Finance Minister Carole James. (Tom Fletcher/Black Press)

B.C. to review ‘fiscal responsiblity’ at Crown corporations

On the table are BC Hydro, ICBC, the BC Lottery Corporation and more

The B.C. government has announced plans to review the fiscal sustainability of its Crown corporations.

On the list released Tuesday are the BC Lottery Corporation, BC Hydro, the ICBC, the Liquor Distribution Branch, and the BC Housing Management Commission, including the Provincial Rental Housing Corporation.

The province said it will “evaluate risks and identify options” to develop, monitor and manage to its overall fiscal plan targets.

Budget documents released earlier this month showed ICBC did financially worse than forecast, while the BC Lottery Corporation and the Liquor Distribution Branch did better, and BC Hydro performed pretty much on par.

ICBC has been much criticized for an $833-million deficit revealed this past winter. A report released in July said rates could go up by as much as 30 per cent by 2019 if current trends persist, the corporation still has to cover its costs through rates, and nothing is done to improve things.

READ: ICBC rates could go up 30 per cent by 2019: report

The NDP had taken shots at the previous Liberal government for what the New Democrats called their “irresponsible” handling of the auto insurer.

In July, Attorney General and minister responsible for ICBC David Eby told reporters that a 30-per-cent rate hike “will not be happening on our watch.”

READ: ICBC claims up 14 per cent this winter

Premier John Horgan appointed new ICBC and BC Hydro chairs in late July as part of the government’s strategy of overhauling the two corporations.

The NDP has promised to freeze hydro rates, overturning a Liberal plan that would have increased rates by 28 per cent over five years.

The review is scheduled to be complete before the government starts putting together its next budget.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

More than 125 tonnes of garbage hauled in during Fraser River Cleanup in Chilliwack

A total of 700 volunteers flocked to the shores of the Fraser River to help with the cleanup

Seven Days in Chilliwack

A list of community events happening in Chilliwack from March 25 to 31

WATCH: Sparks fly as SUV speeds down wrong side of Highway 1 in Chilliwack trying to flee police

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Drugs and guns seized by Chilliwack Mounties in complex case

Drug trafficking investigations led to five arrests in three different locations across Chilliwack

Chilliwack RCMP trying to catch robbery suspect

Police hope someone will identify the person who appears in security camera footage

Stolen Bentley spotted going wrong way down highway found in Summerland

The car has been recorded going the wrong way on the Coquihalla, found two days later

Bobrovsky perfect as Blue Jackets blank Canucks 5-0

Vancouver shut out for 10th time this season

Fundraising campaign launched for man caught in SilverStar avalanche

In only two days, the GoFundMe surpassed its $15,000 goal

Terror at sea: Helicopter rescues frightened cruise passengers in Norway

The Viking Sky cruise ship was carrying 1,300 passengers and crew when it experienced engine trouble

Search and rescue team helicopters injured climber from B.C. provincial park

A 30-year-old woman suffered a suspected lower-limb fracture in Skaha Bluffs Provincial Park

DOJ: Trump campaign did not co-ordinate with Russia in 2016

Attorney General William Barr said special counsel “does not exonerate” Trump of obstructing justice

Trudeau in Vancouver to support Tamara Taggart at Liberal nomination event

The former broadcaster is seeking the nomination for the Vancouver Kingsway riding

Trudeau calls May 6 byelection for B.C. riding of Nanaimo-Ladysmith

The riding opened up when Sheila Malcolmson resigned in January

B.C. VIEWS: The hijacking of our education system gathers speed

Children taught to strike and shout fringe far-left demands

Most Read