NEWS  |  Canada's Alberta Forecasts Record Budget Deficit  |  Rigzone

Apparently NOT where all the money is anymore...

NEWS  |  Canada's Alberta Forecasts Record Budget Deficit  |  Rigzone: "The Canadian province of Alberta, which has been hammered by falling crude prices, is forecasting a record budget deficit of C$5.9 billion ($4.49 billion) this year, which could increase to C$6.5 billion, Finance Minister Joe Ceci said on Monday.

Alberta, home to Canada's oil sands and the largest source of U.S. crude imports, has struggled with a sharp drop in revenue as global oil prices tumbled over the last 12 months.

But the province said its revenue forecasts were C$44.3 billion - about C$1 billion higher than forecast in part due to the newly elected left-leaning NDP government's decision to increase corporate income tax rates from 10 to 12 percent.

Spending was also higher than forecast in the first quarter due to climate-related incidents, including agricultural drought relief and wildfire fighting costs, according to the report.

At a news conference, Ceci noted that the numbers were based on oil price projections from the end of July - prior to a further dramatic drop in crude - and could be updated in an upcoming budget, scheduled to be introduced in October."

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