The Alberta government released its first deficit budget in nearly 15 years Tuesday, projecting a total shortfall of $4.7 billion.
The province expects revenue to drop to $31.7 billion from $35.6 billion, decreasing 11 per cent in the past year, with the forecasted spending to reach $36.4 billion.
A shortfall of $215 million will have to be found immediately, according to provincial finance minister Iris Evans, and another possible $2 billion in "fiscal corrective actions" to be taken in 2010 if the situation improves.
No tax increases were put forth in this budget, however as of midnight, a carton of smokes will go up $3 and liquor taxes will be increased.
The province has designated $23.2 billion for health facilities, schools and roads.
More to come.