The province's revenue will likely be even higher than forecast in Budget 2022.
alberta debt
Higher resource revenue accounts for nearly 80 percent of the $11.5 billion improvement in the province's budgetary balance in 2022/23.
By 2043, Albertans aged 65 or older will account for a projected 19 per cent of the province's population.
Alberta's government finances deteriorated by roughly $97 billion over 15 years.
According to forecasts, the province's net financial debt will eclipse $69 billion this fiscal 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.
The province's per-person spending is significantly higher than in Ontario, B.C. and Quebec.
According to the PBO, Alberta must reduce spending by 3.1 per cent of GDP to restore fiscal sustainability.
This year's combined projected federal and provincial government deficits total $234 billion.