The province closed out the decade with an estimated $36.6 billion in net debt.
The budget includes a 1.6 per cent nominal spending reduction over four years.
Last year, the province ran a $6.7 billion operating deficit.
The Kenney government plans to reduce spending by 1.6 per cent over four years.
Alberta's per-person debt-service costs may hit $655 by 2020/21.
The most successful deficit-elimination efforts in recent Canadian history featured shorter timelines.
Report recommends holding nominal program spending flat until 2022/23.
The province's debt interest costs were more than $400 per person in 2018/19.