The Office of the Auditor General of British Columbia presented two reports to the Legislative Assembly today.
Looks at the risks to B.C.'s long-term fiscal sustainability. By 2040, it is estimated that there will be 50% more seniors in B.C. than today. An aging population, rising healthcare costs, climate change, and the cost of maintiaing and renewing infrastructure all indicate a trend that government revenue will decrease and expenses will increase.
Because government's financial planning is done on a three-year cycle, government cannot demonstrate how decisions made today will result in a sustainable government in the future.
The report makes a single recommendation and also provides detailed information on reporting practices in B.C. and other jurisdictions. 
Part one of a phased approach to examine government's process for developing its annual budget.
Phase 1 focuses on one significant portion of the budget: revenue. It provides MLAs and all British Columbians with a sense of how the revenue forecasts are compiled and whether the complex process is sound.
Our Office found that government's revenue forecasts and forecasting processes are sound.
