Province releases first quarter fiscal update.

Finance Minister Joe Ceci announced that the projected budget deficit has increased by $527 million since the government released its budget in April.
This raises Alberta’s total debt to $10.9 billion. Much of the increase in being blamed on the Wood Buffalo wild fire which is estimated to cost the province $500 million.
“Essentially were it not for the wood buffalo wild fire the deficit projection this year would be on track,” said Ceci in a press conference.
The one positive point given in the update is an increase in revenue of $708 million largely due to the increase in oil prices to $45 a barrel.
Ceci said that government spending remains on track and that the government maintains its goal to reduce the deficit over time in a while protecting front line services.
“Panicked and reckless cuts would only make a tough situation worse for Albertans,” he said.
Wildrose Shadow Minister of Energy and Chestermere – Rocky View MLA Leela Aheer disagrees with the government plans.
She feels more needs to be done to reduce the deficit which is costing Albertans $1.03 billion in servicing.
She said that Albertans are angry and want the government to slow down.
“A billion dollars is going to servicing the debt of a government that doesn’t know how to manage its money,’ said Aheer.