Beyond higher taxes or more debt, there has always been another option: prudent spending. However, that is something the Alberta government has been less than adept at in some years. For instance, had the province increased program spending after 2005/06 and to 2012/2013 but only in line with inflation and population growth, it would have spent $22 billion less compared to what it actually sent out the door.
Either you raise taxes or cut services to millions of Albertans. Or both. You can't make a balanced budget exist out of no where, although the Redford Conservatives have tried by calling their previous budget balanced by excluding capital funding. Skirting the fundamental problems with Alberta's governing party can only go so far and a part in government can only run around the issue for so long before reality hits.
If there was any confidence that Alberta's government would avoid imitating the failed policies of other provinces -- think of Quebec and Ontario and their massive debts -- that faint hope for continued Alberta exceptionalism was kiboshed at the recent Progressive Conservative convention in Calgary.