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Nate Horner’s big deficit budget — another year, another Alberta budget at the whim of oil and gas royalties

Post author By Dave Cournoyer
Post date February 27, 2026

Alberta Minister of Finance Nate Horner in his pre-budget promotional video (source: Government of Alberta / YouTube)

There’s a baked-in analysis in every Alberta provincial budget that is impossible to ignore: Alberta relies too much on revenues from oil and gas royalties to fund the daily operations of government.

The other baked-in part of the analysis is what Albertans want: well-funded public services without having to pay more taxes for them.

From a first glance, it sure looks like that’s what Albertans got in Minister of Finance Nate Horner’s budget tabled today in the Legislature.

The budget doesn’t appear to include any big spending cuts, but it does include something Conservatives in this province used to like saying they wouldn’t do: run a deficit. This budget runs a big deficit of $9.4 billion and projects deficits for the next two budgets.

Read all about it on the Daveberta Substack

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Alberta Politics

Nate Horner’s deficit spending, tax cutting confused conservative budget

Post author By Dave Cournoyer
Post date February 28, 2025

Minister of Finance Nate Horner in the government’s pre-budget release video posted on social media (source: Nate Horner / Instagram)

Alberta goes for another ride on the royalty roller coaster

After twenty years of writing about Alberta politics and about same number of provincial budgets, it’s sometimes hard not to write the same thing year after year: Alberta relies too heavily on revenues from oil and gas royalties to fund the daily operations of government.

That’s the baked-in analysis of Alberta politics. Our provincial government’s over-dependence on oil revenues is both a blessing and a curse. When the price of oil is high, things are really good. When the price of oil is low, it’s really bad. It is the central component of what we used to call the “Alberta Advantage.”

Alberta has been able to afford to have the lowest taxes in Canada and high spending on public services because the government could use oil and gas royalties to offset what every other province would normally collect through taxes.

Read all about it on the Daveberta Substack

Read more on the Daveberta Substack