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Alberta 2012 3rd Quarter Financial Report

Alberta 2012 3rd Quarter Financial Report

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Published by John Turner
A $2.4 billion drop in resource revenue has put Alberta on pace for another massive deficit of between $3.5- to $4 billion, Finance Minister Doug Horner said Tuesday as the province revealed this third quarter fiscal update.

This government forecast suggests the red ink will be four times deeper than was forecast in the budget last February. The province initially predicted an $886 million deficit, but by the second quarter had increased its deficit forecast to $2.3 to $3 billion.
A $2.4 billion drop in resource revenue has put Alberta on pace for another massive deficit of between $3.5- to $4 billion, Finance Minister Doug Horner said Tuesday as the province revealed this third quarter fiscal update.

This government forecast suggests the red ink will be four times deeper than was forecast in the budget last February. The province initially predicted an $886 million deficit, but by the second quarter had increased its deficit forecast to $2.3 to $3 billion.

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Published by: John Turner on Feb 19, 2013
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02/19/2013

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February 2013
2012-13
Third Quarter 
 Fiscal Update andEconomic Statement
 
Budget
2012
 Third Quarter FISCAL Update AND ECONOMIC Statement
2
 ADDITIONAL COPIES OF THIS REPORT
 may be obtained by visiting our website at: www.nance.alberta.ca/publications/budget/index.html
Treasury Boardand Finance
 
Budget
2012
 Third Quarter FISCAL Update AND ECONOMIC Statement
3
Tabl of Cotts
 ACTUAL RESULTS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Consolidated Fiscal Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Operating Expense by Ministry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Disaster / Emergency Assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Capital Grants and Other Support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Capital Investment / Inventory Acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . 8Capital Amortization / Inventory Consumption . . . . . . . . . . . . . . . . . . . . . . . 92012-13 Financing Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
ECONOMIC OUTLOOK 
Alberta economy transitions to more moderate growth . . . . . . . . . . . . . . . . . . 10
OIL PRICES
e impact of widening oil price dierentials . . . . . . . . . . . . . . . . . . . . . . . . . 12Key energy and economic assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
REVENUE IMPACTS
Impact of recent developments on government revenue . . . . . . . . . . . . . . . . . 15

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