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

Second cannabis store in the works for Revelstoke

City Council approved a development variance permit for Revelsmoke Aug. 13

No public comments on Mackenzie Village development agreement amendments

Revelstoke City Council held a public hearing and heard one written comment and none in-person

Author of Emily Carr books coming to speak in Revelstoke

Laurie Carter will be at the Revelstoke library on Sept. 26

Photos: Railway Days at Revelstoke Railway Museum 2019

Today was Railway Days at the Revelstoke Railway Museum. There was food,… Continue reading

Festival goers at the 27th annual Roots and Blues Festival

The Observer asked: Where are you from and what brought you to the festival?

QUIZ: How much do you remember about Woodstock?

Weekend music festival in Bethel, New York, was held 50 years ago

U16 B.C. fastpitch team named national champs

Girls went undefeated at national tournament in Calgary

Summerland’s downtown has gone through numerous changes

Main Street has been commercial hub of community for many years

Advocates ‘internationalize’ the fight to free Raif Badawi from Saudi prison

Raif Badawi was arrested on June 17, 2012, and was later sentenced to 1,000 lashes and 10 years in jail for his online criticism of Saudi clerics

Okanagan climate advocacy group protests against Tolko

Group to demonstrate outside Vernon head office Monday over plan to log close to water supply

RCMP, search crews hunt for 4-year-old boy missing near Mackenzie

George went missing early Saturday afternoon

Okanagan Cultural Connections live venue tour kicks off in Vernon

Two dozen promoters, national booking agents, and music reps to visit venues from Vernon to Oliver

Most Read