NEWS

B.C. government booked $1.15B deficit last year

07/23/2013 05:55 EDT | Updated 09/22/2013 05:12 EDT
The B.C. government logged a deficit last year of $1.146 billion dollars, $178 million more than originally forecast when the fiscal plan was introduced.

When the budget was introduced in February 2012, then-finance minister Kevin Falcon forecast the government would finish the 2012-13 fiscal year with a deficit of just under $968 million.

However, the actual deficit remains less than eventually forecast, due to a revision by Falcon's successor, Mike de Jong, one year later, predicting the government would finish the 2012-13 fiscal year with a $1.2-billion deficit.

On Tuesday in Victoria, de Jong released the final figures, saying revenues were down by $1.1 billion, the fault of a decline in resource earnings, but the government offset that drop in income with $668 million in reduced spending.

He also said a program to reduce the pay packages of top government executives has cut average compensation by about two per cent.

And because the government did not balance the budget, all cabinet ministers will have their pay cut by 10 per cent as part of the government's balanced budget legislation.

During the speech from the throne in June, Premier Christy Clark reiterated her promised to balance the next four provincial budgets, starting in 2013-14.

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