B.C. Liberals tout $2.8B surplus, reduced debt on eve of expected defeat
VICTORIA — British Columbia’s finance minister has painted a rosy picture of the province’s finances a day before his government is expected to be defeated in a confidence vote, saying a $2.8-billion surplus helped support a bevy of new promises in the Liberal throne speech.
The unaudited fiscal update released by Mike de Jong on Wednesday says the higher-than-expected surplus in the 2016-17 fiscal year helped reduce the province’s taxpayer-supported debt by $1.2 billion, while its operating debt decreased by $3.4 billion.
The Liberals campaigned in last month’s election on a platform of fiscal restraint and criticized the Opposition New Democrats for making costly promises, but in the throne speech last week they adopted many of the NDP proposals totalling $2.6 billion in new spending over three years.
The NDP and Greens, which won a combined 44 seats in the election, have agreed to bring down the Liberals, with 43 seats, in a confidence vote on Thursday, with the aim of allowing the NDP to form a minority government.