Alberta Premier Danielle Smith says soft oil prices mean belt-tightening budget

Alberta Premier Danielle Smith is warning that softening oil prices means provincial funding won't keep pace with population growth in next week's budget.

In a televised provincewide address on Wednesday night, Smith said the Feb. 29 provincial budget will be balanced but fiscal belt-tightening is required.

"Spending cuts will not be needed," Smith said in the eight-minute address, aired on TV and online.

"Lower resource revenues will certainly require us to show more restraint than previously predicted.