An independent expert hired by the provincial government says the revenue projections in tomorrow’s budget are solid, with one exception.
Former Bank of Montreal chief economist Doctor Tim O’Neill says he found no glaring problems with the budget’s revenue projections, citing ample evidence of professional competence and caution.
But O’Neill is urging more caution in projecting natural gas rates, which have been overestimated in five of the last eight years by an average of 584 million dollars.
O’Neill doesn’t blame the government, saying the projections are based on private sector opinions subject to global volatility; but he does suggests shading those revenue guesses by 60 or 70 million dollars in the coming year.
The government has already indicated O’Neill’s advice was used to alter the budget that will be released tomorrow.
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