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UPDATE 1-Canada's Alberta plans to introduce provincial budget Oct. 27

Published 2015-10-05, 01:45 p/m
© Reuters. UPDATE 1-Canada's Alberta plans to introduce provincial budget Oct. 27
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(Adds additional comments from Ceci and background in
paragraphs 3-6)
CALGARY, Oct 5 (Reuters) - Canada's oil-producing province
of Alberta, which has been hammered by falling crude prices,
will table its next budget on Oct. 27, Alberta Finance Minister
Joe Ceci said on Monday.
Ceci said the province, the largest source of U.S. crude
imports, has become overdependent on revenues from royalties
paid by the industry, but he declined to say whether taxes would
be increased.
Alberta is projecting a record deficit of at least C$5.9
billion for the year, but Ceci said the budget would introduce a
plan to return to balanced finances. At the same time, he said
the budget would introduce plans to protect public services and
stimulate growth by diversifying the province's economy.
Ceci said the New Democratic government, which ended 44
years of Conservative rule in a May election, has already taken
some steps to increase revenues when it raised the province's
corporate tax rate from 10 to 12 percent in June.
"All of those things will put us on a better path, in this
province, going forward," Ceci told reporters at the Alberta
legislature in Edmonton.

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