Alberta Premier Danielle Smith says a potential budget deficit next year is not off the table.
Her government’s 2024 budget initially projected a surplus of $367 million when it was tabled in February.
Smith says that surplus was dependent on West Texas Intermediate oil prices averaging US$74 per barrel, but the price to start the week has been around US$68 per barrel.
She says the lower than projected oil price, coupled with other “different pressures” means a budget deficit is a possibility.
Finance Minister Nate Horner says it’s too early to say for sure, but says posting a surplus will be a challenge.
Smith wouldn’t say if a budget deficit means her promised income tax cut would be delayed further.
This report by The Canadian Press was first published Oct. 29, 2024.