The province will run a projected $12.3 billion budget surplus this fiscal year.
alberta budget
Due to tax hikes in Ottawa and Edmonton, the province's top combined income tax rate increased to 48 per cent.
Governments in Alberta have a long history of increasing provincial spending during periods of high resource revenue, which inevitably leads to deficits once resource revenues decline.
The province will run a $13.2 billion projected surplus in 2022/23 due largely to resource revenue.
The province's revenues could be up to $28 billion higher over the next two years.
Without the recent resource revenue windfall, the province would still face a large deficit this year.
A boost in projected revenues this year have reduced the expected deficit for 2021/22, but this will only provide a small amount of relief.
Between 2008/09 and 2019/20, the province's net debt increased by $71.8 billion.