July 22 (Reuters) - Saskatchewan recorded a bigger-than-expected budget deficit of C$675 million ($513 million) in the last fiscal year as prices of crude oil and potash produced in the western Canadian province slumped, the government said on Friday.
The deficit for the 20l5/16 year ended March 31 was the province's first in two decades, and surpassed its most recent estimate in June of C$427 million. deficit was due to a year-over-year drop of C$853 million in revenue from resources, the government said in a statement.
Factoring in an "accounting adjustment" to pensions, the total deficit was C$1.52 billion.
The right-leaning Saskatchewan Party government, led by Premier Brad Wall, aims to eliminate its deficit by 2017/18, but that target will not be easy to reach, Finance Minister Kevin Doherty said.
Moody's Investors Service said last month that it sees risks in Saskatchewan's plan to balance its budget next year.
The Pacific Coast province of British Columbia on Thursday said it ended its last fiscal year with a bigger-than-expected budget surplus. ($1 = 1.3158 Canadian dollars)