Alberta enters centennial in party mood; pockets bulging with resource funds

Alberta is about to celebrate its 100th birthday as a part in the Canadian confederation with its pockets bulging from resource revenues.

The government expects to end the 2004-05 fiscal year on March 31 with a windfall of C$9.63 billion, more than double the C$4.78 billion forecast in the original budget.

Overall, Alberta is counting on a budget surplus of C$4.3 billion, of which C$3.7 billion will go to pay down debt, putting the province on the path to wiping out its debt.

The government said it now expects oil prices for the year to average US$43.50 a barrel for West Texas Intermediate, far ahead of its budget prediction of US$26, while natural gas prices are on track for C$6.39 per gigajoule, almost C$2.40 ahead of the budget guess.

—Gary Park