Surplus Down, Revenues Down Says Finance Minister
By 250 News
Monday, November 24, 2008 10:24 AM
Prince George, B.C.- Provincial Finance Minister Colin Hansen says the B.C. surplus will likely be about $500 million dollars compared to the $750 million dollar surplus that had been predicted.
In delivering the second quarter results, Hansen says revenues for the province are down a full $804 million so far this year, forestry revenue is down $300 million, electricity sales are off, and natural gas revenue is also down as the price of the product is down.
Hansen says it is expected revenue for the balance of this fiscal year, through to the end of the ’09-’10 fiscal year, will be off three billion dollars.
Ministry staff are now working on developing the February 2009 budget. Hansen says they are going through Ministry by Ministry to see where cost savings can be found without compromising the programs and services already in place.
Staff say while there has been a slowdown in B.C., there is nothing at this point to indicate that B.C. is in a recession.
The budget will be delivered February 17th. Hansen says the budget will be balanced.
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Posted by: MrPG on November 24 2008 12:52 PM
What ever happened to th 25 billion given to the banks? Isnt it time that those who live by deficit that they face the music and start living within their means. When things get tough we download on those of us who are living within our personnal budget.
Its wonderfull just how the banks have made their bed and want us to sleep init with them. The shining light is the price of gas and housing has now dropped and other commodities should soon follow. Lets hope that those who have preyed on us will loose their shirts. Isnt capitalism great.
Cheers