Alberta is on course to record a $2.4-billion surplus at the end of 2023-24, despite an unprecedented wildfire season and ongoing economic volatility. This is $94 million higher than forecast in Budget 2023.
Strong and prudent fiscal management will help Alberta remain the economic engine of Canada. The government's new fiscal framework requires the government to use at least half of available surplus cash to pay down debt, freeing up money that can support the needs of Alberta families now and for decades to come. Based on the first quarter update, Alberta plans to eliminate $2.6 billion in taxpayer-supported debt this fiscal year.
“Alberta's finances remain strong, and thanks to our new fiscal framework, Alberta's fiscal position is poised to become even stronger. Our continued priorities of paying down debt and saving for the future will ensure we have the capacity to meet Albertans' needs both today and well into the future.”
Nate Horner, President of Treasury Board and Minister of Finance
After the required 50 per cent of projected available surplus cash is used to pay off maturing debt, remaining surplus cash will be allocated to the Alberta Fund, where it can be used for additional debt repayment, contributions to the Alberta Heritage Savings Trust Fund and one -time initiatives that do not lead to a permanent increase in government spending. A projected $2.6 billion will be set aside in the Alberta Fund in 2023-24.
Alberta is on course to record a $2.4-billion surplus at the end of 2023-24, despite an unprecedented wildfire season and ongoing economic volatility. This is $94 million higher than forecast in Budget 2023.
Strong and prudent fiscal management will help Alberta remain the economic engine of Canada. The government's new fiscal framework requires the government to use at least half of available surplus cash to pay down debt, freeing up money that can support the needs of Alberta families now and for decades to come. Based on the first quarter update, Alberta plans to eliminate $2.6 billion in taxpayer-supported debt this fiscal year.
“Alberta's finances remain strong, and thanks to our new fiscal framework, Alberta's fiscal position is poised to become even stronger. Our continued priorities of paying down debt and saving for the future will ensure we have the capacity to meet Albertans' needs both today and well into the future.”Nate Horner, President of Treasury Board and Minister of Finance
After the required 50 per cent of projected available surplus cash is used to pay off maturing debt, remaining surplus cash will be allocated to the Alberta Fund, where it can be used for additional debt repayment, contributions to the Alberta Heritage Savings Trust Fund and one -time initiatives that do not lead to a permanent increase in government spending. A projected $2.6 billion will be set aside in the Alberta Fund in 2023-24.
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