Auditor General Issues Report on Province’s Finances
Victoria, B.C.- Provincial Auditor General Carol Bellringer has released her report on B.C.’s Financial Statements for the 2014/15 fiscal year.
Generally speaking the audit produced good results, but Bellringer says there is still the nagging issue of how the government records certain federal contributions.
She says the BC Government’s method of recording those contributions were “under-reported by $191 million in the last fiscal year” which she says clouds the province’s true financial health.
“We have worked with government to resolve many other accounting issues over the past few years, and we wish to do the same with this issue,” said Bellringer.
Some other highlights from the report show that the government :
1. had $63 billion of debt as of the end of last fiscal
2. received $135 million in revenue from asset sales last year
3. paid parents $157 million during the teachers’ strike, just a bit less than it saved in teachers’ salaries
4. spent 68% of its annual budget on health and education, leaving only about $14 billion for the rest of government’s functions