CALGARY, Alberta (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 CLc1 LCOc1.
Reporting by Scott Haggett; Editing by James Dalgleish