Province Puts Magnifying Glass on Crown Corp Financial Info
Prince George, B.C. – The finances of everything from the B.C. Lottery Corporation to Universities, Colleges and the health sector will be under scrutiny as the Province has announced a complete review .
It’s all in an effort to get accurate information as the NDP government makes plans for its next budget, due in February.
The Province has hired independent consultants to assess the quality of financial information built into the baseline assumptions in the budget development process. The goal of the review is to assess the information, evaluate risks and identify options that will assist the Province with developing, monitoring and managing to its overall fiscal plan targets.
The review covers selected significant Crown corporations including:
* BC Lottery Corporation;
* BC Hydro;
* Insurance Corporation of British Columbia;
* Liquor Distribution Branch; and
* BC Housing Management Commission (including Provincial Rental Housing Corporation).
In addition, the review will include a high-level assessment of the information provided by schools, universities, colleges and the health sector through the ministries responsible for their fiscal planning, monitoring and management.
This review is long over due. One thing I would like to know is why does ICBC have $15 Billion is investments, but have to increase our premiums. There are a lot of other questions surrounding these Government entities, that need to be answered.
Perhaps they should add the BC Railway Co., to the list. They presently are responsible for some railway business on Vancouver’s waterfront. BC Rail Properties are a subsidiary of BC Railway Co. and they should also be included in the review.
Staffing and salaries of those working for Government entities should also be reviewed.
Let’s hope for a clear true independent audit.
Pal:”…why does ICBC have $15 Billion in investments…”
So much for the irritating election hype that ICBC is on the verge of collapse and bankruptcy!
A review. Who cares. If it’s not looking at the reduction of a bloated bureaucracy then what is the point?
Why not bc ferries or liquor control board or any of the other crown corps.
Oh wait its to make the liberals look bad And still leave a few crown corp for themselves to loot in order to balance a budget with all the handouts
If they are going to audit some. Audit all. This is another case of bias and makes them no better than previous goverments dating back 50 years plus
NDP like previous governments just trying to see how to scam more money out of the corporations but make us feel good about it.
With regards to ICBC, I would like to know more about the practise of “Gain Sharing”, wherein all employees the company were/are getting a cheque dependent on how the company has done financially during the past year. This is a practise most private insurance companies utilize? It is akin to profit sharing, however ICBC is a Crown corporation and I do not believe it is appropriate as ICBC pays their employees well?
I must admit that I am not sure if this practise is still in existence as it has been a few years since a friend retired and mentioned the existence of same.
Nice to see a review being done. This is one thing the BC Liberals do not like because it might bring them more shame.
I can hardly wait for the BChydro probe . Saskpower just resently canceled their first Dam project in thirty year for lack of market for its power . How hydro justified siteC will be interesting to find out . Other than taking money from tax and rate payers to give to BClibs donors , there doesn’t seem to be a reason .
They are looking at other power options and the IPP community was peed that we started to build the dam without asking them first. Why look at power options if you don’t need the power? How many if the last 12 years were we a net power importer? Even the commission is now taking quotes from the IPPs
Ataloss will be extremely happy about all the new “bird slicers” dotting the B.C. landscape! I too heard a CBC interview during which a guest (not sure if it was Horgan or Weaver) stated that he will, after Site C is undone, look for alternate sources of B.C. energy!
PrinceGeorge Maybe you should do a review and see how many birds are killed in a year by the homeowners pet cats. Probably more than these bird slicers you keep talking about.
I know that many birds are killed by cats every year! In the US of A the estimate is at least 2 billion every year! My comment was trying to be somewhat sarcastic since I do not believe that the blades of wind turbines kill a lot of birds compared to pet felines who are allowed to roam freely!
I know how to fix the problem. Let a bloated government bureaucracy investigate a bloated publicly funded bureaucracy. Yeah…..that makes a lot of sense.
Is it going to be an independent audit so to speak? Is there going to be some back door deals made beforehand? Hard to say this is going to be a positive outcome as it is political! ICBC and all these other crown corporations need to come clean with their executive wages, bonuses, the wasting of our money that we have no say in, and streamlining if it is top heavy! I am sort of cynical on this issue, as once again it could be a lot of smoke but no fire!
They should look into Tourism BC. Its the biiggest slush fund for political hacks and rewarding political connected media with public dollars.
Regional tourism organizations are set up as private not for profit organizations, but get 80% of their funding from the provincial government with the remainder comming from partnering on ad campaigns with tourism related business. There is no public accountibiliy so the political appointed CEO’s make 6-figure incomes and travel the world on expense accounts (to promote BC tourism), while the rest of the office makes minimum wage because they are not considered government employees.
The BC liberals were experts at setting up the ‘private’ (with public dollars) ‘not for profit’ NGO’s to reward politically connected friends with their own tax funded empires to loot for lifestyle. Some like our own former Canada Games CEO even double dip (Canada Games, Northern BC Tourism, and public relations for the BC liberal party) and then sue when called on the ‘entitlement’.
Their is a whole nest of deep corruption there IMO, but it won’t be looked at because the next political poarty has learned from the last how to quietly reward their friends with public dollars too.
I believe not much will change with any new government! It will not become apparent for a while, then there will be a rude awakening! All parties have their supporters to reward for supporting them, these come from opposite sides of the spectrum.
Before this site shuts down I would like to get my two bits in regarding political preferences. Not one of them give two shuts about you. If you need a prime example look no further than south of the border. I no longer give two shuts about any of them and I use to be a very politically motivated person!
Well said, Jakeadoo! I really appreciated this site for all the news and information! I learned a lot from many comments, to be sure! Not only that, I found out how many comments were just politically motivated and ignorant of reality, simply to sway the minds of others, and not by educated and respectful discussion but often by insults and complete disrespect. Politics have become accustomed to be operating in a way that is turning people off more and more. They have become stunningly predictable! Personally I share your opinion that not one of them give two shuts about us! Hopefully some time in the future things will change for the better, but we may be in for a long, long wait!
Government investigating themselves. Yes that should go well. In their favor of course.
the biggest rip off the government has created and isn’t being investigated is the CARBON TAX. About the only thing I can see they use all that money for is TV commercials justifying the tax, or trying to…
Where does the rest go?
It sure isn’t changing the climate, nor can it.
The B.C carbon tax was used to make B.C. personal income taxes the lowest in Canada! I believe that this is going to change pretty soon!
BCLC and their money laundering…crooks… they should be audited and jail time for those found guilty
Looks like BC Hydro was mistaken a bit on the costs to date on site C. An unredacted version of the Deloitte report showed up. oops.
Hey how about investigating the 65 billion in taxpayer money being sucked up into the IPP scam. I think this investigating the crown entities is just a diversion away from the IPP scam. Just think people get their knickers in a knot over site c costs but ignore the 65 billion and no investigation. I bet there are a lot of NDP friends rubbing liberal shoulders in that mega scam. Its their lottery.
Christi Clarke was going to investigate but got told to shut up.
If the IPP power is such a good deal then how come their generation output is such a secret. If those very expensive inefficient bird slicers are so good how come their output in saving the world is not yelled from the roof tops. What are they trying to hide. Maybe poor performance, environmental disruption, whatever its a deep secret.
65 billion folks, think about that number.
Wind , solar in bc are IPPs . So are run of the river hydro generators . Bc hydro doesn’t do that . Here’s a hint in the form of a definition . power producer (IPP) or non-utility generator (NUG) is an entity, which is not a public utility, but which owns facilities to generate electric power for sale to utilities and end users.
They should look at UNBC President. Makes over $200,000 a year and has $142,000 in tax free expenses as well. They guy is never around to meet with staff or deal with issues but has a great expense account.
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