The Government of Alberta has announced that it was run a surplus of 8.3 billion dollars during the 2024-25 fiscal year.
The Government claims that this is primarily due to higher-than-expected resource revenues, income taxes from corporations and individuals and investment income.
The price of West Texas Intermediate oil averaged 74.34USD per barrel over the course of the year, which is slightly higher than the projected 74USD per barrel in the 2024 budget.
A $713-million payment from three major Canadian tobacco companies also contributed to the surplus.
The 2024-25 fiscal year reported 82.5 billion dollars, $8.9 billion higher than estimated in the years budget.
The expenses totaled $74.1 billion, $967 million more than anticipated.
Debt servicing costs on the province’s 85.2 billion dollars of debt added up to $3.2 billion, down 200 million dollars from budget predictions because of lower-than-expected borrowing requirements.
