Alberta posts 3rd quarter operating surplus as revenue jumps
CALGARY, Alberta Feb 26 (Reuters) - The Canadian province of Alberta, the largest source of U.S. oil imports, said on Wednesday it ran a C$1.2 billion operating surplus over the first three quarters of the current fiscal year.
Doug Horner, the province's finance minister, said the province's C$30.8 billion ($27.7 billion) in revenue over the period was C$2.7 billion higher than expected due to strong energy prices and higher investment income.
Operating expenses, at C$29.6 billion for the first three quarters of the 2013/2014 fiscal year, were C$1.1 billion over the government's projections in the last budget as it boosted spending on health care and other social programs.
The province, which separates its operating budget from its capital spending budget, said it borrowed C$2.7 billion over the nine-month period to fund capital projects.