On Friday, June 27 President of Treasury Board and Minister of Finance Nate Horner shared Alberta’s 2024-25 fiscal year-end results.
Alberta closed the 2024-25 fiscal year with its fourth consecutive surplus, totalling $8.3 billion. The increase is largely due to higher-than-expected resource revenues, corporate and personal income tax revenue and impressive investment income. In the face of rapidly changing economic conditions this year due to global trade challenges, the government will use the surplus to fortify Alberta’s economic position, repay debt and save for the future.
“This surplus shows Alberta’s strength. The road ahead may be rough, but Alberta is built to last. We’re paying down debt, saving for the future and backing the services Albertans count on. This surplus lets us save smart, spend wisely and stand strong for the long haul,” said Nate Horner, President of Treasury Board and Minister of Finance.
Alberta’s economy expanded at a steady pace in 2024, supported by increased pipeline capacity through the spring opening of the Trans Mountain pipeline, record crude oil production and increased natural gas production.
The price of West Texas Intermediate oil averaged $74.34 per barrel over the year, slightly higher than the $74 per barrel forecast in Budget 2024. A narrower light-heavy differential, which increases the price of Alberta’s heavy crude oil, plus a lower exchange rate also propelled higher returns for the energy sector. As a part of a Canada-wide settlement, a $713-million payment from three major Canadian tobacco companies also contributed to the surplus.
Rapid population growth and falling interest rates bolstered the provincial economy. Alberta remained the fastest-growing province in Canada in 2024. With population growth, Alberta saw strong employment gains fuelled by full-time and permanent jobs, which led to more employed Albertans contributing to the tax base. To relieve added pressure on hospitals, schools and infrastructure, the government provided record funding for health care and education and continued to invest in the priorities of Albertans.
The government delivered $1.9 billion in disaster relief, including $702 million to fight wildfires, $191 million for evacuation and recovery, and $1 billion to support drought-hit farmers and producers.
After calculations and adjustments, Alberta ended the year with a $5.1-billion in surplus cash. Following the province’s mandated fiscal framework, half – or $2.6 billion – will go towards improving the province’s net financial position, either through debt repayment or savings in the Alberta Heritage Savings Trust Fund. The other half will be allocated to the Alberta Fund for future use. This can include further debt payments, more savings or one-time initiatives.

The riding Olds-Didsbury-Three Hills now has Tara Sawyer as their MLA as the United Conservative Party retains a seat in the riding.
A byelection was held on June 23 to fill the vacancy left as former MLA and Speaker of the House Nathan Cooper resigned to take on a role in Washington for the Alberta government.
Four candidates vied for the seat, and in the end, Sawyer won the election handily with about 61 percent of the popular vote. While this was down compared to Cooper’s most recent victory, where he garnered 75 percent of the vote, it was still a lopsided victory.
“I’m deeply honoured by the trust you’ve placed in me to serve as your MLA. I’m grateful for your support, and I’m ready to get to work and bring the fight to Ottawa,” she said upon capturing the seat.
She is hitting the ground running. Just a day after being elected, she has been appointed to the newly formed Alberta Next Panel. Chaired by Premier Danielle Smith, this panel will consult with Albertans on how “Alberta can better protect its interests, defend its economy, and assert its place in Confederation,” according to a release.
The NDP improved its standing in the Olds-Didsbury-Three Hills byelection. Beverley Toews, who has worked in education for more than 25 years, came in second place, capturing 20 percent of the popular vote.
“While this wasn’t the outcome we hoped for, I’m incredibly proud of what our team built. People have long written off this riding, but we saw real progress and a willingness to talk about a better future for rural Alberta,” she said.
Making the election interesting, Cameron Davies of the Alberta Republican party captured over 17 percent of the popular vote in the truncated campaign.
“We had our expectation from the outset that if we could get something close to the 2008 result of the Wildrose Party in the riding,” said Davies. “They were a party with about a year of runway, and we came at it with a couple of months. Our feeling from the outset was that anything close to that 20 percent range was a positive thing.”
Coming in a distant fourth place was Bill Tufts of the Wildrose Loyalty Coalition, who captured 189 votes.
This was one of three by-elections.
In Edmonton-Ellerslie, NDP candidate Gurtej Singh Brar retained the seat for the party. His seat was vacated by Rod Loyola, who resigned his seat to run in the last Federal Election under the Liberal Party banner.
NDP Party Leader Naheed Nenshi won a seat in the Edmonton-Strathcona Riding. The seat was left vacant when former Party Leader Rachel Notley resigned on December 30 of last year.