By 2016/17, Alberta’s debts exceeded its financial assets for the first time since 2000/2001.
Spending choices have largely driven the province’s nearly unbroken string of deficits.
The Notley government will unveil Alberta’s 2017 budget next week.
In 2012/13 when oil prices averaged more than US$97 a barrel (inflation adjusted), the province still ran a $3.1 billion deficit.
Alberta ran seven deficits in the past eight fiscal years when oil prices averaged $88 per barrel.