The Province's financial update was just as bad as promised.

Finance Minister Travis Toews says this year's deficit will set a dubious record.

"For this current year we're projecting a deficit of $24.2 billion. That's $16.8 billion more than we budgeted. The vast majority of the reason for that deficit is a very, very, significant decline in revenues.

He says revenues from taxes are way down, as are oil and gas royalties.

Toews says they won't be getting much revenue this year either.

"Revenues will be down $11.5 billion dollars, or 23 per cent. Personal income tax revenue will be down 15 per cent. Corporate income tax revenue will be down approximately 53 per cent and non-renewable resource revenue will be down over 75 per cent."

The overall debt has climbed to just under $100 billion.

He says the government needs to move quickly to stop the bleeding.

"We need to deliver the most cost effective government services possible. Alberta can no longer afford to be an outlier in terms of delivering services to Albertans. And secondly we need to double down on our efforts to encourage economic growth in this province."

Toews says they project the economy to shrink by 8.8 per cent this year, which he calls the largest decline in modern day history.

View the first quarter fiscal update HERE.

View the annual report HERE.