The Alberta government said it has balanced its budget for the third consecutive year, ending the 2023/2024 fiscal year with a $4.3 billion surplus. Because the Alberta government was able to balance the budget, it said it was able to pay down debt, put money into the Alberta Heritage Savings Trust Fund, and bring in measures such as income tax indexation and fuel tax relief. “Our government has kept its promise to balance our budget and provide Albertans the services and supports they need,” said Alberta Treasury Board President and Finance Minister Nate Horner in a Thursday press release. “We will keep building opportunity so that our children and grandchildren can continue to benefit, grow and share in the province’s prosperity.”The Alberta government’s fiscal plans have earned it credit upgrade ratings from multiple organizations, including Fitch’s recent upgrade to AA. It said improved credit ratings make borrowing cheaper and attract investment and growth that will create more jobs and opportunities for people and businesses. It pointed out it is committed to paying down debt. To address debt repayment, it allocated $3.7 billion to it, with $1.7 billion repaid in 2023-2024 and another $2 billion coming due in 2024-2025. Alberta's debt sits at $77.8 billion. That works out to $16,750 per Albertan. It grew the market value of the Heritage Fund to a record high of $22.9 billion. That included $1.7 billion in annual investment earnings.At the same time, it said it provided the highest-ever levels of funding in 2023-2024 to strengthen healthcare and education and supported Albertans through last year’s wildfires, floods, and droughts and the cost of living crisis. To respond to natural disasters, it said it provided $3 billion in disaster and emergency relief.Albertans saved $1.1 billion in 2023-2024 as it paused the fuel tax, saving them 13 cents per litre in 2023. They continued to save money when they fueled up their vehicles in 2024 at a reduced rate. Indexation of personal income taxes to inflation saved Albertans another $680 million in 2023-2024. People receiving social benefits saw their payments rise.The Alberta government went on to say revenue in 2023-2024 was $74.7 billion — $4.1 billion more than estimated in Budget 2023. This included $19.3 billion in non-renewable resource revenue — up from the $18.4 billion estimated in Budget 2023 — due to increased demand for heavier crude and the Trans Mountain Pipeline being expanded. It said it collected $26.7 billion in tax revenue — $1.76 billion higher than estimated in Budget 2023. This included $7 billion in corporate tax revenue and $15.2 billion in personal income tax revenue. Oil prices pulled back from the highs of 2022. However, they remained solid, with a barrel of West Texas Intermediate averaging US$77.83 per barrel in 2023-2024. The Alberta government continued by saying expenses were $70.4 billion in 2023-2024 — $2.2 billion more than estimated in Budget 2023 due to disaster and emergency supports. Expenses included $27.4 billion for healthcare and $16.4 billion for education. Debt servicing costs were $3.1 billion in 2023-2024 — higher than the year before because Alberta faced higher interest rates. The Alberta government said in 2023 it was rolling in the dough, forecasting a $2.4 billion surplus in Budget 2023. READ MORE: Budget 2023: Alberta forecasts a surplus of $2.4 billion“Fiscal responsibility matters,” said former Alberta Treasury Board president and finance minister Travis Toews.“It’s been key to achieving our strong fiscal standing and will be essential for sustainable program delivery in the future.”
The Alberta government said it has balanced its budget for the third consecutive year, ending the 2023/2024 fiscal year with a $4.3 billion surplus. Because the Alberta government was able to balance the budget, it said it was able to pay down debt, put money into the Alberta Heritage Savings Trust Fund, and bring in measures such as income tax indexation and fuel tax relief. “Our government has kept its promise to balance our budget and provide Albertans the services and supports they need,” said Alberta Treasury Board President and Finance Minister Nate Horner in a Thursday press release. “We will keep building opportunity so that our children and grandchildren can continue to benefit, grow and share in the province’s prosperity.”The Alberta government’s fiscal plans have earned it credit upgrade ratings from multiple organizations, including Fitch’s recent upgrade to AA. It said improved credit ratings make borrowing cheaper and attract investment and growth that will create more jobs and opportunities for people and businesses. It pointed out it is committed to paying down debt. To address debt repayment, it allocated $3.7 billion to it, with $1.7 billion repaid in 2023-2024 and another $2 billion coming due in 2024-2025. Alberta's debt sits at $77.8 billion. That works out to $16,750 per Albertan. It grew the market value of the Heritage Fund to a record high of $22.9 billion. That included $1.7 billion in annual investment earnings.At the same time, it said it provided the highest-ever levels of funding in 2023-2024 to strengthen healthcare and education and supported Albertans through last year’s wildfires, floods, and droughts and the cost of living crisis. To respond to natural disasters, it said it provided $3 billion in disaster and emergency relief.Albertans saved $1.1 billion in 2023-2024 as it paused the fuel tax, saving them 13 cents per litre in 2023. They continued to save money when they fueled up their vehicles in 2024 at a reduced rate. Indexation of personal income taxes to inflation saved Albertans another $680 million in 2023-2024. People receiving social benefits saw their payments rise.The Alberta government went on to say revenue in 2023-2024 was $74.7 billion — $4.1 billion more than estimated in Budget 2023. This included $19.3 billion in non-renewable resource revenue — up from the $18.4 billion estimated in Budget 2023 — due to increased demand for heavier crude and the Trans Mountain Pipeline being expanded. It said it collected $26.7 billion in tax revenue — $1.76 billion higher than estimated in Budget 2023. This included $7 billion in corporate tax revenue and $15.2 billion in personal income tax revenue. Oil prices pulled back from the highs of 2022. However, they remained solid, with a barrel of West Texas Intermediate averaging US$77.83 per barrel in 2023-2024. The Alberta government continued by saying expenses were $70.4 billion in 2023-2024 — $2.2 billion more than estimated in Budget 2023 due to disaster and emergency supports. Expenses included $27.4 billion for healthcare and $16.4 billion for education. Debt servicing costs were $3.1 billion in 2023-2024 — higher than the year before because Alberta faced higher interest rates. The Alberta government said in 2023 it was rolling in the dough, forecasting a $2.4 billion surplus in Budget 2023. READ MORE: Budget 2023: Alberta forecasts a surplus of $2.4 billion“Fiscal responsibility matters,” said former Alberta Treasury Board president and finance minister Travis Toews.“It’s been key to achieving our strong fiscal standing and will be essential for sustainable program delivery in the future.”
