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Overview
Budget 2024 is a responsible plan to strengthen health care and education, build safe and supportive communities, manage the province’s resources wisely and promote job creation to continue to build Alberta’s competitive advantage. The budget maintains the government’s commitment to fiscal responsibility and efficient delivery of public services while recognizing and addressing the needs of Alberta’s growing population.
As of the 2024-25 second quarter fiscal update, Alberta’s government is forecasting a surplus of $4.6 billion in 2024-25, $4.2 billion more than estimated in Budget 2024.
Read the 2024-25 Second Quarter Fiscal Update and Economic Statement.
What the budget means for you
Budget 2024 continues to build a refocused health-care system, so every Albertan has access to the care they need, when and where they need it. Supports for education and social services are helping children, families and the vulnerable. Investments in safe, secure communities will increase public safety and protect Albertans and the environment from potential drought, flood and wildfire conditions.
Economic outlook
Alberta’s economic outlook remains solid, but faces rising risks, including continued volatility in oil prices, geopolitical tensions and protectionist trade policies. Real gross domestic product (GDP) growth is forecast to rise 3% in 2024, then moderate to 2.7% in 2025. Population growth is expected to slow to 2.5% next year, but will continue to outpace employment gains of 2.1%.
Revenue
Total revenue in 2024-25 is forecast at $77.9 billion, $4.4 billion more than budget, mainly due to higher-than-expected non-renewable resource and personal income tax revenues.
Expense
Total expense is forecast at $73.3 billion, up $0.1 billion from budget. Operating expense is up by $1.2 billion, mainly for physician compensation incentives, AHS service activities, income support program delivery costs, and to address enrolment growth in K to 12 education. Disaster and emergency assistance, primarily for wildfire fighting, is estimated at $0.8 billion.
Capital Plan
The 2024-25 Capital Plan is now forecast at $8.3 billion, which is close to budget. The forecast aligns with the progress of completion and project scheduling, ensuring projects continue to be delivered as committed in Budget 2024.
Watch the news conference
Finance Minister Nate Horner provides details on Budget 2024.
News
- Nov 21, 2024
Alberta maintains a balanced budget while ensuring pressures from population growth are being addressed.
- Oct 22, 2024
Plans for a cardiac catheterization lab at Chinook Regional Hospital in Lethbridge are advancing to functional programming.
- Oct 8, 2024
Through Alberta’s new funding formula, municipalities across the province will receive more infrastructure funding for the 2025-26 fiscal year.
- Sep 26, 2024
Alberta is lowering the cost of borrowing for municipalities, enabling them to invest more in services and infrastructure.
- Sep 18, 2024
Grants from Alberta’s government help roll out the red carpet for the province’s film and television industry.
- Aug 29, 2024
Alberta is carefully managing its finances to ensure supports for Albertans are available now and into the future.
- Aug 28, 2024
Alberta’s government is providing more than $12 million to 248 non-profit initiatives to help build strong and vibrant communities across the province.