Canada's Alberta expects surplus this year despite low oil

Tue Feb 24, 2015 1:20pm EST
 
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CALGARY, Alberta Feb 24 (Reuters) - Canada's province of Alberta, the largest oil exporter to the United States, said on Tuesday it still expects to end the current fiscal year with a budget surplus but warned the full impact of lower crude prices won't be felt until the next fiscal year.

The province said it expects to post a C$465 million ($368.9 million) budget surplus for the 2014/2015 fiscal year that ends on March 31. That is down from an initial budget estimate of C$1.09 billion.

While expected revenue of C$44.75 billion is nearly C$400 million higher than its budget forecast on a higher take from personal and corporate taxes, payments from the non-renewable resource sector are C$503 million less than expected due to lower oil prices . ($1 = C$1.2605) (Reporting by Scott Haggett; Editing by James Dalgleish)