Alberta will need to borrow four times less due to sevenfold increase in expected surplus
The Albertan government has updated its fiscal projections for fiscal year 2024-25, showing an almost sevenfold increase in the expected surplus, rising by over $2.5 billion. The expected amount of cash the province will need to borrow for the fiscal year has fallen fourfold.
The initially forecasted $367 million surplus for the fiscal year was overshadowed by big borrowing when the 2024 provincial budget was announced.
The original budget estimated that the Alberta government would have to borrow around $2.4 billion in taxpayer-supported debt to fund operations, which has now fallen by over $1.7 billion to $0.6 billion.
The province updated its projections on Thursday, now forecasting a surplus of $2.9 billion by the end of 2024-25, thanks partly to higher oil prices than initially expected.
“With a stronger surplus than projected at budget, the government continues to invest in the needs of Albertans while managing its debt and saving for the future,” reads the release.
