British Columbia deficit under-reported by $520M

BC Premier Christy Clark.



VANCOUVER -- B.C.’s auditor general found the province under-reported the last fiscal year’s annual deficit by $520 million in a report released Tuesday.

Auditor John Doyle said the government reported a $1.84 billion 2011/2012 deficit, but hadn’t followed proper accounting procedures.

“On four different occasions, the variation away from those principles was so large that I had to qualify the financial statements,” he said.

“Government said the deficit was about $1.8 billion. I’m saying it’s more like $2.3 billion.”

Additionally, he said government initially forecast the deficit to about $2.5 billion, but has never explained how it, about a month later, reported the lower figure.
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