Opinion: Finance Ministry projections for revenue were a surprising $7 billion too low
The outlook contrasted with recent reports on a weakening economy, faltering employment numbers and the combined impact of inflation and rising interest rates.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. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails.
There was less justification for a multi-billion-dollar underestimate of revenues this year when the provincial economy had weathered the worst of the pandemic. As of Monday, the revised projections are 17 per cent of GDP and 88 per cent of revenues. Good news for the credit rating. The revised spending projections for the year include $1.9 billion to cover the first year of wage and benefit settlements across the public sector. The number is based on a costing of the bargaining mandate the government released on July 5.
The updated expense outlook “also includes a placeholder of $2 billion annually starting in 2023-24 for caseload pressures and priority initiatives to be developed for future budgets.”
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