June 27, 2025
RED FM News Desk
Calgary, Alberta – Alberta has closed the 2024–25 fiscal year with an $8.3-billion surplus, marking a dramatic turnaround from the slim $367-million surplus projected in the February 2024 budget. The surplus represents a swing of nearly $8 billion and reflects strong growth in resource revenues and taxation as the province’s population surges.
Finance Minister Nate Horner credited higher oil royalties and stronger-than-expected personal and corporate income tax revenues for the improved bottom line. In a statement, Horner said the results highlight Alberta’s economic resilience, even as the province braces for more challenging times ahead.
“This surplus shows Alberta’s strength. The road ahead may be rough, but Alberta is built to last. We’re paying down debt, saving for the future and backing the services Albertans count on,” Horner said in a news release.
Alberta’s population grew by 4.4 per cent in 2024, adding approximately 200,000 new residents. While that growth has boosted tax revenues, it has also increased demand on social programs, infrastructure, education, and health care.
The surplus comes amid longer-term fiscal uncertainty: Budget 2025 had forecast a deficit of more than $5 billion, and provincial spending pressures remain high. Analysts note that while non-renewable resource revenues offer windfalls in good years, they also expose Alberta’s finances to commodity price volatility.
The government says it will provide an updated fiscal outlook for the current year by the end of August. For now, the large surplus will help the province reduce its debt load while maintaining investments in critical public services.
Alberta remains focused on managing spending responsibly and planning for population growth as it navigates economic shifts in the coming years.
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