The province is now facing a $500 million deficit, instead of a surplus, thanks to plummeting oil prices.
Premier Jim Prentice told the Canadian Press that while prices are expected to rebound, Alberta may not see a balanced budget until 2017/2018.
Back in November, the government had predicted a $933 million surplus for 2015, but since then, oil has fallen to below the $50 U.S. mark.
Prentice says they’re now budgeting for oil at $65 a barrel in the next year, which would mean almost $7 billion in lost revenue.
