Alberta posts $4.76 billion deficit
Posted Aug 25, 2010 2:26 pm.
This article is more than 5 years old.
The province’s deficit is set at $4.76 billion which is about $7 million higher than initially forecast.
“There is still a great deal of uncertainty in the global economy and our revenue remains highly volatile, with any gains we’ve seen largely offset by the effects of things like the rising dollar, weak natural gas prices and falling markets,” said Ted Morton, Minister of Finance and Enterprise.
“While the province’s economy is on the mend, we continue to be affected by factors beyond our borders and our control – and that means we must continue to manage our finances prudently and stick to our plan to get the province back in the black by 2012-13.”
Lower income tax assessments last year suggest the province will collect nearly $900 million less from that source in 2010 while the amount of corporate income tax has increased by almost the same amount.
Resource revenues should be more than $600 million higher than expected, mostly from booming land sales.
