Alberta has announced a significant $4.3 billion surplus for the fiscal year that ended in March 2024. Finance Minister Nate Horner attributed this positive outcome to strong revenue generation, particularly from non-renewable resources, which brought in over $19 billion. The province also experienced a higher tax take due to an influx of new residents. Despite these positive factors, Alberta’s spending exceeded expectations, reaching over $70 billion. This increased spending was largely driven by the need to address natural disasters and invest in a comprehensive overhaul of the province’s health system.
Beyond its fiscal performance, Alberta also made significant strides in strengthening its long-term financial security. The Heritage Savings Trust Fund, the province’s long-term savings vehicle, grew to nearly $23 billion. While debt servicing costs amounted to $3 billion, Minister Horner emphasized the province’s commitment to prudent fiscal management, citing credit rating upgrades from several agencies as evidence of this commitment.
“Our government has kept its promise to balance our budget and provide Albertans the services and supports they need,” said Horner in a statement on Thursday. “We will keep building opportunity so that our children and grandchildren can continue to benefit, grow and share in the province’s prosperity.”
The announcement of a surplus follows a period of economic uncertainty and challenges for Alberta, including wildfires and volatile oil prices. This positive financial performance signals a strong foundation for continued economic growth and prosperity in the province.
