Audit finds B.C.’s deficit was $7.35B last year, about $2B less than expected

The B.C. government's audited financial statements from the fiscal year ending March 31 show that, surprisingly, the deficit is lower than the latest forecast by almost $2 billion.

The 2024/25 budget had estimated the province would be in the hole by about $7.9 billion. This estimate was increased several times and updated in December to roughly $9.4 billion.

According to an audit of actual spending released on Thursday (Aug. 7), the province ended the fiscal year with a deficit of approximately $7.35 billion, having spent a total of nearly $91.4 billion. This deficit is still $2.5 billion higher than the previous year, bringing the province's total debt to almost $133.9 billion.

Part of the reason for the adjustment is that total revenue was about $2.5 billion higher than expected. Thi