BC’S finance minister has released the government’s fiscal update for the first quarter.
The deficit for the current fiscal year is projected to be higher than expected.
Falling natural gas revenues are blowing a hole in the provincial budget.
The deficit for this year now pegged at 1.14 billion dollars.
That’s 173 million dollars more than expected.
The provincial government is announcing new spending cuts.
The government must find 241 million dollars in savings this year and 389 million in savings the following year and even with those, would still come in with a deficit this year of 1.14 billion dollars.
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