The Alberta government says it ended fiscal year 2022-2023 with a petroenergy surplus of $11.6 billion, up from its Q3 estimate of $10.4 billion.
It is a positive report, Treasury Secretary Nate Horner said in a statement Thursday.
“We made a commitment to move our economy forward and Alberta is reaping the rewards,” he said.
“Albertans can rest easy knowing that Alberta’s prosperity today means greater stability for tomorrow as we continue to pay down debt and save for the future.”
The province said its strong financial situation allowed it to pay off $13.3 billion in debt.
It also saw the Alberta Heritage Savings Trust Fund grow by $2.5 billion to $21.2 billion.
Revenue came in at $76.1 billion, which is $13.5 billion more than expected, thanks to non-renewable resources and tax revenue.
The government spent $64.5 billion, which was $2.4 billion more than budgeted, on higher-than-expected health care costs and affordability measures to help Albertans cope with inflation
