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

Bella Coola to benefit from massive investment in coastal internet

A combined investment of $45.4 million will bring new and updated high-speed internet on the coast

Nearly $500,000 available for internships with First Nations government

Funds announced through partnership with Northern Development and Government of Canada

O’Reilly trial scheduled to start January 15 for Anahim Lake murders

O’Reilly is charged with first-degree murder

School District 49 to re-open Nusatsum Elementary in September 2018

SD49 says increasing enrollment is driving its decision to re-open the school

B.C. cougar kitten rescued after mother struck by vehicle

Conservation Officers find home for young kitten found dehydrated and frostbitten near Williams Lake

WestJet appeals lost bid to scrap harassment lawsuit

Airline argues judge was wrong to have dismissed the company’s application to strike the legal action

Can U.S. border guards search your phone? Yes, and here’s how

Secretary of homeland security explains a new policy that let’s border guards check phones

‘Beautiful writer’ Nancy Richler dies of cancer in Vancouver hospital

Montreal-born author spent most of her adult life in B.C. as a fiction writer and novelist

B.C. commuters vote to rename bus service to ‘Jeff’

The company asked and the people of Facebook answered

Students frustrated by UBCO response to harassment allegations

Students on the Kelowna campus were unaware of resources and worried about lack of communication

Opinion: Dare to be smarter

Just say no works for more than just substance abuse

‘Sing Me a Song’ about B.C. for a chance at $1,000 contest prize

Entries due by March 30 for lieutenant-governor’s British Columbia-themed competition

Facing reality of death, B.C. man learns real meaning of life

Even while preparing for the end, something inside Keven Drews won’t let him stop living

Most Read