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Depressed oil prices help boost Alberta deficit

Click to play video: 'Alberta’s dismal economic state becomes clearer'
Alberta’s dismal economic state becomes clearer
WATCH ABOVE: Alberta is in the red and we now know by how much. Wednesday morning, Finance Minister Joe Ceci released the 2015-16 fiscal year-end numbers. Alberta had a $6.4-billion deficit. And as Fletcher Kent reports, that doesn't take into account anything from this year – Jun 29, 2016

EDMONTON – Alberta says depressed oil prices and a shrinking economy pushed its deficit up to $6.4 billion last year — $324 million higher than expected.

Revenues for the fiscal year that ended March 31 were down more than anticipated due, in part, to lower resource revenue and a reduced take in corporate and personal income taxes.

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The government says Alberta’s economy contracted by 3.7 per cent in 2015.

Spending increased for health care and education — areas the NDP government has pledged to shield from the economic downturn.

Finance Minister Joe Ceci says the government chose to maintain key public services instead of cutting staff and spending during challenging times.

The government plans to wait until its next budget update in August to estimate how the Fort McMurray wildfire will affect its bottom line this year.

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