of comparable data. Meanwhile, both of Canada's other energy-producing provinces, Saskatchewan and Newfoundland and Labrador, enjoyed surpluses in 2011-12.
Moreover, Alberta's deficit in 2012-13 ballooned from 0.1 per cent of provincial spending to almost seven per cent.
Consequently, continuous deficit spending has drained the province's rainy day funds. Alberta's net assets (total assets minus total liabilities) plummeted from $31.5 billion in 2007-08 to $12.1 billion in 2012-13-a loss of $19.4 billion in just five years. During that same period, Saskatchewan and Newfoundland and Labrador were able to reduce their debt by $2.2 billion and $1.6 billion, respectively.
And the problem isn't a lack of revenue. Alberta's spending on programs increased by $22.1 billion-more than needed to account for inflation and population growth since 2005-06. Had the government simply maintained spending rates based on inflation and population growth, Alberta would have enjoyed successive balanced budgets.
"Increased government spending-not a dearth of revenues-has saddled Alberta with budgets deficits at a time when most other energy-producing jurisdictions in North America enjoy surpluses," Di Matteo said.
Continuous deficits also deny Albertans tax relief and the fruits of tax reform.
When compared to the U.S. states analyzed in the study, Alberta's tax rates are generally higher and its tax system markedly unique. For example, Alaska, Texas and Wyoming impose no personal income taxes, and Wyoming and Texas also impose no corporate income tax while relying more heavily on consumption taxes such as sales tax.
Finally, the study spotlights a largely ignored weakness in Alberta's economic performance, which could threaten the province's future prosperity. Alberta ranked dead last (among the analysed jurisdictions) for productivity growth over the last decade with an average growth rate of 0.4 per cent compared to an average of 1.6 per cent for the other jurisdictions. North Dakota, which ranked first in productivity growth, recorded an amazing average growth rate of 4.1 per cent.
"Alberta's poor productivity growth should trouble policy-makers since growing productivity is key to increasing incomes and standards of living for Albertans and their families," Di Matteo said.
"Despite its impressive economy, Alberta cannot rest on its laurels and must ensure its future competitive edge by boosting economic productivity, controlling spending, restoring long-term fiscal balance and reforming its tax system," Di Matteo said.
The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to measure, study, and communicate the impact of competitive markets and government intervention on the welfare of individuals. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org.
The Fraser Institute - Media Contact
Livio Di Matteo
The Fraser Institute - Media Contact
The Fraser Institute
Media Relations Specialist
(604) 688-0221 ext. 517
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Dec. 20, 2014 01:00 PM EST Reads: 1,065
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Dec. 20, 2014 01:00 PM EST Reads: 1,073
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 20, 2014 12:00 PM EST Reads: 1,921
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Dec. 20, 2014 11:30 AM EST Reads: 2,356
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 20, 2014 11:00 AM EST Reads: 1,936
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
Dec. 20, 2014 11:00 AM EST Reads: 2,234
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
Dec. 20, 2014 10:45 AM EST Reads: 2,217
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
Dec. 20, 2014 10:00 AM EST Reads: 1,739
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
Dec. 20, 2014 10:00 AM EST Reads: 2,003
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
Dec. 20, 2014 09:00 AM EST Reads: 1,932
AppZero has announced that its award-winning application migration software is now fully qualified within the Microsoft Azure Certified program. AppZero has undergone extensive technical evaluation with Microsoft Corp., earning its designation as Microsoft Azure Certified. As a result of AppZero's work with Microsoft, customers are able to easily find, purchase and deploy AppZero from the Azure Marketplace. With just a few clicks, users have an Azure-based solution for moving applications to the...
Dec. 20, 2014 09:00 AM EST Reads: 946
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 20, 2014 08:00 AM EST Reads: 1,272
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada...
Dec. 20, 2014 07:00 AM EST Reads: 2,083
SYS-CON Events announced today that AIC, a leading provider of OEM/ODM server and storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. AIC is a leading provider of both standard OTS, off-the-shelf, and OEM/ODM server and storage solutions. With expert in-house design capabilities, validation, manufacturing and production, AIC's broad selection of products are highly flexible and are conf...
Dec. 20, 2014 07:00 AM EST Reads: 1,860