On Sept 8, Finance Minister Kevin Falcon released a much anticipated update on provincial finances.
The Minister's presentation focused on highlighting the cost of the move back to PST/GST, providing some large numbers for the media headlines, instead of looking at the big picture.
In case you missed the media coverage, the provincial coffers are projected to suffer a loss of $2.8 billion over the next three years, relative to the estimates presented in February's Budget 2011. The Ministry estimates that $2.3 billion of the loss is brought about by the HST defeat and the move back to the PST/GST system.