Depressed Oil Prices Help Push Alberta Deficit to $6.4B last Fiscal Year
EDMONTON: Alberta’s Finance Minister says depressed oil prices and a shrinking economy pushed its deficit up to $6.4 billion last year $324 million higher than expected.
Revenues for the fiscal year that ended March 31 were down more than anticipated due, in part, to lower resource revenue and a reduced take in corporate and personal income taxes.
The government says Alberta’s economy contracted by 3.7 per cent in 2015.
Spending increased for health care and education areas the NDP government has pledged to shield from the economic downturn.