File photo of President of the Treasury Board and Minister of Finance Jason Nixon. (Photo: Government of Alberta)

By Chris Brown / CHAT News Today

FISCAL UPDATE

Alberta ends latest fiscal year with $3.9 billion surplus

Jun 28, 2022 | 12:54 PM

CALGARY, AB – Alberta Finance Minister Jason Nixon says the province is ending the 2021-22 fiscal year with a $3.9 billion surplus. It’s the first surplus for the provincial budget in seven years.

Nixon credits the surplus to a growing economy, stronger-than-expected energy prices and fiscal discipline. He says the surplus is fantastic news and an opportunity to save resource revenue for future generations and avoid past mistakes that led to today’s debt burden.

The Alberta Heritage Savings Trust Fund earned $1.95 billion in investments and grew to $18.7 billion, the highest net value in its history.

Government revenue totalled $68.3 billion, compared to the Budget 2021 estimate of $43.7 billion. At that time, West Texas Intermediate crude was trading between US$40 and US$50 per barrel and the province based the budget on an average price of US$46 per barrel. Instead, the average price in 2021-22 was US$77 per barrel.

Other revenue came from $23.5 billion in income and other taxes and $16.2 billion in non-renewable resource revenue.

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Expenses were $2.5 billion more than forecast at a total of $64.4 billion. Close to $7 billion of that was for COVID-19 and recovery plan expenses, and disaster and emergency assistance.

Expenses were also higher than estimated at budget, with the province spending $64.4 billion in 2021-22, or $2.5 billion more than forecast. This includes $3.8 billion for COVID-19 and recovery plan expenses, as well as $3.1 billion in disaster and emergency assistance.