Alberta's already record deficit is projected to grow by more than $500 million, due mainly to the financial impact of the May wildfires in Fort McMurray, according to the province's latest quarterly update. The latest fiscal update, delivered Tuesday by Finance Minister Joe Ceci, cites the wildfires as the main factor pushing the deficit $527 million higher to $10.9 billion. Ceci said the province has no intention of abandoning the fiscal plan it began putting in place last year, and will not give in to pressures to make "knee-jerk cuts" to any programs. 'If we stay with our plan we will be fine,' Alberta Finance Minister Joe Ceci reassured reporters during the province's first quarter fiscal update. Because of the downturn in the economy, Albertans bought fewer cigarettes and spent less on gambling — two areas government has come to rely on for steady sources of income.

Source: CBC News August 23, 2016 19:34 UTC