High interest rates, threat of continued inflation prompt dramatic downgrades of revenue projections for coming year.
The surplus spending spree that Premier David Eby started the day he became premier was just a taste of things to come.
Across the board, a six per cent drop in overall revenue is expected this year that will take two further years to make up. The benchmark timber price is half what it was, and so is the stumpage price. Logging tax revenue is budgeted at one-third what it was in the year closing.Elsewhere, corporate income tax revenue, one of the main sources of the surprise surplus, was posted at $10.5 billion this year. It’s expected to drop to $6 billion in the coming year.Finance Minister Katrine Conroy said “tough times” are ahead, so “you need the government in your corner.
The only tax increase in the budget is the carbon tax, and that’s on a federally mandated escalator. It’s not the NDP’s doing. In fact, the province is increasing credits to offset that impact.
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