General:

• Alberta has a budget surplus of $2.4 Billion
• Focus on three fiscal anchors: to keep Alberta’s net debt to GDP ratio to under 30%; to get spending in line with other comparative provinces; to chart a path to a balanced budget
• Alberta is leading the country in economic growth and the budget is balanced.
• Net GDP to Debt ratio is at 10% by far the lowest in Canada
• Alberta has received its second credit upgrade of the year, a significant achievement given that the last was in 2001
• More Canadians are moving to Alberta than any other province
• Budget focuses on the Economy, Health Care and Education with additional support for justice/safety; education; infrastructure and agriculture

Economy

• A $2.4-billion surplus based on $70.7 billion in revenues and $68.3 billion in spending (including a $1.5-billion contingency fund).
• Taxpayer-supported debt is to fall to $78.3 billion.
• New fiscal framework legislation to mandate balanced budgets and operational spending caps.
• Invest $2B into the Heritage fund from the surplus of the last 2 yrs to keep taxes lower and avoid debt
• Significant increases to Film and Television Tax Credit; Alberta Petrochemicals Incentive Program; Red Deer Airport Expansion; the Aboriginal Business Investment Fund; Alberta Technology and Innovation Strategy; increases for building initiatives; rural tourism Northern and Regional Economic Development program; Alberta Enterprise Corporation (AEC); Affordability action program; “Alberta at Work” initiative to address labour shortages; Career and Employment Services; Investment and Growth Fund and new advertising to attract new businesses, individuals and families to Alberta

Health

• Operational health spending to rise 4.1 per cent.
• Increases health operating expense by $965 million (4.1%) from the 2022-23 forecast, to a total of $24.5 billion. Focuses on lower ER wait times, improving ambulance response time, reducing surgery wait times, empowering front line workers
• investing $196 million in operating expense > 3 yrs to strengthen EMS (hire more staff, implement recommendations from the AB EMS provincial advisory committee)
• $310 million > 3 yrs in capital funding to modernize continuing care facilities, provide culturally appropriate care for Indigenous peoples, and add new spaces communities with greatest need
• $120 million in 2024-25 to support new continuing care projects in Calgary & Edmonton
• $158 million in 2023-24 to increase number of healthcare workers (expanding physician training (+40%), recruiting internationally)
• $250 million > 4 yrs for recruitment and retention programs and to support rural family docs
• $237 million > 3 yrs to support goal of 350,000 surgeries/yr
•  $243 million > 3 yrs to modernize health care systems

Education:

• ⁠Kindergarten to Grade 12 operating expenses increases by 5.2 per cent.
• ⁠$178 million of revenue reductions over three years to make post-secondary education more affordable for students, including reduced loan rates, extended repayment grace period and tuition increases capped at two per cent starting in fall 2024.

Other:

• Operating and capital funding to municipalities to grow to $3.4 billion from $2.5 billion.
• ⁠$10 million over two years to promote rural tourism.
• ⁠An $800 million investment over three years from the TIER fund to programs to reduce greenhouse gas emissions and to support green technology.
• ⁠The capital plan has $23 billion over three years for a range of projects, including roads, bridges, recreational centres and schools.

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