BC’s recent Budget and Fiscal Plan states total provincial debt is $63 billion. This amount, 62% higher than in 2009, is 27.3% of gross domestic product. Five years ago, the ratio was 18.7%.
By any standard, that is rapid debt growth. Unfortunately, those numbers present only part of the story.
In addition to admitted debt, the province is obliged by $100 billion in other contractual commitments.
If Liberals conducted business and accounting now as they did a few years ago, the debt reported for fiscal year 2014 would be nearer $163 billion than $63 billion. But, at least the details of how and where that money was spent would not be hidden behind secret public private partnerships.
The following summarizes these obligations for fiscal years 2012 and 2013. I will update the worksheet when numbers become public. Of course, the amounts listed are millions of dollars.