Put simply, Alberta may be headed for another period of routine deficits. The last time this happened, the province lost its coveted debt-free status and fell into more than a decade of red ink that led to $60 billion in net debt...

The Smith government will soon release its fiscal update, which reveals the state of government finances, and Finance Minister Nate Horner recently warned that the deficit — currently projected at $6.5 billion this fiscal year — may be higher than previous forecasts if today’s low oil prices persist.

And this is just the latest bit of bad fiscal news. According to the government’s projections, its finances have already deteriorated by $14.8 billion since last fiscal year when it ran an $8.3-billion surplus.

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