Alberta ends 2024-25 fiscal year with $8.3 billion surplus thanks to oil, taxes
Higher revenues from oil royalties as well as personal and corporate income taxes led Alberta to end the last fiscal year with an $8.3-billion dollar surplus, a swing of nearly $8 billion from what the government accounted for in Budget 2024.
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The 2024-25 fiscal year ended on March 31, 2025, with the province's bottom line looking much healthier than the initial $367 million projected in the February 2024 budget.
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'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,' Finance Minister Nate Horner said in a news release.
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The surplus represents a significant swing from both Budget 2024's slim surplus and Budget 2025's forecasted deficit of more than $5 billion.
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Much of that bottom line is a product of continued increases to Alberta's population, which grew by 4.4 per cent in 2024, adding approximately 200,000 new people to the province.
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That growth is reflected in the government's increased tax revenue but also in its rising expenses as those new residents engage with social programs, infrastructure, and the education and health-care systems.
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The $8.3 billion surplus is Alberta's fourth consecutive fiscal year-end surplus.
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The fiscal year ended with $85.2 billion in taxpayer-supported debt, an increase of $3.4 billion from the prior fiscal year. The province's overall debt grew by $2.9 billion, up to $102.5 billion.
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Revenue
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Alberta's revenue greatly outperformed projections with the government taking in $82.5 billion, or $8.9 billion more than estimated in Budget 2024.
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More than half of that, $4.7 billion, comes from non-renewable resource revenue with the province noting record-high production as well as the opening of the Trans Mountain expansion pipeline in May of last year.
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