(Image: Fiance Minister Joe Ceci speaks with local media in Fort McMurray. Sarah Anderson. REPORTER)
The Alberta government is tackling a significant revenue shortfall, according to the quarterly report the governing NDP issued Monday.
Finance Minister Joe Ceci announced his party is forecasting a deficit between $5.8 and $6.5 billion dollars.
He said the numbers are going to change because the falling price of oil hasn’t been taken to account in all projections.
The final tally will be released when the 2016 budget is tabled in October, Ceci said.
Revenue for the province is forecast at $44.3 billion which is higher than previously forecast and reflects a $497 million increase in income tax revenue. That is due mainly to the government’s new graduated income tax program which takes effect Oct. 1, according to the NDP government.
“As Albertans we have been through these economic ups and downs before,” Ceci said.
“We are not immune to the impact of global markets but we are resilient, entrepreneurial and innovative and together we will recover and build prosperity for Albertans,” he said.
Ceci said the government will focus on protecting and creating new jobs, investing in much-needed infrastructure and diversifying the economy in order to withstand cycles of boom and bust.
There are forecasts indicating the economy will recover in 2016, according to Ceci, but he said the government will operate using current prices to forecast the 2016 budget and said the NDP would remain fiscally responsible while investing in priorities like health care, education and support for vulnerable families.
