Stelmach says Alberta 2010-11 budget deficit $3M, not the estimated $4.7M

FORT SASKATCHEWAN, Alta. – Alberta Premier Ed Stelmach says last year’s budget deficit will end up being about a third smaller than predicted.

The final numbers for the 2010-2011 budget year are to be released next week and Stelmach says the deficit will come in at just over $3 billion.

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The forecast was for a deficit of $4.7 billion.

Stelmach is crediting departmental savings, higher oil royalties and higher corporate tax revenues for the decrease.

“The plan that we put forward four years during the recession is working,” says Stelmach. “It’s created jobs, it’s growing the economy, and the investment in infrastructure was the right time to do it.”

He says the fund the government uses to balance out revenue spikes will sit at $11 billion rather than the $8 billion forecast.