File Photo (Image Credit: CFJC Today)

By Sydney Chisholm

provincial politics

Kamloops MLA concerned for the future after $9.4-billion deficit projection

Dec 17, 2024 | 5:15 PM

KAMLOOPS — Kamloops Centre MLA and opposition finance critic, Peter Milobar, has expressed significant concerns about British Columbia’s latest fiscal update, which projects a $9.4-billion deficit.

“We’re seeing the operating debt skyrocket, we’re seeing… the public sector grow exponentially,” said Milobar, going on to argue that the deficit figure only tells part of the story. “The government’s changed its projections for growth from next year, and it’s down significantly from what they thought at the beginning of the year when they brought this budget forward — so a lot of very worrying concerns out there.”

He also took aim at Premier David Eby’s recent cabinet promotions and pay raises, suggesting a disconnect between the government’s words and actions.

Milobar pointed to the ongoing housing crisis as a key indicator of broader economic challenges.

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“What we’re seeing in the numbers is backed up by what we’re hearing from mayors and builders around this province — that what the province is doing, simply isn’t working when it comes to housing,” he said.

The latest fiscal update comes amid a backdrop of economic uncertainty, with previous budget projections having already indicated growing deficits. The NDP government has pledged to focus on economic growth rather than service cuts to address the fiscal imbalance.

However, Milobar suggested that the full extent of the province’s financial challenges may not have been clear to voters before the recent election.

“One really questions, if people had a slightly better glimpse of some of these numbers before the election, if David Eby would, in fact, still be the premier today,” he speculated.