BC Debt

[Sapper]

http://www.vancouversun.com/news/Declining+revenue+leaves+hole+budget+boosting+deficit+billion/8696768/story.html

VICTORIA — British Columbia's Liberal government missed its budget target for 2012-2013 by more than $175 million, due primarily to declining resource revenues, but the bottom line numbers could have been worse if the Liberals had not resorted to spending controls halfway through the year, Finance Minister Mike de Jong said Tuesday.

But Opposition New Democrat finance critic Mike Farnworth said the Liberals overshot their deficit target significantly and their spring election promises of a debt-free B.C. have produced a debt spree, with the debt increasing $5.8 billion over the year.

B.C.'s debt ended the year at $55.8 billion and now is estimated to rise to $62.5 billion this year.

De Jong said the final public accounting for last year left a budget deficit of $1.146 billion, up $178 million from the $968 million forecast when the Liberals introduced their budget in February 2012.

De Jong tried to sweeten the final deficit number by reporting that it was forecast to hit $1.45 billion halfway through the year, but belt-tightening on the government side trimmed the final number downwards.

"The deficit, it is, as you see $178 million greater than was projected in the February 2012 budget," he said. "It is, I suppose, happily, less than was projected in the (quarterly) update. "We didn't bring it down to where we had targeted it, but we did bring it down from where it was on target to reach during the fiscal year."

De Jong said said forecasted revenues were down by $1.1 billion, which were partially offset by $668 million of savings in government spending.

The drop in revenue was mostly due to the decline in resource sectors including petroleum, natural gas, natural resources and minerals, he said.

Farnworth said he is concerned about the rising debt, especially since the Liberals promised during the spring election campaign to eliminate the debt.

"We've seen the largest debt increase in the history of British Columbia," he said. "This is a government that ran around during the election campaign saying debt-free B.C."

The Liberals campaigned on a vision of the future that includes aggressive LNG development, which the party said could lead British Columbia out of debt within 15 years.

De Jong said the debt is still within affordability margins for the province because the B.C.'s ratio of debt to gross domestic product comes in at 17 per cent, which is below the 17.6 per cent forecast in the budget.

Quebec's debt-to-GDP ratio is 48 per cent, while it's two per cent in Alberta.

The public accounts indicate B.C. economy grew by 1.7 per cent in 2012, slightly below the national average of 1.8 per cent.

De Jong acknowledged that B.C.'s auditor general Russ Jones disagrees with the government's final budget numbers.

The auditor included an independent report in the public accounts that concludes if B.C.'s budget numbers were calculated using Canadian public sector accounting standards, the B.C. budget would have produced a surplus of $1.75 billion.

Canadian public sector accounting standards set out how governments should report revenues they receive from the federal government, but B.C. defers those payments, Jones said. Ontario and Alberta also defer the payments.

De Jong said the government started to make progress on holding down pay increases for top executives even though total executive compensation was up more than $1 million from last year.

De Jong said the total pay for the top 10 executives dropped by almost three per cent, but the numbers were up because more executives were disclosed as part of the program and more executives received bonuses due to performance improvements.

De Jong also said the deficit numbers mean all cabinet ministers will receive a 10 per cent pay cut as part of the government's balanced budget law.

Read more: http://www.vancouversun.com/news/Declining+revenue+leaves+hole+budget+boosting+deficit+billion/8696768/story.html#ixzz2ZvFs9Ic1

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Wow - its so sad and damaging to this province that I can't even bring myself to say we told ya so ...

.

[Lockout Casualty]

http://www.vancouver...6768/story.html

VICTORIA — British Columbia's Liberal government missed its budget target for 2012-2013 by more than $175 million, due primarily to declining resource revenues, but the bottom line numbers could have been worse if the Liberals had not resorted to spending controls halfway through the year, Finance Minister Mike de Jong said Tuesday.

But Opposition New Democrat finance critic Mike Farnworth said the Liberals overshot their deficit target significantly and their spring election promises of a debt-free B.C. have produced a debt spree, with the debt increasing $5.8 billion over the year.

B.C.'s debt ended the year at $55.8 billion and now is estimated to rise to $62.5 billion this year.

De Jong said the final public accounting for last year left a budget deficit of $1.146 billion, up $178 million from the $968 million forecast when the Liberals introduced their budget in February 2012.

De Jong tried to sweeten the final deficit number by reporting that it was forecast to hit $1.45 billion halfway through the year, but belt-tightening on the government side trimmed the final number downwards.

"The deficit, it is, as you see $178 million greater than was projected in the February 2012 budget," he said. "It is, I suppose, happily, less than was projected in the (quarterly) update. "We didn't bring it down to where we had targeted it, but we did bring it down from where it was on target to reach during the fiscal year."

De Jong said said forecasted revenues were down by $1.1 billion, which were partially offset by $668 million of savings in government spending.

The drop in revenue was mostly due to the decline in resource sectors including petroleum, natural gas, natural resources and minerals, he said.

Farnworth said he is concerned about the rising debt, especially since the Liberals promised during the spring election campaign to eliminate the debt.

"We've seen the largest debt increase in the history of British Columbia," he said. "This is a government that ran around during the election campaign saying debt-free B.C."

The Liberals campaigned on a vision of the future that includes aggressive LNG development, which the party said could lead British Columbia out of debt within 15 years.

De Jong said the debt is still within affordability margins for the province because the B.C.'s ratio of debt to gross domestic product comes in at 17 per cent, which is below the 17.6 per cent forecast in the budget.

Quebec's debt-to-GDP ratio is 48 per cent, while it's two per cent in Alberta.

The public accounts indicate B.C. economy grew by 1.7 per cent in 2012, slightly below the national average of 1.8 per cent.

De Jong acknowledged that B.C.'s auditor general Russ Jones disagrees with the government's final budget numbers.

The auditor included an independent report in the public accounts that concludes if B.C.'s budget numbers were calculated using Canadian public sector accounting standards, the B.C. budget would have produced a surplus of $1.75 billion.

Canadian public sector accounting standards set out how governments should report revenues they receive from the federal government, but B.C. defers those payments, Jones said. Ontario and Alberta also defer the payments.

De Jong said the government started to make progress on holding down pay increases for top executives even though total executive compensation was up more than $1 million from last year.

De Jong said the total pay for the top 10 executives dropped by almost three per cent, but the numbers were up because more executives were disclosed as part of the program and more executives received bonuses due to performance improvements.

De Jong also said the deficit numbers mean all cabinet ministers will receive a 10 per cent pay cut as part of the government's balanced budget law.

Read more: http://www.vancouver...l#ixzz2ZvFs9Ic1

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Wow - its so sad and damaging to this province that I can't even bring myself to say we told ya so ...

.

[nobbiep]

would it really matter what party was in power? They are all just basically just lyers and crooks....as long as they serve long enough to get that gold plated pension plan we will all have to pay for...

[Lancaster]

How would the NDP be any different?

It's not like they've gave any tangible solutions. They just go around, "We can do better, just trust us!"

[Lockout Casualty]

would it really matter what party was in power? They are all just basically just lyers and crooks....as long as they serve long enough to get that gold plated pension plan we will all have to pay for...

[Grapefruits]

The worst aspect of Canadian politics is that the populace is convinced that they're all the same. Now there's no reason to pay attention.

Maybe it's time to recognize we don't have a two party system? Nah...

[Dittohead]

De Jong said the debt is still within affordability margins for the province because the B.C.'s ratio of debt to gross domestic product comes in at 17 per cent, which is below the 17.6 per cent forecast in the budget.

Quebec's debt-to-GDP ratio is 48 per cent, while it's two per cent in Alberta.

If you want to pay down the debt be ready for major cuts in gov programs and cue all the whiners...

[Lockout Casualty]

So the Conservatives or Green party could do better?

LOL!

People can hate the fact all they want, the Liberals out of ALL that were available, were the best of the choices we had to choose from.

[Sapper]

I love the irony - they ran on the promise that LNG was going to be our knight in shining armour - and the sheeple ate it up.

From that article

"The drop in revenue was mostly due to the decline in resource sectors including petroleum, natural gas, natural resources and minerals, he said."

We are stuck with them for 4 more years - I would like to see a standardized accounting practice legislated into law governing our books - one that the auditors agree with as well - and have the books fully audited 90 days prior to an election and reported no less than 30 days prior to the election. In the meantime and over the next 4 years lets not put all our hopes and dreams into LNG and start trying to put this province back to work - not just in low wage jobs but in family and community supporting jobs

[CanuckClown]

This province voted based on the economy, yet interestingly enough, ignored the economics of our current regime.

*sit at home, watch tv show, see liberal attack ad, buy in, and say baaaahh*

That summarizes our voters.

[KoreanHockeyFan]

Not really surprised...did people really fall for that "debt free B.C" crap? That being said, I don't think the NDP would have done any better.

B.C politics is terrible all around.

[CanuckClown]

The Liberals are pro business - which is a good thing. The problem arises when you factor in the other side of the economic equation. In order for our economy to prosper, wages need to be high enough to buy goods. That is where they, and many other regimes fail.

I would love for a Liberal hat to come in to this thread and show me the numbers that illustrate actual increase in wages under this incompetent regime.

you'll all rather cling to a 25 year old story that conveniently encapsulates your views of the opposition and paints the NDP as a corrupt, idiotic regime.

Without credit out economy is a nightmare. Lets hope to God that the credit train doesn't come home to collect soon. Our economic foundation isn't strong enough. For that, you can thank your very own BC Liberals.

[Sapper]

With BC leading the country in household debt ( credit cards ) - Do not even joke about the credit train. If interest goes up 1 or 2 percent it could be devestating.On the other hand a tidal wave of consumer bankrupcy might help correct a few things.

BC workers are living off credit - we need good paying jobs that pay enough so people can survive. I don't care what Cristy does so long as she starts reversing the trend of low wage part time jobs that have taken over in BC - we need good paying jobs and pronto

[Grapefruits]

Well I sure am glad we have your ability to see the alternate universes where both, Conservatives and Greens, got a chance at running the province and did worse than the Liberals did prior.

Pretending that status quo is the best alternative is the fastest way to ensure nothing changes, and the Liberals had low numbers before the election for a reason. I guess you're not at all surprised that, surprise, the deficit isn't gone.

[CanuckClown]

With BC leading the country in household debt ( credit cards ) - Do not even joke about the credit train. If interest goes up 1 or 2 percent it could be devestating.On the other hand a tidal wave of consumer bankrupcy might help correct a few things.

BC workers are living off credit - we need good paying jobs that pay enough so people can survive. I don't care what Cristy does so long as she starts reversing the trend of low wage part time jobs that have taken over in BC - we need good paying jobs and pronto

[nucklehead]

http://www.vancouver...6768/story.html

VICTORIA — British Columbia's Liberal government missed its budget target for 2012-2013 by more than $175 million, due primarily to declining resource revenues, but the bottom line numbers could have been worse if the Liberals had not resorted to spending controls halfway through the year, Finance Minister Mike de Jong said Tuesday.

But Opposition New Democrat finance critic Mike Farnworth said the Liberals overshot their deficit target significantly and their spring election promises of a debt-free B.C. have produced a debt spree, with the debt increasing $5.8 billion over the year.

B.C.'s debt ended the year at $55.8 billion and now is estimated to rise to $62.5 billion this year.

De Jong said the final public accounting for last year left a budget deficit of $1.146 billion, up $178 million from the $968 million forecast when the Liberals introduced their budget in February 2012.

De Jong tried to sweeten the final deficit number by reporting that it was forecast to hit $1.45 billion halfway through the year, but belt-tightening on the government side trimmed the final number downwards.

"The deficit, it is, as you see $178 million greater than was projected in the February 2012 budget," he said. "It is, I suppose, happily, less than was projected in the (quarterly) update. "We didn't bring it down to where we had targeted it, but we did bring it down from where it was on target to reach during the fiscal year."

De Jong said said forecasted revenues were down by $1.1 billion, which were partially offset by $668 million of savings in government spending.

The drop in revenue was mostly due to the decline in resource sectors including petroleum, natural gas, natural resources and minerals, he said.

Farnworth said he is concerned about the rising debt, especially since the Liberals promised during the spring election campaign to eliminate the debt.

"We've seen the largest debt increase in the history of British Columbia," he said. "This is a government that ran around during the election campaign saying debt-free B.C."

The Liberals campaigned on a vision of the future that includes aggressive LNG development, which the party said could lead British Columbia out of debt within 15 years.

De Jong said the debt is still within affordability margins for the province because the B.C.'s ratio of debt to gross domestic product comes in at 17 per cent, which is below the 17.6 per cent forecast in the budget.

Quebec's debt-to-GDP ratio is 48 per cent, while it's two per cent in Alberta.

The public accounts indicate B.C. economy grew by 1.7 per cent in 2012, slightly below the national average of 1.8 per cent.

De Jong acknowledged that B.C.'s auditor general Russ Jones disagrees with the government's final budget numbers.

The auditor included an independent report in the public accounts that concludes if B.C.'s budget numbers were calculated using Canadian public sector accounting standards, the B.C. budget would have produced a surplus of $1.75 billion.

Canadian public sector accounting standards set out how governments should report revenues they receive from the federal government, but B.C. defers those payments, Jones said. Ontario and Alberta also defer the payments.

De Jong said the government started to make progress on holding down pay increases for top executives even though total executive compensation was up more than $1 million from last year.

De Jong said the total pay for the top 10 executives dropped by almost three per cent, but the numbers were up because more executives were disclosed as part of the program and more executives received bonuses due to performance improvements.

De Jong also said the deficit numbers mean all cabinet ministers will receive a 10 per cent pay cut as part of the government's balanced budget law.

Read more: http://www.vancouver...l#ixzz2ZvFs9Ic1

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Wow  - its so sad and damaging to this province that I can't even bring myself to say we told ya so ...

.

[Dittohead]

I love the irony - they ran on the promise that LNG was going to be our knight in shining armour - and the sheeple ate it up.

From that article

"The drop in revenue was mostly due to the decline in resource sectors including petroleum, natural gas, natural resources and minerals, he said."

We are stuck with them for 4 more years - I would like to see a standardized accounting practice legislated into law governing our books - one that the auditors agree with as well - and have the books fully audited 90 days prior to an election and reported no less than 30 days prior to the election. In the meantime and over the next 4 years lets not put all our hopes and dreams into LNG and start trying to put this province back to work - not just in low wage jobs but in family and community supporting jobs

[CanuckClown]

175 Million? Are you serious? Chicken feed. They can easily make that up with a slight up tick in resource investmetn or wholesale price changes.

[Lockout Casualty]

Of course the deficit isn't gone. That was never an option, at least right away. Even the NDP had planned on running large deficits for a few years to come.

I'm interested to hear who you think should be running this Province?

[johngould21]

http://www.vancouver...6768/story.html

VICTORIA — British Columbia's Liberal government missed its budget target for 2012-2013 by more than $175 million, due primarily to declining resource revenues, but the bottom line numbers could have been worse if the Liberals had not resorted to spending controls halfway through the year, Finance Minister Mike de Jong said Tuesday.

But Opposition New Democrat finance critic Mike Farnworth said the Liberals overshot their deficit target significantly and their spring election promises of a debt-free B.C. have produced a debt spree, with the debt increasing $5.8 billion over the year.

B.C.'s debt ended the year at $55.8 billion and now is estimated to rise to $62.5 billion this year.

De Jong said the final public accounting for last year left a budget deficit of $1.146 billion, up $178 million from the $968 million forecast when the Liberals introduced their budget in February 2012.

De Jong tried to sweeten the final deficit number by reporting that it was forecast to hit $1.45 billion halfway through the year, but belt-tightening on the government side trimmed the final number downwards.

"The deficit, it is, as you see $178 million greater than was projected in the February 2012 budget," he said. "It is, I suppose, happily, less than was projected in the (quarterly) update. "We didn't bring it down to where we had targeted it, but we did bring it down from where it was on target to reach during the fiscal year."

De Jong said said forecasted revenues were down by $1.1 billion, which were partially offset by $668 million of savings in government spending.

The drop in revenue was mostly due to the decline in resource sectors including petroleum, natural gas, natural resources and minerals, he said.

Farnworth said he is concerned about the rising debt, especially since the Liberals promised during the spring election campaign to eliminate the debt.

"We've seen the largest debt increase in the history of British Columbia," he said. "This is a government that ran around during the election campaign saying debt-free B.C."

The Liberals campaigned on a vision of the future that includes aggressive LNG development, which the party said could lead British Columbia out of debt within 15 years.

De Jong said the debt is still within affordability margins for the province because the B.C.'s ratio of debt to gross domestic product comes in at 17 per cent, which is below the 17.6 per cent forecast in the budget.

Quebec's debt-to-GDP ratio is 48 per cent, while it's two per cent in Alberta.

The public accounts indicate B.C. economy grew by 1.7 per cent in 2012, slightly below the national average of 1.8 per cent.

De Jong acknowledged that B.C.'s auditor general Russ Jones disagrees with the government's final budget numbers.

The auditor included an independent report in the public accounts that concludes if B.C.'s budget numbers were calculated using Canadian public sector accounting standards, the B.C. budget would have produced a surplus of $1.75 billion.

Canadian public sector accounting standards set out how governments should report revenues they receive from the federal government, but B.C. defers those payments, Jones said. Ontario and Alberta also defer the payments.

De Jong said the government started to make progress on holding down pay increases for top executives even though total executive compensation was up more than $1 million from last year.

De Jong said the total pay for the top 10 executives dropped by almost three per cent, but the numbers were up because more executives were disclosed as part of the program and more executives received bonuses due to performance improvements.

De Jong also said the deficit numbers mean all cabinet ministers will receive a 10 per cent pay cut as part of the government's balanced budget law.

Read more: http://www.vancouver...l#ixzz2ZvFs9Ic1

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Wow - its so sad and damaging to this province that I can't even bring myself to say we told ya so ...

.