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

UVic announces finalists for Male Athlete of the Year

Rower Patrick Keane, rugby player James O’Neill, and track athlete Thomas Oxland are top stand-outs

‘Not well thought out:’ Arizona family slams B.C. speculation tax

American family spends half the year in vacation home on Vancouver Island

Edibles sidelined in proposed amendments to Cannabis Act

Health Canada says edible regulation is still more than a year away

Young performers showcase new works in Oak Bay venue

The TD Festival of New Works is March 27 and 28 at 7:30 p.m. in the CCPA Performance Hall

Victoria Sketch Club’s 109th Annual Art Show

Oldest Canadian art group west of Ontario displays art at Beach Drive campus

Victoria Sketch Club’s 109th Annual Art Show

Oldest Canadian art group west of Ontario displays art at Beach Drive campus

Canucks find scoring touch in 5-2 win over Blackhawks

Four Vancouver skaters have two points apiece in victory over Chicago

Family of B.C. wildfire victim wants better emergency preparedness for vulnerable people

Williams Lake’s David Jeff “fell through the cracks”

Senate backs bill to legalize recreational marijuana

Justin Trudeau reminded senators that his government was elected on a promise to legalize pot

Mainroad crews cleaning up after winter

Motorists warned to be on the lookout for roadside workers

Lower water pressure, discolouration expected Friday in Gorge-Tillicum area

McKenzie interchange work could affect water for up to a week

The most “Victoria” way to watch baseball?

HarbourCats fans can now watch games from double-decker buses

Where Canadians buy real estate abroad: report

Hot Spots: Top 30 home-buying destinations for Canadians in the Americas

Ban on grizzly bear hunt, new rules take effect April 1

Taxidermists, tanners will have to report on any grizzly bears or parts brought to them

Most Read