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The finance minister avoided specifically saying the deficit could top $10 billion in 2016-17, instead pinpointing the amount he expects it to grow.

“It’s potentially $5 billion more than we projected,” he said.

“It’s a hell of a lot of money,” he added later.

The province had originally hoped to chip away at the deficit by next year, projecting it would hit $5.4 billion in 2016-17 and $4.4 billion in 2017-18.

Instead, Ceci’s financial update showed the projected 2015-16 deficit has increased by $197 million to $6.3 billion and will continue to climb in the following years.

The NDP government’s pledge to balance the books by the next election in 2019 is no longer possible, Ceci said.

“The pathway to balance will take longer to achieve,” he said.

He said the shortfall will be partially offset by the province’s contingency account — which is pegged at $3.9 billion — along with the province’s plan to begin borrowing in 2016 to pay for operational spending.

Ceci said he has no plans to introduce new taxes next year and reiterated again the government won’t bring in a sales tax.

“Now is not the time to draw more taxes out of the economy.”

Since October, West Texas Intermediate oil prices have fallen 30 per cent. The decline has led to a 20 per cent drop in revenues, Ceci said.

Resource revenue in 2015-16 is down $294 million from the October budget projection and personal income taxes slid a further $762 million, but the province offset some of the decline with a $251-million stabilization grant from Ottawa, the third quarter update showed.