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B.C.’s deficit forecast up $450M to $13.8B after calculation errors on gas royalties
The revised outlook reflects $614 million in wildfire costs and a $306 million natural gas royalty error, while revenue rose $789 million.
- On Monday, Finance Minister Josie Osborne released the first quarterly fiscal update, projecting a $13.8 billion deficit for 2026-27, which is $450 million higher than February's budget forecast.
- Fire-Management costs of $614 million and an accounting 'calculation error' on natural gas royalties, which reduced revenues by $306 million, drove the increased expenditure.
- Osborne attributed the worsening outlook to 'significant headwinds' including U.S. tariffs and Middle East conflict; real GDP growth was downgraded to 0.9 per cent with unemployment at 6.5 per cent.
- The Greater Vancouver Board of Trade described the outlook as 'bleak,' while Conservative Finance Critic Gavin Dew said the province has a 'spending problem' and cannot control spending despite higher tax revenue.
- Deficits are forecast for 2027/28 and 2028/29, expected to push provincial debt beyond $235 billion by 2029, signaling sustained fiscal pressure requiring difficult future decisions.
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33 Articles
B.C.‘s deficit forecast up $450M to $13.8B after calculation errors on gas royalties
VICTORIA - The British Columbia deficit forecast has grown by $450 million to a record-setting $13.8 billion, largely because of a "calculation error" on natural gas royalties, in a situation one critic describes as a state of "fiscal crisis."
·Woodland Park, United States
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Coverage Details
Total News Sources33
Leaning Left19Leaning Right0Center10Last UpdatedBias Distribution66% Left
Bias Distribution
- 66% of the sources lean Left
66% Left
L 66%
C 34%
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