Surplus Actually Higher than $2.7 Billion – Says AG
Prince George, B.C. -The Auditor General, Carol Bellringer, has taken a look at the provincial books and the accounting methods and says the $2.7 billion dollar surplus announced by Finance Minister Carole James, is actually healthier than that.
According to Bellringer, the way the previous Government recorded Federal Transfers means the surplus should be $0.9 billion dollars higher.
Bellringer says the way the Province records revenue that it receives from other levels of government is determined by government regulation and not by generally accepted accounting principles (GAAP). She says that means, these types of revenues are “typically under-reported,.”
“We urge government to rescind these regulations and apply GAAP without modification,” said Bellringer.