January 13, 2015 / 9:14 PM / 4 years ago

Alberta expects C$500 million budget shortfall this year

CALGARY, Alberta (Reuters) - The Canadian province of Alberta, a key exporter of oil to the United States, is expecting a C$500 million ($418 million) budget deficit in the current fiscal year as falling oil prices cut into its revenue, the province’s premier said on Tuesday.

Jim Prentice, the former investor banker who took over as Alberta’s premier in September, said the shortfall is likely to be covered by a C$5 billion provincial contingency fund and he did not expect to incur debt because of the deficit.

The fiscal year ends on March 31.

Reporting by Scott Haggett

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