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.”

 

Just Posted

Town taps emergency funds to repair museum roof

The municipality is tapping emergency funds to repair the roof of the… Continue reading

Many memories tied to Princeton’s founding family

Art Martens livingsignificantly.ca When four Elders from the Lower Similkameen Indian Band… Continue reading

Grey, damp, warm week ahead in Okanagan, Shuswap, Columbia

Environment Canada calling for clouds and showers, and warm temperatures, throughout the area

Princeton woman honored for helping make town inclusive

“I believe everyone should be included and supported and able to contribute.”… Continue reading

Election 2019: Robert Mellalieu — Green Party candidate for Central Okanagan-Similkameen-Nicola

Robert Mellalieu is running for the Green Party in Central Okanagan-Similkameen-Nicola

Canadian Snowbirds plane crashes before air show in Atlanta

Pilot lands safely after ejecting from jet

Share crash data, private insurers tell David Eby, ICBC

B.C. monopoly makes drivers retrieve their own records

B.C. VIEWS: Wolf kill, not backcountry bans, saving caribou

B.C.’s largest herds turn the corner from extinction

Boats once plied Okanagan Lake

Lake was used as transportation corridor connecting communities in the valley

Pearson nets shootout winner as Canucks clip Flyers 3-2

Vancouver picks up second straight home win

Map on Elections Canada website sends Nanaimo-Ladysmith voters to landfill

Address for polling station correct, but Google Map address differs

BC Children’s Hospital launches 2 new virtual care sites bringing total to 19 across province

Provincial initiative allows pediatric patients to see health specialists through video

Most Read