Alberta forecasting $2.9 billion surplus for 2024-25

Thanks largely in-part to higher-than-expected oil prices, the Government of Alberta says it is predicting a $2.9 billion surplus for 2024-25.

Despite this, the province says the budget is being squeezed because of the work being done to meet the demand of a growing population.

“People across the country see a bright future for Alberta, and they continue to come here in record numbers,” said Nate Horner, President of Treasury Board and Minister of Finance. “While this population growth is creating challenges and putting pressure on our hospitals, schools and other services, our prudence and discipline are helping to manage these challenges,”

Alberta’s population is expected to jump by 4.6 per cent in 2024, which is a greater increase than what was seen in 2023.

According to the province, one of four major credit rating agencies — Moody’s Ratings — which looked at Alberta’s credit rating last year, said the province’s economic projections have the potential to look better, if proper budgeting continues.

The provincial government also says it has put $125 million into education in the first quarter of the budget to help with growing enrollment, while also providing funding to healthcare, and trying to lower the cost of insurance, utilities, and food.

Alberta says it has also invested $573 million into disaster relief efforts.