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The Vancouver Sun: Provincial auditor general displeased with oil, gas incentives

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Carol Bellringer highlighted financial incentives designed to encourage the production of oil and gas when she released her 2013 – 2014 summary of B.C.’s financial statements yesterday.

She said these numbers “tell an interesting story.”

“When these producers claim their incentive credits, that money will be deducted from the royalties that they owe, thereby reducing the amount of money government will generate,” Bellringer said in an interview with the Vancouver Sun.

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She also took issue with government accounting methods, arguing that last year, because of the “inappropriate deferral” of federal transfer payments and university endowments for such things as capital projects, the government’s books should have shown an extra $232 million in revenue.

The Sun is also reporting the provincial comptroller general disagreed with the auditor over the transfer payments, saying the government marked some of that revenue as a liability for an important reason.

Stuart Newton says, “Those contributions have been recorded as a liability rather than revenue when received, because it best represents the ongoing obligation of the recipient to deliver the service to taxpayers for the useful life of the asset.”

Read the entire Vancouver Sun article here.

With files from The Vancouver Sun

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