Amid strong economic results, Alberta finished its latest fiscal year in surplus, the province reported today.
The government of Alberta said today that it generated a $2.5 billion operational surplus for its latest fiscal year, and a full fiscal plan surplus of $755 million.
Total revenue was nearly 17% higher than budget due to higher energy prices, along with increased personal and corporate income tax revenue, investment income and federal transfers, which pushed total revenue to $45.3 billion. Total operational expense was $41.9 billion, 9.8% higher than budget and 9.1% higher than last year to pay for flood damages, higher demands in health and human services, and enrollment pressures in education.
Excluding federal government transfers for flood assistance, total revenue was nearly 13% higher than budget. Non-renewable resource revenue was 32% higher than budget and 23% higher than last year due to higher oil prices, a lower differential and a lower Canadian dollar. Total tax revenue was 6% higher than budget and nearly 10% higher than last year. Investment income was 50% higher than budget and 29.5% higher than last year.
“We overcame many challenges last year—energy volatility, continued global economic uncertainty and, of course, the southern Alberta flooding. These events all had impacts on the lives of Albertans and on the province’s bottom line,” said Doug Horner, president of the Treasury Board and minister of finance. “That said, our strong balance sheet and surplus position show we have turned a corner financially.”