Increased oil revenue has helped to slice the province’s deficit nearly in half.

The provincial government projected a deficit of $729 million in the spring budget, but strong offshore revenue, economic growth and increased taxation have knocked that figure down to $377.6 million.

Finance Minister Craig Pardy last week released government Public Accounts for the fiscal year ending last March.

Revenue was $420.8 million higher than budgeted, with offshore royalties accounting for $1.7 billion in revenue last year – that was $350 million more than the previous year.