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 first-quarter fiscal update, Alberta’s government is forecasting a surplus of $2.4 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 First Quarter Fiscal Update and Economic Statement (PDF, 1 MB).
First quarter fiscal update
Strong fiscal management continues to secure Alberta’s future.
Alberta is on course to record a $2.4-billion surplus at the end of 2023-24, despite an unprecedented wildfire season and ongoing economic volatility. This is $94 million higher than forecast in Budget 2023.
At least half of the province's 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 First Quarter Fiscal Update and Economic Statement (PDF, 1 MB).
Read the news release: Q1 update: Continued fiscal growth
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
Alberta’s economic expansion remains on track this year despite headwinds from rising interest rates and persistently high consumer prices. Alberta’s real gross domestic product (GDP) is now expected to rise 3.0% in 2023, up 0.2 percentage points from Budget 2023.
Revenue
Total revenue of $71.1 billion is now forecast, $491 million higher than estimated in Budget 2023.
Expense
Total expense of $68.7 billion is now forecast, an increase of $397 million from Budget 2023, while expense before forecast contingency allocations is $1.6 billion higher.
Capital plan
The Capital Plan in 2023-24 is forecast at $8.3 billion, $257 million more than Budget 2023, largely from transferring unspent capital project funding to the current year and reflecting $170 million in capital grants, and $87 million in capital investment.
Watch the news conference
Finance Minister Travis Toews provides details on Budget 2023.
News
- 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.
- Jun 29, 2023
A solid end to 2022-23 secures Alberta’s long-term financial outlook and provides stability against future economic uncertainty.