our government released Alberta’s 2023-24 year-end financial results

Last week, our government released Alberta’s 2023-24 year-end financial results. I’m pleased to report that, thanks to our new fiscal framework, Alberta is on strong fiscal footing. Here are some key highlights from the report:
For the third year in a row, our government has balanced the budget. Even better, this past year, Alberta posted a $4.3 billion surplus, meaning our province has more money to spend on important priorities like health care, education, and infrastructure.
In 2023-24, we also repaid $1.7 billion of debt and earned an improved credit rating from several international credit-rating agencies. This means Alberta will be paying less money in interest to big banks outside the province and will have more to invest right here at home.
We also grew the Heritage Fund to a record high of $22.9 billion, with $1.7 billion in annual investment earnings. In addition, we set aside another $2 billion to grow the fund further next year. Our goal is to expand the fund to between $250 billion and $400 billion by 2050, ensuring future generations can benefit from Alberta’s wealth today.
Despite our focus on saving and debt repayment, we haven’t cut back on essential services. In 2023-24, we provided significant funding to health care and education. This included more money for patient care, surgeries, doctor recruitment, and lab services. We also increased education funding, with more money for schools to hire teachers and for post-secondary institutions to add seats in high-demand areas like apprenticeship training. Together, these investments will ensure Albertans continue to have access to quality health care and education.
In response to natural disasters, in 2023-24, we provided $3 billion in disaster and emergency relief. This included $1.1 billion for wildfire relief and $1.9 billion to support farmers affected by severe drought. Our swift response shows our commitment to helping Albertans in times of need.
Our government’s careful financial management and responsible governance have positioned Alberta for a prosperous future. By balancing the budget, cutting red tape, paying down the debt, growing the Heritage Fund, and investing in essential services, we have shown a clear vision for long-term success.
Finally, Alberta’s government is ensuring Albertans have affordable and reliable power by making changes to electricity market rules. Based on recommendations from Alberta’s Market Surveillance Administrator and the Alberta Electric System Operator, our government is introducing new regulations to ensure electricity is reliable and affordable. The Market Power Mitigation Regulation addresses economic withholding while ensuring generators make a reasonable rate of return by limiting the offer price for large generators if their net revenues exceed a monthly predefined threshold.
As always, please feel free to reach out to my office with your feedback and questions at Chestermere.Strathmore@assembly.ab.ca