B.C.’s deficit forecast up $450M to $13.8B after calculation errors on gas royalties
VICTORIA — The British Columbia deficit forecast has grown by $450 million to a record-setting $13.8 billion, largely because of a "calculation error" on natural gas royalties, in a situation one critic describes as a state of "fiscal crisis."
The British Columbia deficit forecast has risen by $450 million to $13.8 billion, largely due to an error in calculating natural gas royalties, according to Finance Minister Josie Osborne. Despite an increase in revenue from taxes, spending has also risen, with wildfire fighting costs projected to be $614 million higher. Osborne acknowledged that the lower deficit forecast is partly due to lower natural gas prices and a $306 million error in the price forecast from Budget 2026, which the government called a "serious mistake."
Critics argue that the government's spending and math are problematic, and that the province is in a fiscal crisis. Osborne emphasized the need for trust and confidence in the financial figures and pledged to address the issue through responsible decision-making and economic diversification.
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