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

You can make a difference in a child’s life

A dozen Mission boys and girls are on the Big Brothers Big Sisters of the Fraser Valley waitlist

Abbotsford pedestrian/cycling bridge to open next week

Free hot dogs promised for grand opening on Jan. 23

BREAKING: Accused Abbotsford school killer now fit for trial, defence lawyer says

Medication has quieted voices, Gabriel Klein told BC Review Board this morning

MP Ed Fast calls on PM to intervene in drug-smuggling death sentence in China

Fast says Abbotsford native Robert Schellenberg’s sentence is in retaliation for arrest of Meng Wanzhou

Man sentenced to death in China had prior drug convictions in Abbotsford

Robert Lloyd Schellenberg, 36, found guilty of smuggling 222 kg of meth

VIDEO: Car flies across median, flips over edge of Brunette overpass

Dash cam footage shows a vehicle speeding across a Lower Mainland overpass

Surrey needs 350 more cops, activist tells council

‘Right now we are 350 police behind what our population requires,’ politicians are told

Indigenous energy summit includes session on pipeline ownership options

Steven Saddleback of the Indian Resource Council says a session will feature presentations on financing models

Japanese grand champion Kisenosato retires from sumo

The 32-year-old Kisenosato was the first Japanese-born wrestler in 19 years to gain promotion to sumo’s highest rank

Right-wing, neo-Nazi, white supremacist groups an increasing concern: Goodale

Ten people died in April 2018 when Alek Minassian allegedly drove a rental van down the busy stretch in Toronto

Where mattresses go to die

Mattress Recycling opens the largest of its kind mattress-recycling facility in Hope

Canadian stock exchanges to conduct lottery for ‘POT’ ticker amid high demand

The symbol became available after fertilizer Potash Corp. officially merged with Agrium Inc. in early 2018

Millennial Money: Don’t let Instagram envy get you into debt

A full 48 per cent of U.S. households have credit card debt

Most Read