XPost: bc.politics, vic.general, van.general   
   From: Çons®@minority#s   
      
   And I predict that when the government changes hands, we're going to find out   
   that the   
   majority of that deficit relates to the 2010 Olympics and their payouts to   
   convicted   
   criminals whose silence was mandatory.   
   ___________________________________   
   Updated: Jul 25, 2012   
      
   B.C. understated deficit by $520M, says auditor general   
      
   Province says HST repayment pushed B.C. deficit to $1.8B   
      
   The B.C. government has underreported the provincial deficit by $520 million,   
   according to   
   the auditor general of B.C.   
      
   The B.C. government said Wednesday morning the province posted a $1.8-billion   
   deficit for   
   the 2011/12 fiscal year, in part because of a $1.6-billion repayment to the   
   federal   
   government for axing the HST.   
      
   But provincial auditor general John Doyle says parts of the province's   
   financial summary   
   don't follow Canadian Generally Accepted Accounting Principles (GAAP).   
      
   The impact on the bottom line, according to Doyle, is there is a larger   
   deficit than has   
   been stated by government.   
      
   "If the summary financial statements were prepared fully in accordance with   
   GAAP, the   
   recorded deficit for the year would have been $520 million higher at $2.36   
   billion," said   
   Doyle.   
      
   Doyle said that in 13 of the last 17 years B.C.'s auditors general have had   
   concerns about   
   the financial statements and have issued qualified audit opinions, "reflecting   
   a   
   long-standing trend of shortcomings in the transparency of government's   
   finances."   
      
   'A safe harbour'   
   According to the Finance Ministry's numbers, the deficit came in $915 million   
   higher than   
   forecast because of the HST repayment to Ottawa. But excluding that one-time   
   repayment,   
   the province would have posted a deficit of $241 million.   
      
   The ministry says the provincial economy grew 2.9 per cent in 2011, according   
   to   
   preliminary data from Statistics Canada, making B.C. third among provinces and   
   better than   
   the national average rate of 2.6 per cent.   
      
   "While once again results were better than expected, B.C. remains in a period   
   of great   
   economic uncertainty with continued fluctuation in commodity prices and   
   potential economic   
   impacts from the ongoing European debt crisis," the ministry said in a   
   statement.   
      
   Provincial debt, actual vs. budget, in millions   
   [graphs here:   
   http://www.cbc.ca/news/canada/british-columbia/story/2012/07/25/   
   c-deficit-hst.html   
      
      
      
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               We hang the petty thieves and appoint the greater ones to public   
   office   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)