Edmonton, ALTA — Alberta forecasts a $2.4 billion surplus for 2023-2024, according to its 2023 budget. “It’s been key to achieving our strong fiscal standing and will be essential for sustainable program delivery in the future,” reports Travis Toews, president of the treasury board and minister of finance for Alberta. The surplus in 2023-2023 was $10.4 billion, with abundances of $2 billion and $1.4 billion forecast for 2024-2025 and 2025-2026, respectively.
The 2023 budget sets out an additional $176 million in 2025-2026 aimed at helping Albertans build their skills and find jobs. Also, a $111 million increase over three years will add seats to expand enrolment in areas with the highest student demand, including non-trade construction, energy, technology, and business.
The province details a new fiscal framework, requiring all future Alberta governments to balance their annual budgets, with certain exceptions, and use any surpluses to first pay down debt. According to the province, tax-payer-supported debt is being reduced by $14.8 billion between 2021-2022 and 2023-2024. This would bring tax-payer-supported debt to $78.3 billion at the end of 2023-2024.