Finance Minister Joe Ceci released the province’s 2015-16 year-end financial results Tuesday morning. The outlook is gloomy given the current economic state as Alberta finished the 2015-16 fiscal year with a 6.4 billion deficit, $324 million more than expected. As oil prices continue to be on the decline, total revenue was down $7 billion from last year’s number of $49.5 billion.
Non-renewable resource revenue is down $6.2 billion from 2014-15, while tax revenue was also down indicating how the economy is affecting households. The province collected $20.7 billion in taxes which is a $716 million decrease from last fiscal year.
Some good news was included, the population grew 1.8 percent in 2015, more than most provinces. The government also revealed Alberta has the youngest population in the country.
