Vaughn Palmer: While Finance Minister Selina Robinson basks in the glory of a projected $5.7 billion budget surplus, she has also pointed out that much of it was the result of a one\u002Dtime windfall and not likely to be repeated.
“We need to remember, these numbers that we’re seeing here, this is a soft rebound,” she told reporters Friday. “We don’t know if these numbers are going to hold year over year.”Sign up to know what's really happening by reading daily editorials and commentary by British Columbia's opinion leadersBy clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Robinson also provided an updated perspective on a key cost driver on the spending side of government, namely the cost of wages and benefits for public sector employees.Article contentThe New Democrats budgeted $2.6 billion in the current fiscal year for the first instalments of three-year compensation agreements for public sector workers.
The shift in compensation added $1.4 billion to the projected cost of the settlements in each of the second and third years.Article content Given spreading concerns about inflation, interest rates and declining commodity prices, the forecasters are not expected to be optimistic.Article content Even with some hold backs for rainy day reserves, contingencies and debt retirement, the premier should have no difficulty funding any short-term priorities in his promised 100-day action plan.
Even capital projects are risky without thorough planning. On Friday, Robinson confessed that the cost of replacing the Cowichan district hospital has soared to $1.446 billion from $887 million, an overrun of 63 per cent.
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