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Alberta Projects C$886 Million Deficit in Fiscal 2012-13

The province of Alberta will post a deficit of C$886 million ($890 million) in the fiscal year that begins Apr. 1, compared with a C$1.3 billion deficit in the previous year, Finance Minister Ronald Liepert said today.

The province will post a shortfall of C$1.3 billion in the year that ends March 31, and will swing to a surplus of C$952 million in 2013-14, Liepert said. The fiscal plan is based on projections of 3.8 percent economic growth in 2012, and an oil price that will average $99.25 per barrel for West Texas Intermediate crude.

The province has no plans to issue debt in the next fiscal year, the budget document shows, with the deficit to be covered by drawing down the province’s stabilization fund.

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