Alberta budget back in black
Posted Feb 24, 2015 12:28 pm.
This article is more than 5 years old.
Alberta’s budget has bounced from black to red and now back to black.
Third-quarter figures from the province show Alberta is on track to a 465-million-dollar surplus this fiscal year.
That’s almost a one-billion-dollar turnaround from last month when Premier Jim Prentice announced the prospect of a 500-million-dollar deficit.
Finance Minister Robin Campbell said the change is due to higher than expected investment income and more money coming back from the federal government to pay for flood relief.
“Even though we’ve downgraded the forecast, higher energy prices at the beginning of the fiscal year, along with improved revenue forecasts in other areas should result in a balanced budget for 14/15. But, there are significant challenges ahead. There’s no question energy prices are driving Alberta’s fiscal story right now,” said Campbell.
Campbell says they have lowered their forecast for West Texas Intermediate crude to $79 per barrel.
He says he is not expect the province to fall into recession.
To see the full update, click here.
