Finance Minister Nate Horner’s February budget pegged the deficit at $5.2 billion, but the first-quarter update now puts the shortfall at $6.5 billion.

Total revenue is forecast at about $73 billion, against $79 billion in expenses.

“We know the road ahead has its challenges, but with disciplined financial management and smart investments, we will stand by families, rein in the deficit and secure a stronger future," said Horner, in a press release along with the update. "Careful fiscal management matters."

According to the update, the biggest factor influencing the province's budget is a 38 per cent drop in natural resource prices, which has resulted in a forecast revenue of $15.7 billion in 2025-26, down from $25.2 billion.

The price per barrel in 2025-26 is forecast at $63 USD, down

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