B.C. projects a $13.8 billion deficit after errors on natural gas revenue

Advertisement 1 This advertisement has not loaded yet, but your article continues below. Breadcrumb Trail Links HomeNewsLocal NewsPolitics B.C. projects a $13.8 billion deficit after errors on natural gas revenue The fiscal update comes after province admitted it miscalculated natural gas revenue projections by $1.5 billion Author of the article: By Alec Lazenby Published Sep 14, 2026 Last updated 4 minutes ago 2 minute read Join the conversation Finance Minister Josie Osborne. PHOTO BY NICK PROCAYLO/POSTMEDIA/FILE Article content B.C. Finance Minister Josie Osborne announced Monday that the province is projecting a deficit of over $13.8 billion this year, up from $13.3 billion at the time of the budget’s release in February. Article content “We know that U.S. tariffs and global instability are creating uncertainty for workers and communities across B.C.,”said Osborne in a statement. Article content Article content “But B.C. is adapting, our exports are growing and we are reaching markets around the world. We continue to work with the federal government to protect the services people rely on and build a stronger, more self-reliant economy.” Article content Article content The increased deficit is attributed to $614 million in fighting wildfires, a loss of $458 million from refundable tax credits, and $306 million in lowered projections for natural gas revenues after a $1.5 billion error in the government’s projections over five years. Article content Sunrise Start your day with a roundup of B.C.-focused news and opinion. Sign Up By signing up you consent to receive the above newsletter from Postmedia Network Inc. Interested in more newsletters? Browse here. Article content Another $225 million was lost from lowered natural gas revenues, meaning the province projects will receive $531 million less in natural gas revenue than it originally forecast. Article content Property tax revenue is also projected to be $305 million lower as housing starts are down 9.3 per cent so far this year and home sales are down six per cent. Article content The economy overall appears to be struggling with 16,400 jobs lost so far this year and the unemployment increasing by 0.4 points from 2025 to 6.5 per cent. Article content Economic growth has also been lower than expected, with updated projections showing provincial GDP is expected to increase by only 0.9 per cent this year, down from the budget estimate of 1.3 per cent. Article content Deficits in…