Overview
Budget 2023 secures Alberta’s bright future by transforming the health-care system to meet people’s needs, supporting Albertans with the high cost of living, keeping our communities safe, and driving the economy with more jobs, quality education and continued diversification.
As of the 2023-24 mid-year fiscal update, Alberta’s government is forecasting a surplus of $5.5 billion in 2023-24. Fiscal responsibility is key to achieving our strong fiscal standing and sustainable program delivery in the future. We are committed to paying down debt while positioning our economy for growth and investing in Albertans' top priorities.
Read the 2023-24 Mid-year Fiscal Update and Economic Statement (PDF, 1.5 MB)
Mid-year fiscal update
Responsible fiscal management and continued economic resilience are creating stability in Alberta’s finances. Alberta’s surplus is now forecast to be $5.5 billion in 2023-24, an increase of $3.2 billion from budget and up $0.7 billion from the first-quarter update in August.
At least half of the province's available surplus cash will help Alberta pay down taxpayer-supported debt and the rest can be used for additional debt repayment, contributions to the Alberta Heritage Savings Trust Fund and one-time initiatives that do not lead to a permanent increase in government spending.
Read the 2023-24 Mid-year Fiscal Update and Economic Statement (PDF, 1.5 MB).
Read the news release: Q2 update: Building stability for the future (November 30, 2023)
What the budget means for you
Budget 2023 continues to provide inflation relief to help with the rising cost of everyday necessities, makes historic investments in health care and education, attracts more investment to help businesses and entrepreneurs thrive, and enhances community policing and access to addiction and mental health supports to keep Albertans and communities safe.
Economic outlook
The Alberta economy continues to be resilient despite headwinds from interest rate increases, high prices and slower global economic growth. Alberta’s real gross domestic product (GDP) is forecast to grow 2.8% this year, in line with budget expectations.
Revenue
Total revenue of $74.3 billion is now forecast, $3.7 billion higher than estimated in Budget 2023.
Expense
Total expense of $68.8 billion is now forecast, an increase of $481 million from Budget 2023, while expense before forecast contingency allocations is $1.9 billion higher.
Capital plan
The Capital Plan in 2023-24 is forecast at $7.7 billion, $260 million less than Budget 2023, mainly reflecting re-profiling of cashflows to future years to align with project progress.
Watch the news conference
Finance Minister Travis Toews provides details on Budget 2023.
News
- Nov 30, 2023
Alberta’s government continues to manage the province’s finances responsibly with the future in mind.
- Nov 28, 2023
Albertans are invited to share their views as the government develops Budget 2024.
- Oct 17, 2023
Alberta’s government is investing $11 million in nurse bridging programs for internationally educated nurses.
- Oct 16, 2023
Facility upgrades at Medicine Hat College will create accessible, modernized spaces and improve the student experience.
- Oct 3, 2023
Campus upgrades and a new program for aspiring apprentice plumbers will improve student experience at Northern Lakes College and meet the need for skilled workers.
- Oct 2, 2023
Classroom upgrades and the return of the steamfitter-pipefitter program at Portage College will improve student experience to meet the need for skilled workers.
- Oct 2, 2023
Investments in facility upgrades at Keyano College will ensure the health and safety of staff and students and improve the student experience.
- Aug 31, 2023
Alberta’s strong fiscal management continues to secure Alberta’s future.
- Aug 17, 2023
Alberta’s government is investing $335 million to keep Alberta’s highways smooth and safe.