Alberta’s budget deficit has jumped by nearly $200 million. It’s expected to rise to 6.3 billion this year, with warnings it could reach $10 billion next year.
Finance Minister Joe Ceci says the effect of collapsing oil prices are pushing the province another $197 million into the red for this fiscal year, which ends March 31st. Oil and gas revenues are projected to fall 20 per cent in 2016.
The accounting includes the $251 million in extra funding from the federal government received this morning. It’s also slightly offset by the low Canadian dollar, which helps the province’s exports.
The 2016/2017 budget will be delivered in early April.