Alberta government expecting a boost in 2024-25 surplus, largely due to higher oil prices
CBC
Alberta's first-quarter fiscal update shows the government expects a surplus of $2.9 billion but won't have surplus cash in the short term and will need to borrow hundreds of millions of dollars.
Finance Minister Nate Horner said Thursday it's an accounting surplus, meaning the money is tied up, so in the meantime the province will need to take on $641 million in short-term borrowing.
That surplus is up $2.6 billion from the slim surplus of $367 million forecast in February's budget — largely due to higher-than-expected oil prices.
The province is pegging the price of West Texas Intermediate oil at $76.50 US per barrel, up $2.50 US from what was forecast at budget. Between April 1 and July 31, the WTI price averaged $81 US.
In 2024-25, the government plans to spend $73.3 billion and rake in $76.2 billion in revenues.
Despite the operating surplus, the government has no plan to immediately introduce the personal tax cut Premier Danielle Smith promised in the 2023 election.
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While many Albertans continue to feel the pinch at the pump, Premier Danielle Smith says the government is not considering any fuel tax breaks, as it does not believe it will make much of a difference.
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