Alberta’s budget surplus is growing but will be offset by more than $1 billion this year to pay for flood, forest fire and drought damage.
Finance Minister Nate Horner says the province is on track to record a $5.5 billion surplus when the 2023-2024 budget ends this spring. A $3.2 billion increase from the surplus predicted when the budget was introduced in February.
The extra money is due mainly to oilsands royalties, and higher personal and corporate income tax.
The province will be allocating $1.2 billion to help with the spring wildfires and summer flooding, while supporting livestock producers who dealt with droughts.
Taxpayer-supported debt is expected to fall by $3 billion to land at about $76 billion by next March as the province continues to make payments.
Comments