BC Economy Deteriorating – De Jong

By Andrew MacLeod. British Columbia’s financial position has deteriorated since February’s provincial budget presentation, though a thin surplus is still expected, according to an update released by Finance Minister Mike de Jong.

Originally reported 28/06/13 on theTyee.ca

[excerpt] Reduced estimates for economic growth and more people leaving for other provinces were among the explanations for the worsening bottom line. The surplus for 2013-2014 is now projected at $153 million, down from $197 million in February, on a total budget of $43.9 billion.

“I won’t profess to be entirely comfortable, but the numbers are what they are,” de Jong said. “No argument from me that what we’re talking about is a balancing act that requires attention to details.”

Meeting the revised surplus figure includes drawing down $50 million of the $200 million forecast allowance and the assumption the government will be able to find another $30 million in savings.
[Full article]

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