Strong year-end positions Alberta for stability

Jun 29, 2023

Alberta ended the fiscal year with an $11.6-billion surplus, exceeding the Budget 2022 projected surplus by $11.1 billion. In 2022-23, the province paid down $13.3 billion in debt, eliminating an estimated $260 million in debt servicing costs annually and reducing the overall debt burden on Albertans.

The province’s strong financial situation also resulted in the market value of the Alberta Heritage Savings Trust Fund growing by $2.5 billion to $21.2 billion. The Heritage Fund’s year-over-year growth was primarily due to actions taken by the Alberta government to retain $1.25 billion in net investment income from 2021-22 and deposit $753 million into the fund.

Growing the Heritage Fund benefits current and future generations of Albertans by ensuring the province is well equipped to handle future uncertainty.

In March of this year, Alberta’s government made legislative changes to ensure the fund continues to grow to support Albertans now and in the future. These changes allow the government to retain all investment income within the Heritage Fund instead of it being transferred to general revenue.

Video: OFA statement on Canada-U.S. trade escalation and Canadian counter-tariffs

Following the implementation of Canadian counter-tariffs on approximately $27.6 billion in U.S. imports earlier this week, the immediate retaliatory measures announced by the United States, including threatened import bans on Canadian dairy and alcoholic beverage products, underscore the dangerous trajectory of this dispute. Tariff escalation is not a long-term solution.

As consumers on both sides of the border struggle with food affordability, trade disruptions and retaliatory measures only exacerbate these challenges. Ontario farmers continue to urge both federal governments to return to the negotiating table and secure a fair, durable trade agreement that protects producers and processors across North America.