B.C. deficit tops $1.1 billion

Higher than forecast, despite cutting $668 million in spending. Finance Minister says lower natural gas revenues the big factor

Finance Minister Mike de Jong

VICTORIA – The B.C. government finished the last fiscal year with a deficit of $1.15 billion, according to the audited public accounts released Tuesday.

That’s up from $968 million that was projected as the deficit last year, an indication of the difficult task facing the government to balance the budget in the current year.

Finance Minister Mike de Jong said the government reduced its spending $668 million in the fiscal year ended March, compared to what was budgeted. But resource revenues, mostly natural gas, were down $1.1 billion from the 2012 budget.

Health care spending was up $585 million, education spending rose $300 million and social services spending went up $50 million compared to 2011-12. Total program spending increase 2.6 per cent, higher than the target of two per cent de Jong has set for this year.

Deficits and continued spending on capital projects pushed the province’s total debt up $5.6 billion to $55.8 billion.

“We’ve seen the largest debt increase in the history of British Columbia,” NDP finance critic Mike Farnworth said. “And this is a government that ran around during the election campaign saying it’s going to be debt-free B.C.”

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Morning Start: Naps could save your life

Your morning start for Wednesday, July 9, 2020

After slow start, Summerland sees more tourism activity

Majority of visitors come from within British Columbia

EDITORIAL: Accommodating Okanagan fruit pickers

Campsite for agricultural workers to open in Summerland

COLUMN: Fiscal sticker shock

Deficit and debt increasing while Canada’s credit rating has been downgraded

Two facing charges after RCMP search Penticton motel, find firearms, drug-trafficking related items

Samuel Prescott-Perreault, 32 years old, and 27-year-old Paige Rist are facing charges

The pandemic is widening Canada’s workplace gender gap

Gender pay gap is incentivizing fathers to work while mothers watch children, a new B.C. study has found

Ex-Okanagan Mountie forfeits 20 days’ pay after sexual misconduct review

A former Vernon RCMP constable made sexual comments, grabbed genitals of male officer in two incidents 10 years ago

Security guard assaulted in Kamloops park thanks police, public for quick arrest

Glen Warner, 71, was attacked on July 2 by a man who was asked by Warner to not smoke

Portraits celebrating Syilx culture now on display at Kelowna International Airport

Sheldon Pierre Louis’ art will be on display at YLW from now until July 2021

Deer and moose die after being chased by dogs in South Okanagan

BC conservation officers are asking the public to control their pets

3 people dead in Prince George motel fire

Fire personnel believe the blaze was suspicious although investigation in early stages

Man found dead on Okanagan trail identified as Hollywood actor

GoFundMe campaign launched for man found dead at summit of Spion Kop

B.C. sets terms to review police, mental health, race relations

MLAs to recommend Police Act changes by May 2021

Trail RCMP officer accused of criminal harassment, forcible entry

BCPS: The charges against Murchie date between 2017 and 2020

Most Read