2012 BRITISH COLUMBIA BUDGET REPORT
February 21, 2012
On February 21, 2012, Finance Minister Kevin Falcon presented his first budget as Finance Minister. In addition to dealing with slow economic growth, the Finance Minister also needed to deal with a loss of tax revenue resulting with the move from the current Harmonized Sales Tax (HST) system to a provincial sales tax (PST) system. The budget sets out a revised deficit of $2.5 billion for the 2011-2012 fiscal year. The projected deficit for the 2012-2013 fiscal year is approximately $1 billion and a balanced budget is projected for the 2013-2014 fiscal year. The move from budget deficits to surpluses will be accomplished mainly through tight controls on spending.
HIGHLIGHTS
- Deficit of $2.5 Billion Forecast for 2011-12
- Deficit of $1 Billion Forecast for 2012-13
- Balanced Budget by 2013-14
- More Information Released on HST Transition
Click here for our full budget report.
