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Despite predictions of gloom and doom, the province posted a surplus last year of more than $1 billion, no matter how it’s counted.

The previous Tory government initially forecast a $514-million surplus last year, but when oil prices plummeted last fall, premier Jim Prentice warned Alberta could end up in the red.

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The 2014-15 consolidated surplus of $1.1 billion ends of string of six consecutive deficits and boosts the province’s contingency fund to $8.2 billion — a reserve Finance Minister Joe Ceci says will come in handy in dealing with the drop in non-renewable resource revenue.

“Going forward the climate — the economy today — is very different from what it was then,” he told reporters at the legislature Tuesday as the NDP government released the final year-end numbers.

But Ceci said he was reluctant to use the cash savings to fill the projected revenue void.

“If we can find a way to achieve greater revenue stability without the use of the contingency account — though it’s probably not possible — that would be my first desire,” said the Calgary MLA.