Update from the Legislature – September 6, 2023
Fiscal update released
President of Treasury Board and Minister of Finance Nate Horner tabled the provincial government's first-quarter (Q1) fiscal update for 2023-24 last week. The report forecasts the Government of Alberta's fiscal year surplus will increase by $94 million to $2.4 billion.
The update indicated that surplus funds will be dedicated to:
- paying off debt
- investing in the Alberta Heritage Savings Trust Fund
- funding one-time initiatives that do not lead to a permanent increase in spending.
The update also contained a significant upward revision to estimated population growth, with an annualized increase of 4.4 per cent now projected.
The next quarterly update will be delivered in November 2023, and the 2024-25 budget and fiscal plan are scheduled to be delivered in February 2024.
The first sitting of the 31st Legislature is scheduled to begin on October 30 with the Speech from the Throne. The session is expected to sit for five weeks.