Taxpayers impacted by deteriorating provincial finances
How the province conducts its finances matters greatly to municipal taxpayers who are finding the grim news very hard to swallow.
The latest credit rating agencies are S&P and Moody’s to strongly scold the NDP for piling up deficits and debt and offering no plan to bring the books back to balance.
Both downgraded their ratings and added a negative outlook.
“How does the provincial government plan to ever balance the books?” asks Stan Bartlett, vice-chair of Grumpy Taxpayer$. “Long suffering municipal taxpayers want to know.”
Our life is about to cost a heck of a lot more thanks to the gross mismanagement of the province’s finances.
As creatures of the province, local government invests any spare cash and raises billions through the municipal finance authority for short or long term financing and equipment. Municipalities will also benefit less from provincial largess and grants on everything from roads to bridges to daycares.
In just two years the Eby government has squandered an inheritance of $5.7-billion and turned it into a $9.1-billion deficit. Now the finance minister estimates the deficit this year will spike to $11-billion, but Moody’s says ballooning to $14.3-billion is more likely once the carbon tax is figured in.
There’s no end in sight. Stay tuned for the full impact of the nasty tariff war, and what’s likely a recession.
For even a casual observer it’s clear, provincial finances are in shambles and getting worse. This, after digesting all the recent double digit property tax hikes in Greater Victoria.
A very large dose of provincial and municipal fiscal prudence is recommended of course, but that doesn’t seem to be a serious part of the conversation among politicians.
So, dear taxpayers, given the breath-taking news, it’s time to be inventive.
With the right recipe it takes only an hour (and at least a week of maturing) to make four quarts of potent dandelion wine. If the recipe bombs, or for non-imbibers, it’s a cheap way to unclog your drain.
One way or the other, you can save a few dollars and temporarily drown your sorrows.
DIG DEEPER
BC NDP keeps dodging questions about fudge-it budget, Vancouver Sun, Apr. 9, 2025.
What B.C.’s downgraded credit rating means for you, CBC, Apr. 6, 2025.
Editorial: Crazy times at the B.C. legislature, Times Colonist, Apr. 5, 2025.
B.C.’s lack of a plan to trim deficit spooks ratings agencies by Vaughn Palmer, Vancouver Sun, Apr. 4, 2025.
B.C. government takes heat as credit ratings downgraded again over deficit and debt, Global News, Apr.4, 2025.
Rob Shaw: B.C. finance minister blames the world—credit agencies blame her budget, Business In Vancouver (BIV), Apr. 5, 2025.