06/30/2015 16:08 EDT | Updated 06/30/2016 01:12 EDT

Alberta's NDP inherits more than $1B-surplus from last budget under PCs

EDMONTON - Premier Rachel Notley's NDP government is taking over Alberta's finances with more than a billion dollars in surplus cash.The final numbers from the 2014-15 budget year, which ended March 31, show Alberta recorded a $1.1-billion surplus.That's up from the $514 million projected when the Conservative government tabled its spending document in the spring of 2014.Finance Minister Joe Ceci says the current fiscal year will be the first full reporting period with oil at drastically reduced prices.West Texas Intermediate oil, Alberta's benchmark for crude, has dropped to just under US$60 a barrel from US$107 a barrel a year ago.The 2014-15 budget is the first surplus in six years.