They just can't avoid the stereotypes, can they?
Les Leyne: B.C. deficit keeps growing as NDP restraint fades
Years of charts and graphs portrayed a reassuring trend line of modest declines in the annual deficits, but the latest quarterly report tells a different story.
https://www.vmcdn.ca/files/texttospeech/12783549-adb0d9d6-f4d3-4267-8ff9-16dfa5ddc253.mp3
The B.C. NDP committed after the 2024 election to curb its spending problem and start whittling down the record annual deficits it was piling up.
There were some hiring restrictions and “expenditure management” was stressed. The three-year charts and graphs portrayed a reassuring trend line of modest declines in the annual deficits.
It’s an entirely imaginary line, but it served as an answer to the mounting concerns about continual overspending.
That lasted until February when after a year’s worth of commitment to cost reduction, the deficit projection jumped another few billion to $13.3 billion, the highest ever.
This week’s quarterly report is the first progress report on sticking to that budget and it’s even worse than expected: $13.8 billion is the new expectation of this year’s deficit.
It jumped even with an unexpected $900 million bump in income tax revenue, as calculated by the federal government.
Two major things offset that boost. The biggest was $600 million in additional wildfire spending just from April to June.
The second was the $300 million reduction in the estimate of natural gas royalty revenues made after the remarkable calculation errors that came to light last month. Those mistakes amounted to a $1.5 billion over-estimate in a five-year time frame, so the reduction will carry through four more years, offset by other changes.
Years of charts and graphs portrayed a reassuring trend line of modest declines in the annual deficits, but the latest quarterly report tells a different story.
www.timescolonist.com