Alberta has posted an $8.7-billion surplus, the largest ever, as it continues to ride the wave of high energy revenues.

Finance Minister Shirley McClellan released the figures for the 2005-2006 fiscal year Monday morning. Much of the increase in revenues has come from oil and gas, with resource royalties and other payments hitting a record $14.3 billion.

Most of that money is already committed to a wide range of construction projects and education endowments, but there is still $2.7 billion available for new projects.

That has already stirred speculation of another round of resource rebates for Albertans.

In January, the Alberta government sent $400 cheques — known variously as resource-rebate cheques, prosperity cheques, and "Ralph bucks" — to virtually every man, woman and child in the province.

Premier Ralph Klein has said more rebates were possible, but McClellan said Monday that would have to be weighed against other priorities like roads and schools.

"These are things that are going to take a lot of discussion and planning," she said.

Government experts call it a "remarkable" year for oil and gas and doubt future years will be able to match these levels.

"I would agree with them, obviously, because our budget indicates that," said McClellan. "I think it was a remarkable year and I think it would be foolish to pattern particularly our spending on those remarkable years."

Alberta Liberal Leader Kevin Taft said the province is relying too heavily on resource revenues.

"We are spending it almost as fast as it comes in. That is unsustainable. That is a train wreck waiting to happen," he said Monday.