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

UPDATE: One injured in collision near Onion Lake

The semi truck and van collided between Terrace and Kitimat at 1:45 p.m. Nov. 15.

MBay park gets provincial cash injection

The money will be used for a fully accessible 800 metre loop trail

Tax cut good news for small businesses

Small-business corporate income tax rate to drop from 2.5 to 2 per cent

Arsonists jailed for 2014 blaze

Supreme Court hears mother and children of Kitimat home still traumatized

Radiology review finds 10% discrepancy

Provincial government to implement action plan

100,000 bulbs shine bright for Lights of Hope

St. Paul’s Hospital in Vancouver launched its annual campaign to raise funds for equipment, research

‘I will now live in consistent fear’: Allan Schoenborn granted escorted leaves

The Merritt man was deemed not criminally responsible in the killing of his three children in 2008

Hammy the deer dodges conservation officers in Prince Rupert

The famous Prince Rupert hammock deer maintains his purple threads

‘No shirt, no service, no Canada’

Shirtless Tacoma man arrested after Canadian border officials say they found meth in rental vehicle

Nasty note on B.C. windshield sparks online outrage

Vernon’s Bailey McDonald is using a painful experience to start conversation about invisible illness

Federal funding to combat guns, gangs and opioid crisis

Public Safety Minister Ralph Goodale said illicit drugs are often main cause of guns, gangs violence

Riverview youth mental health centre proceeds

Replacement for Maples Treatment Centre first announced in March

Dead boy’s father posts Facebook response after Appeal Court upholds conviction

David, Collet Stephan were found guilty in their son Ezekiel’s 2012 death from bacterial meningitis

Trudeau mania, Scheer enthusiasm in B.C. this week

Prime minister, Conservative leader drop in on Surrey, White Rock

Most Read