• Fiscal update shows surplus at $11.6 billion
• Provincial debt is $80 billion

LETHBRIDGE, AB: The Canadian Taxpayers Federation is urging the Alberta government to stay on track to continue to balance the budget and pay down the debt in response to the year end fiscal update.

“It’s very good news to see a healthy surplus and the debt going down,” said Kris Sims, Alberta Director for the Canadian Taxpayers Federation. “Premier Danielle Smith passed spending restraint into law in the spring and the government needs to stick to that plan.”

The Alberta government released its year end fiscal update Thursday.

The provincial surplus stands at $11.6 billion.

The provincial debt is at just over $80 billion, more than $12 billion less than it was last year.

On the revenue side, the government took in more than it had expected:

• $8.2 billion in corporate income tax, $4.1 billion more than estimated in Budget 2022.
• $13.9 billion in personal income tax, $543 million more than estimated in Budget 2022.

The government passed legislation in March requiring the government to balance the budget, restrain spending increases to the rate of inflation and population growth and to pay down the debt.

“When Alberta delivers balanced budgets and pays down its debt that sends a signal that we are a good province to do business with, boosting our credit ratings and attracting people and investment,” said Sims. “By paying down the debt, Albertans will pay less in debt interest payments faster, saving taxpayers’ money.”

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