The Alberta government said Budget 2024 is a responsible plan to address priorities it has, but it will increase spending by $5.2 billion from Budget 2023. Additionally, the Alberta government is predicting a $367 million surplus with its $73.5 billion budget, which is $2.1 billion lower than the third quarter forecast for 2023/2024. Budget 2023 cost $68.3 billion. “Alberta is growing,” said Alberta Treasury Board President and Finance Minister Nate Horner in a Thursday press release. “Budget 2024 is a plan that manages the pressures faced by a growing province today while securing the future for generations who follow.” The Alberta government said the budget will continue to meet the needs of Albertans today and tomorrow. Budget 2024 presents three more years of balanced budgets, with a forecasted surplus of $367 million in 2024/2025. Once Budget 2024 passes, it said it will act as a responsible plan putting people and families first by spending money on healthcare, education, safety and economic growth and success. One of the Alberta government's priority areas will be health and mental health supports, which will see $26.2 billion in operating expenses — a 4.4% increase over the forecast for 2023/2024. It added education supports will receive $9.3 billion in operating expenses — a 4.4% increase from last year — to support record enrollment growth, hire hundreds more education staff such as teachers and educational assistants and support students with disabilities. When it comes to social supports, $2.9 billion will go to Albertans through Assured Income for the Severely Handicapped, the Alberta Seniors Benefit, and other social support programs and $355 million will be allocated to Alberta Child and Family Benefit payments to help low-income families, indexing payments to inflation and providing for more eligible clients. An increase of $102 million over three years will add to 3,200 apprenticeship classroom seats in high-demand areas and support curriculum updates to the apprenticeship program and $62.4 million over three years will expand physician education, including through rural health training centres. For Alberta Public Safety and Emergency Services, $1.2 billion will be spent on operating expenses to support police and mental health crisis teams, deploy police officers to tackle crime in Calgary and Edmonton, and provide $74 million to the Alberta Emergency Management Agency. The Alberta government went on to say $151 million will be spent on operating expenses over the next three years for enhancements to the Wildfire Management Program and $55 million for new firefighting equipment and facilities. It said the fiscal framework provides the flexibility it needs to respond to disasters and emergencies as they arise, including a $2 billion contingency fund. Water management and drought supports will see $1.3 billion in capital funding over the next three years, including $251 million to better prepare Alberta for floods and droughts, $272 million for irrigation projects and $539 million to support municipal water supply and wastewater infrastructure. Budget 2024 will provide additional operating support of $19 million over three years to the Strategy to Increase Water Availability and $9 million for water management initiatives. In total, it will spend $25 billion over three years on capital funding to build schools, hospitals, roads and other infrastructure, supporting 24,000 direct jobs and 13,000 indirect jobs across Alberta. The Alberta government continued by saying it will remain the economic engine of Canada, with real gross domestic product forecast to grow in 2024, but it continues to face challenges. In response, it said Budget 2024 prepares Alberta to face those headwinds by spending on Albertans today and building prosperity for tomorrow. The fiscal framework introduced in spring 2023 requires the Alberta government to use half of surplus cash to pay down debt, freeing up more money to support Albertans. However, debt will be reduced by $3.2 billion in 2024.With its commitment to paying down debt, the total will be $78.4 billion at the end of 2024/25.High interest rates and refinancing mature debt are driving up debt servicing costs. As a result, debt servicing costs are growing by $229 million to $3.4 billion. Alberta is retaining more than $1 billion in investment earnings from 2023/2024 in the Heritage Fund. It has deposited another $2 billion in the Heritage Fund, increasing its value to $25 billion. To fulfill its election commitment to build on Alberta’s personal tax advantage, it intends to introduce a new personal income tax bracket of 8% on the first $60,000 of income. Based on the current fiscal plan, it expects to implement the tax cut over two years contingent on it having sufficient fiscal capacity to introduce it while maintaining a balanced budget. Horner concluded by saying he was “proud of the choices we made in this budget that support Albertans’ top priorities and prepare our province to meet the challenges that lie ahead.” “Budget 2024 invests today and saves for tomorrow so we can continue to be the nation’s economic engine,” he said. Horner followed up by saying Budget 2024 strikes the right balance. “Like I said, we’re doing a few things,” he said. “We’re saving for the future.” With Budget 2024, he said it will spend on needed infrastructure. He used the analogy of decisions a household makes with spending commitments.Horner said on Monday all Albertans want to build a better future for upcoming generations. READ MORE: WATCH: Horner says Budget 2024 about building brighter future for next generations“For our children and our grandchildren,” he said. “Our job today is to make life better for tomorrow.”
