Knock me over with a feather. There’s a line in the BC Liberal press release accompanying the 2nd quarterly financial statement that isn’t true. Yes. Not true.
According to the press release, “B.C. will maintain a forecast allowance of $100 million as a buffer against future economic and fiscal risks”. But the quarterly itself shows that the government isn’t maintaining the forecast allowance. They’re cutting it, in order to show better numbers overall.
DeJong and minions have shuffled the numbers and reduced the forecast allowance for the second time this year, from $200 million to $100 million. The result is that the real projected deficit has grown even more than stated.
The forecast allowance is an amount of money the government sets aside in case things get worse. It’s in addition to contingencies – stuff that comes up that you just have to spend money on or people’s lives go to hell. Stuff like election ads.
At budget time the actual deficit – prior to the forecast allowance – was expected to be $768 million. Now, it’s projected to be $1,369, million which means the actual projected deficit has grown by $601 million since Christy Clark’s first real budget.
That’s over a $100 million more than the BC Liberals told the media yesterday.
Now, given their usual strategy, the whole budget is probably a pile of malarkey with an overstated deficit that will miraculously shrink just prior to the election to show us what great stewards the BC Libs are.
Charlie Brown, kick that ball again.
PS David Schreck has another excellent column on these and other fiscal matters