B.C.'s fiscal update projects deficit dip but does not include flood, mudslide costs
British Columbia's economy was on track toward a strong economic rebound in its latest financial results, but uncertainties remain, especially stemming from the damage caused by recent floods and mudslides, says Finance Minister Selina Robinson.
The government will have a clearer picture of the cleanup costs associated with the disastrous floods, mudslides and infrastructure damage that hit communities, highways, railways and farms in the budget it tables in February, she said Monday.
“There's still so much assessment that needs to be done,” Robinson said at a news conference updating B.C.'s fiscal bottom line up to the end of September.
“Right now, we have been focusing on rescue and recovery,” she said. “That's been the priority of our government. Really, we've been focused on keeping people safe. There's no doubt that this is going to be incredibly expensive.”
Solicitor General Mike Farnworth said earlier he couldn't provide an estimate on last week's damage other than to say it would be a huge cost for the province.
Robinson said she's spoken with federal Finance Minister Chrystia Freeland, who said Ottawa will help in the rebuilding effort in B.C.
“That was certainly comforting to me as the finance minister here in B.C. knowing that they will work with us,” Robinson said. “It is premature to make any sort of assessment about how much this is going to cost.”
Robinson said the fiscal update showed an improved outlook for the province, with the deficit projected at $1.7 billion for the 2021-22 fiscal year, down from the previous projection of $4.8 billion in September. The government's original deficit was forecast last spring at $9.7 billion.
Robinson said revenues have also increased by more than $3 billion in recent months, largely from personal, corporate and provincial taxes, higher commodity prices and financial improvements at Crown corporations, especially the B.C. Lottery Corp. and the Insurance Corp. of B.C.
The Opposition Liberals say the latest fiscal update shows the government is relying on an increase in revenue from personal income and property transfer taxes at a time when housing prices and inflation are rising during the ongoing COVID-19 pandemic.
“For a government that came to power on promises of affordability, it has somehow managed to fail at each and every turn,” said finance critic Mike Bernier in a statement.
“Now, as a result of the devastating floods from this past week, we enter a phase of some of the most expensive and difficult recovery in our province's history with a government that has no idea how to invest in the economy or make good on its promises.”
This report by The Canadian Press was first published Nov. 22, 2021.
CTVNews.ca Top Stories
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
"It's a bit of a complicated pattern; we've got a lot going on," said Jennifer Smith of the Meteorological Service of Canada in an interview with CTVNews.ca on Wednesday. "[As is] typical with weather, all of these things are related."
Boeing's financial woes continue, while families of crash victims urge U.S. to prosecute the company
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
Police tangle with students in Texas and California as wave of campus protest against Gaza war grows
Police tangled with student demonstrators in Texas and California while new encampments sprouted Wednesday at Harvard and other colleges as school leaders sought ways to defuse a growing wave of pro-Palestinian protests.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.