Alberta posts first-quarter operating surplus on higher revenue

Thu Aug 29, 2013 11:59am EDT
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CALGARY, Alberta Aug 29 (Reuters) - The Canadian province of Alberta, home to most of the country's oil and gas production, said on Thursday it had a C$715 million ($680 million) operating surplus in its fiscal first quarter as revenues rose above expectations.

The province said operating revenue was C$9.9 billion, C$211 million above what it forecast in its March budget, while spending was C$9.2 billion, down C$113 million.

The provincial government, which has posted six-straight budget deficits, said in its budget earlier this year it would borrow C$4 billion to fund badly needed schools, roads and hospitals. However fiscal first-quarter borrowing was C$494 million, C$304 million lower than projected, as it spent a total C$1.4 billion on capital items.

The government also said it has so far spent C$704 million on relief efforts following record floods that swept through the province in June.