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.”

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Three active COVID-19 cases on Vancouver Island

Since July 24, Central island has had five new cases, North one, South none

Cheri Mactier celebrates 20 years in Ladysmith real estate

After 20 years in town, Mactier’s daughter, Brianne Mactier is joining the family business

Exhibit showcases one side of artist’s wide-ranging personality

Skagfeld takes something from all of her life experiences

VIDEO: Internet famous Yukon-based bhangra dancer explores Vancouver Island

Gurdeep Pandher spreads joy through dance, forms cross-cultural connections amid pandemic

First downtown parklet patio installed on 1st Avenue

Social distancing regulations will determine the total seat count

Man arrested after stabbing incident at makeshift camp near Vancouver Island mall

RCMP in Parksville report 28-year-old man taken into custody without incident

Canucks ride momentum into NHL playoff series against defending Stanley Cup champs

PREVIEW: Vancouver opens against St. Louis on Wednesday

Man, 54, charged in connection with fatal attack of Red Deer doctor

Doctor was killed in his walk-in clinic on Monday

One dead as fish boat sinks off southern Vancouver Island

Shawnigan Lake-registered Arctic Fox II went down off Cape Flattery, west of Victoria

Landlord takes front door, windows after single B.C. mom late with rent

Maple Ridge mom gets help from community generosity and government

42 more people test positive for COVID-19 in B.C.

The province has recorded no new deaths in recent days

Joe Biden selects California Sen. Kamala Harris as running mate

Harris and Biden plan to deliver remarks Wednesday in Wilmington

Lawsuit launched after Florida child handcuffed, booked and briefly jailed

Suit alleges “deliberate indifference” to what should have been handled as a behavioural issue

Most Read