B.C. finance minister Colin Hansen's budget forecasts record $2.8 billion deficit

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      After forecasting in his February budget a deficit of $495 million for the 2009-10 fiscal year, B.C. finance minister Colin Hansen announced today (September 1) that the deficit will actually be a record $2.8 billion.

      Hansen’s updated budget, introduced in the legislature today, also predicts deficits of $1.7 billion in 2010-11, $945 million in 2011-12, and $140 million in 2012-13.

      The Liberal government expects balanced budgets to return in 2013-14.

      The February pre-election budget had predicted a return to balanced budgets in 2011-12.

      Total government revenue is now forecast to be $37.6 billion in 2009-10, $38.8 billion in 2010-11, and $41.1 billion in 2011-12.

      Total government expense is forecast at $40.1 billion in 2009-10, $40.3 billion in 2010-11, and $41.8 billion in 2011-12.

      The provincial debt is forecast to total $42.3 billion in 2009-10, $48.5 billion in 2010-11, and $52.8 billion in 2011-12.

      You can follow Stephen Hui on Twitter at twitter.com/stephenhui.

      Comments

      10 Comments

      Konny

      Sep 1, 2009 at 4:07pm

      wow. we're screwed.

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      Camero409

      Sep 1, 2009 at 4:51pm

      We always get screwed because the last 3 elections have elected a pro-business government. They know (the LIbERalS) on which side their bread is buttered and will always pass legislation and budgets that are business oriented. We, the taxpayers then have to foot the bill or suffer the legislation. It's time for a change ladies and gentlemen.

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      Stacy

      Sep 1, 2009 at 5:12pm

      Time to RECALL this "Liberal" government.

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      urban ranger

      Sep 1, 2009 at 6:15pm

      So Carole James could do better? I think not.

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      Phil A Stein

      Sep 1, 2009 at 7:16pm

      You think $2.8 billion is bad, imaging what it would be like if the NDP and their knuckle dragging (BCGEU, BC Fed, CUPE) thugs stole the election. Then we would be really screwed.

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      Allano

      Sep 1, 2009 at 7:40pm

      Campbell's put us in the soup. His legacy will be that he has squandered all the public wealth assembled under W.A.C. and Social Credit for the people of B.C. in perpetuity. And all for the short-term private gain of his bagmen. Just as three generations effort in building the manufacturing base of Ontario has been squandered by Harper, three generations of community-building, of building a province not a fiefdom, all dropped into Campbell's soup of incompetence and corruption.

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      norberto rodriguez

      Sep 2, 2009 at 7:19am

      I wonder how much of this huge deficit is because of the over-cost from the silly 2010 Circus (Olympics)? We all have to pay for this mistake for years, even though the majority of us didn't have a vote on the Circus.
      The reason I call it a Circus is because the similarities with the Roman Empire Circus (you know, entertaining the masses in difficult times) At least at the Roman Circus the gladiators will face death. Emperor Gordo will be laughing during his Circus and many of us will be struggling.

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      seth

      Sep 2, 2009 at 9:04am

      Gordonomics

      If you listened to Gordo's chief economic adviser Michael Campbell reciting Russ Limbaugh talking points every Saturday morning all through the election campaign, you'd understand how these nincompoops generate policy.

      If El Gordo would ever release the names of this panel of economic advisers he's always quoting, perhaps we could understand the origins of Gordonomics. I expect they would all be "experts" from the Fraser Institute. This is the BC branch of Milton Friedman's Chicago School - the bunch that caused this depression in the first place.

      I understand that the elevator music in all government offices will shortly be replaced with podcasts of the Russ Limbaugh program.
      seth

      0 0Rating: 0

      ted

      Sep 4, 2009 at 4:02pm

      Seth, you listen to Michael Campbell?? Well, I suppose one must listen to all sides but MC is one who must be taken with a barge of salt.

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