Alberta slashes deficit to $4.3-billion
Posted Nov 26, 2009 3:06 pm.
This article is more than 5 years old.
The Alberta government is forecasting a $4.3-billion deficit for the fiscal year 2009–2010. That’s $390-million less than was predicted in April.
Finance Minister Iris Evans credits the improved outlook to the increased oil, oilsands, investment and corporate income tax revenue.
“While it is heartening to see some improvement in the province’s finances, we’re still forecasting a significant deficit, and so we will proceed with plans to take $2-billion in fiscal corrections to get back in the black by 2012-2013,” Evans said. “We can’t just cross our fingers and hope things will get better. We have to take action, and we are.”
The government plans on using funds from the Sustainability Fund to offset the deficit.
“Government worked hard to find significant savings to assist with the overall fiscal challenges we face this year,” said Lloyd Snelgrove, President of Treasury Board. “Our spending commitments are lower but there is still a lot of work, internally and with our external partners, that needs to be done as we plan next year’s budget.”
