Oil down, Alberta deficit projection hits $3 billion [Video]

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EDMONTON ?-?

It's the economy, stupid.

The province's projected $3 billion deficit ? and all the newest numbers from Finance Minister Doug Horner ? were dumbed down to a glossy brochure in Thursday's first quarter fiscal update.

No high-fallutin' technical briefing ? and no solid specifics in some very pertinent areas ? has the Canadian Taxpayers Federation seeing red in numbers that Premier Alison Redford had promised to be in the black by 2013.

Slimmed down by a third from 13 pages to nine from FQFU 2011-2012, the new report is glammed-up with flashy graphics, but it is missing a few details ? like where an extra $300 million in "premium fees and revenues" came from.

There's ample white space, but no capital plan specifics, no net financial and capital assets summary. Instead, a three-page narrative on the province's economic outlook.

Horner said the stripped-down piece follows advice from the Auditor General.

"A more meaningful report of realities that is understandable, rather than a prediction of things that may or may not come," he said.

"We didn't do a technical briefing because the reality is if you have to do a technical briefing for you folks, how would we expect Albertans are going to understand what we're telling you? I want Albertans to understand what the first quarter results are based on actual to-budget, just the way they would do at home, just the way they would do in their business."

The no-explanation explanation infuriated Hennig.

"That is the most insulting thing I've ever heard ? basically telling the the reporters and Albertans they're too stupid to understand the numbers," Hennig said.

The close-mouthed report could be in violation of Alberta's Fiscal Responsibility Act, he said.

"They have to, by law, every quarter produce a quarterly budget update. This is not a quarterly budget update ... This is a glossy brochure. I've never seen anything as ridiculous as this," Hennig said.

?

Was the Alberta government too optimistic with its budget projection?

Source: http://www.calgarysun.com/2012/08/30/oil-down-deficit-projection-hits-3-billion

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