Quebec deficit vastly underestimated

[MMMike]

Quebec deficit vastly underestimated, auditor says
By RHÉAL SÉGUIN

Tuesday, December 13, 2005 Posted at 7:06 PM EST

Globe and Mail Update

Quebec — The lack of rigorous accounting practices by the Quebec government creates false projections and the illusion of achieving zero deficits, the province's Auditor-General Renaud Lachance concluded in a scathing report tabled Tuesday.

The report came out moments before Finance Minister Michel Audet released the province's quarterly report, dated Sept. 30 2005. He projected the province will once again balance its books at the end of the current fiscal year on March 30, 2006.

The auditor's report questioned the credibility of Mr. Audet's financial projections. Dubious government decisions, unreliable accounting practices and the exclusion of hospital and university deficits as well as pension liabilities from the total financial picture alter the real state of Quebec's finances, Mr. Lachance said.

In reality governments never truly abided by the zero-deficit law adopted in December 1996 requiring them to achieve balanced budgets, he noted.

"I want to warn parliamentarians against the illusion of a balanced budget," Mr. Lachance said yesterday at a news conference. "If rigorous [accounting] practices had been in place since the enforcement of the law, the balance would indicate an accumulated deficit of at least $4.8-billion. Therefore Quebec's public finances aren't balanced."

Globe and Mail

 

[cub1c]

RE: Quebec deficit vastly

Liberals strike again!

 

[Reverend Blair]

RE: Quebec deficit vastly

Actually, Charest is an old Tory. He's just flying the Liberal flag for convenience...much like the flags on Paul Martin's boats.

 

[Jay]

Quebec Liberals asking Tory leaders to lead their provincial party...doesn't sound like Liberals in Quebec are all that "Liberal". It isn't a matter of convenience at all, it is a matter of politics.

 

[#juan]

If it is $4.8 billion,

it is only about ten percent of B.C.'s debt. Was this thread put up for any purpose other than to bash Liberals?

 

[Jay]

Does it matter?....there are tons of threads dedicated to bashing conservatives.

 

[MMMike]

If it is $4.8 billion,

it is only about ten percent of B.C.'s debt. Was this thread put up for any purpose other than to bash Liberals?

I put up the thread because I thought it interesting, especially if you happen to live in Quebec. It is also put up to bash Liberals because we know Conservatives do not run deficits, right Juan??? :lol:

 

[#juan]

You're right MMMike

Mulrony's deficit was a sham. I don't know why we keep paying on that thing. If we could find out where Mulroney buried all that money, we could buy all deserving members of the public a new Audi. I want a blue one :wink: :lol: