Alberta’s 2024-25 fiscal year ended with a record-breaking $8.3 billion surplus, exceeding budget projections by $8 billion, according to the 2024-25 Final Results Year-end Report. Fueled by $82.5 billion in revenue, including $22 billion from non-renewable resources and a $713-million tobacco settlement, the surplus reflects robust economic growth driven by the Trans Mountain pipeline, record oil production, and a weaker Canadian dollar. Nate Horner, President of Treasury Board and Minister of Finance believes this surplus shows the province’s strength. “The road ahead may be rough, but Alberta is built to last,” Horner said. “We’re paying down debt, saving for the future and backing the services Albertans count on. “This surplus lets us save smart, spend wisely and stand strong for the long haul.”.Revenues were listed at $82.5 billion, $8.9 billion more than projected in the 2024 budget. Expenses reached $74.1 billion, with increased spending on health ($27.6 billion), education ($9.9 billion), and wildfire response ($3 billion). Capital spending was $1.1 billion below budget due to project delays. Despite issues such as wildfires and global economic challenges, Premier Danielle Smith credited disciplined fiscal management for Alberta’s stability. “Alberta’s financial strength isn’t just luck, it’s the result of disciplined decisions and a clear commitment to responsible government,” Smith said. “While others reach for higher taxes and more debt, we’re focused on stability, savings and respect for the people who keep Alberta’s economy moving.” The report notes through responsible fiscal management, the province is continuing to build a stable economic foundation built on responsible fiscal management....more to come
