Bleed red ink: Alberta projects higher revenues, but deficit will still be a record $4.3B.

EDMONTON - Alberta is boosting its revenue estimates by $3 billion at the midpoint of the fiscal year, but the province continues to bleed red ink.

Premier Ed Stelmach’s Tory government is still predicting a record $4.3-billion deficit after retooling its revenue projections and trimming spending.

Early projections had put that number at nearly $7 billion.

Finance officials say $430 million in so-called “value review” savings were achieved mainly through hiring freezes, but officials refused to provide specifics at a briefing.

Roughly half the increased revenue is to come from higher oil prices, but income expectations for natural gas continue to drop.

http://ca.news.finance.yahoo.com/s/26112009/2/biz-finance-alberta-projects-higher-revenues-deficit-record-4-3b.html

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