The B.C. government's audited financial statements from the fiscal year ending March 31 show that, surprisingly, the deficit is lower than the latest forecast by almost $2 billion.
The 2024/25 budget had estimated the province would be in the hole by about $7.9 billion. This estimate was increased several times, eventually landing at a forecast of roughly $9.1 billion.
According to an audit of actual spending released on Thursday (Aug. 7), the province ended the fiscal year with a deficit of approximately $7.35 billion, having spent a total of nearly $91.4 billion. This deficit is still $2.5 billion higher than the previous year, bringing the province's total debt to almost $133.9 billion.
Part of the reason for the adjustment is that total revenue was about $2.5 billion higher than expected. This is primarily due to increases in tax revenue, which would be higher if not for a decrease in revenue from natural resources.
Spending also increased, offsetting the gains, and was roughly $1.9 billion over budget.
More to come.
