By The Canadian Press

Alberta’s Budget Deficit Expected to Hit $6.3 billion

Feb 24, 2016 | 12:42 PM

EDMONTON – Alberta’s budget deficit is expected to rise to $6.3 billion this year as the effects of collapsing oil prices burrow deeper into the province’s contracting economy.

Finance Minister Joe Ceci says hard times are adding another $197 million in red ink this fiscal year, which ends March 31.

He says the bad news is offset somewhat by the low Canadian dollar, which helps an exporter such as Alberta.

Ceci says the province will also benefit from a one-time payment of $251 million from a federal government program that assists provinces dealing with sudden and deep drops in revenue.

Oil and gas investment is expected to fall by 20 per cent in 2016.

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Ceci says Alberta is still planning to save money where it can and keep front-line jobs intact, but is taking on debt to build roads, schools, and hospitals.