External Review of BC's 2013 Budget

In light of the 2009 BC Budget and subsequent election and related criticism of that budget after the May 2009 Election - Mike De Jong has elected to ask nationally renowned economist Dr. Tim O'Neill to review both the economic and revenue projects as part of BC Budget 2013.

I think that this is a very smart political move on the BC Liberals' part and it should 'shield' them from any political attacks that the BC Liberals' are attempting to 'cook the books' for the upcoming election in May

Read an article from Justine Hunter of the Globe and Mail here
Full information from the Government of BC here

From the Government of BC:

The B.C. government has appointed nationally respected economist Dr. Tim O'Neill to review and assess the economic and revenue projections contained in the upcoming provincial budget, Finance Minister Michael de Jong announced today.

A former chief economist and executive vice-president for the Bank of Montreal, O'Neill will review the work undertaken by finance ministry staff as Budget 2013 is finalized, with a specific focus on the underlying methodologies, processes and material assumptions the government has used in preparing its economic and revenue forecasts.

O'Neill will have the opportunity to review and evaluate all material supporting the Province's economic and revenue forecasts for the 2012-13 through 2015-16 fiscal years, and he will have complete access to Finance ministry staff as needed.

O'Neill will provide the Minister of Finance with a written assessment of the minister's economic and revenue forecasts. He will also be available on budget day to speak about this review. In 2005, following an 11-year stint with BMO, O'Neill founded his own consulting firm, O'Neill Strategic Economics, and has since provided expert economic and forecasting advice to the Canadian government and the governments of Ontario and Nova Scotia.

O'Neill was the first Canadian economist to be elected to the board of the Washington-based National Association for Business Economics, serving as its president from 2002 to 2003. He is also a visiting professor at Duke University in North Carolina. He now lives and works in P.E.I.

Micheal deJong - BC's Minister of Finance says:

Given the ongoing economic uncertainty both in Canada and around the world over the past few years, I believe an external review of our economic and revenue forecasts makes sense at this time. It will also provide British Columbians with added assurance that Budget 2013 is based on sound revenue and economic forecasts."

"Dr. O'Neill's analytical skills and outstanding reputation will help uphold our longstanding commitment to fiscal transparency."