The Government of Alberta is poised to post a $2.4 billion budget surplus for the 2023-2024 fiscal year.

The province says the healthy financial position comes in part due to a strong business environment which is attracting investment and people from around the country.

“Alberta’s finances remain strong, and thanks to our new fiscal framework, Alberta’s fiscal position is poised to become even stronger,” says President of the Treasury Board and Minister of Finance, Nate Horner.

This year’s unprecedented fire season resulted in the province allocating $750 million towards fighting wildfires while suffering almost $175 million in uninsurable losses.

The province also spent $55 million in emergency evacuation payments, and the government says it remains committed to helping Albertans during difficult situations such as natural disasters.

Still, the surplus is $94 million more than previously forecast, and Horner says the extra cash will be put towards paying down the provincial debt and saving for the future.