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By Jayson Taylor

Alberta ends 2022-2023 fiscal year with $11.6 billion surplus

Jun 29, 2023 | 10:45 AM

EDMONTON – Alberta’s 2022-2023 fiscal year ended with a surplus of over $11 billion, the government released in a statement on Thursday. Over the last year, the provincial government paid down over $13 billion in debt, which eliminated around $260 million in debt servicing costs and reducing the financial burden on Albertans.

Market value on the Alberta Heritage Savings Trust Fund grew to $21.2 billion due to actions taken by the government to retain $1.25 billion in net investment income from the 2021-2022 fiscal year and deposit over $750 million into the fund. The government says that this will benefit current and future generations of Albertans by ensuring the province is well-equipped to future uncertainties.

In March, the provincial government made legislative changes to ensure the fund continues to grow to support Albertans in the years to come.

“The 2022-23 year-end report is a very positive one. We promised to keep our economy moving forward and Alberta is reaping the benefits. Albertans can rest easy knowing that Alberta’s prosperity today means more stability tomorrow as we continue to pay down debt and save for the future,” Finance Minister Nate Horner said in a statement.

Revenue in 2022-23 was $76.1 billion, $13.5 more than initially anticipated. Expenses totaled $64.5 billion, $2.4 billion more than anticipated. The 2022-23 fiscal year saw the Alberta government introduce a series of affordability measures to slow inflation and make life affordable for Albertans. Over the fiscal year, the government provided $2.9 billion in affordability support.

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The government says that they remain committed to responsible financial management for the 2023-24 fiscal year and will continue to address Alberta’s economic and revenue volatility.

Full details can be found on the Alberta Government’s website.