The numbers are in for BC's first-quarter update, revealing a $2.5 billion deficit for the first report of 2023-2024. .The province, which enjoyed a $704 million surplus at the end of the last fiscal year, is anticipating a $6.7 billion deficit in total for the current fiscal year. .The budget earned BC a credit downgrade from AA+ to AA with a negative outlook by BC-based rating agency, S&P Global..The Canadian Taxpayers Federation (CTF), a non-partisan citizens' advocacy group, criticized the provincial government’s financial planning..“If the provincial government had been prudent with last year’s surplus,” said Carson Binda, BC Director for the Canadian Taxpayers Federation, “we would have been better prepared for unforeseen challenges.”.“Instead, the government blew almost all of last year’s surplus and budgeted a deficit for this year. Now the quarterly financial report shows that the projected deficit has ballooned by $2.5 billion after the first quarter alone.” .The CTF said David Eby, premier of BC, should have saved the surplus for “a rainy day like today” rather than “spending it on handouts for BC Ferries and Translink.” .“When you wrack up a big credit card bill when things are good, there’s less money left when times are bad,” Binda said.
