Monday, January 19, 2015

BC Prosperity Fund Accrual

February 13, 2013, Premier Christy Clark announced
...the new British Columbia Prosperity Fund to ensure communities, First Nations and all British Columbians benefit from the development of a new liquefied natural gas (LNG) industry...

LNG development is poised to trigger approximately $1 trillion in cumulative GDP within British Columbia over the next 30 years and that means more than $100 billion will flow directly to the Prosperity Fund.

Province wide, LNG is expected to create on average 39,000 annual direct, indirect and induced full-time jobs during a nine-year construction period. As well, there could be as many as 75,000 full-time jobs required once all LNG plants are in full operation...

Factsheet

...Projected total revenues to government are estimated between $130 billion and $260 billion over the next 30 years. In order to maximize the benefits of these developments to future generations of British Columbians, the provincial government is establishing a new British Columbia Prosperity Fund...
LNG revenues will not only ensure British Columbia is debt free but will also fund essential spending for health care, education and social services. This plan demonstrates the superiority of BC Liberal financial management. After almost 40 years, Alberta's Heritage Fund contains only $17 billion so it has accumulated funds at 1/10 or 1/20 the rate intended for B.C.

So that we don't forget this good news, Northern Insight will calculate the accrued income that is coming our way. It updates regularly.


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21 comments:

  1. Can you add an "Actual" column so that we can see how well the government is meeting its targets?

    ReplyDelete
  2. The Canadian Taxpayers Federation has what it calls a “legendary”, and “Iconic” debt clock. It is housed in a custom-designed trailer that is 12 feet long and 5’6 feet high and regularly tours Canada to highlight national or provincial debt in targeted campaigns. In June and July of 2013 the CTF’s BC Director Jordan Bateman took it on a spin to over 30 communities across BC to bemoan BC’s debt numbers. Christy Clark attended and spoke at a photo-op in front of the clock at its 2011 tour launch ceremony during her leadership campaign.

    The CTF should take the clock on a regular tour of BC showing the actual vs promised numbers of the BC Prosperity Fund. And they should be mindful of scheduling in order that they don’t show up at the same venues where the NDP’s new trailer acquired for the purpose is appearing with the same message.

    ReplyDelete
  3. norway

    http://mironline.ca/?p=3018


    ReplyDelete
  4. Smirk, smile, chuckle, cackle, howl, die laughing.

    R.I.P. citizen.

    ReplyDelete
  5. I can't recall a time when the Campbell/Clark BC Liberals were ever honest as they work for Harper. Christy Clark's 100,000 LNG jobs was her whopper election lie, among many other lies. Then there are Christy's six figure wage mine jobs and everyone wants one of those jobs. Christy's economic and job action plans are identical to Harper's and both of them lied.

    And gawd help us all, if Harper brings Gordon Campbell back to BC and gives Nigel Wright the post, as High Commissioner to the UK. Is that possible, Campbell would have the gall to come back to BC?

    ReplyDelete
    Replies
    1. I am sure that if Campbell did try to return to BC, there would be a huge protest. Pinocchio Campbell is the only BC premier to achieve a single digit popularity poll result - a whopping 9% IIRC.
      I am sure the business sector would welcome him back to the province, but I also think the average person would be disgusted.

      Delete
    2. After seven years of telling us he could not comment on suspicious events surrounding the sale of BC Rail because it was “before the court”, Campbell resigned without the promised answers two weeks after it was no longer before the court. He resigned amid a flurry of new unanswered questions about his government’s role in making sure it was no longer before the court. He’s been insulated by the nature of appointed office, time, geography, and a disinterested press ever since. A lot of energy and our money has been expended by those he left behind to keep the dirty details secret. They think (incorrectly) they’ve succeeded.

      That will all change if he offers himself up for public inspection in an election campaign. I really hope he does it, but I doubt he will.

      Delete
    3. You're right. Campbell fled to minimize scrutiny but he would still be protected by a cooperative Press Gallery. However, why bother when a Senate seat is readily available from his neo-Liberal soul mate, the PM. Campbell still has enough time to qualify for another public pension since he would only have to appear in the Senate for a few days in each of the next six years.

      Delete
    4. Who made how much & when from the BC Rail give away?
      I am sure that some well known "economist" liberal hacks did very well from the sordid affair.
      And so it continues.
      Sea to Sky highway, run of RIvers etc.
      **ck we, the taxpayer, are being bled to death.

      Delete
  6. Every time i see Campbell's brother on Glowball giveing financial advice i could puke,,,I wonder why

    ReplyDelete
  7. Of all the evils a government can do, this is the worst. Here’s how it works.
    1.Setup some program where people pay for something—anything—and the government can sit on the money for a while. Examples include Social Security and Medicare.
    2.When people pay, rather than set the money aside, immediately spend it on something else. Leave an IOU, and tell everyone that the books are balanced, even though they are not.
    3.When the money is finally needed, collect the money from taxes and pay it out.

    Any corporation or individual who would attempt such a thing would rightly be sent to jail for fraud. If a company setup a retirement plan and spent all the money collected for retirement, what should be the punishment?

    Sound familiar?

    ReplyDelete
  8. Prosperity fund? At the cost of cutting most social services down to the bone. It has been recently revealed that there is such a thing as a "misery index" and the higher the number the more likely an economic crisis will occur according to James Rickards a financial annalist to three US presidents and then was drafted by the CIA. The CIA had him to run "Project Prophesy" they wanted to know weather or not market signals could foretell certain events. Well James predicted the 1998 downturn in the US economy and ten years later the 2008 global meltdown mostly caused by the US. In 2001 he predicted something big was going to happen because of an unusual surge in put and call options in the US stock exchange. Right now he is predicting a meltdown a huge recession for the US which will affect the entire world because the Fed has printed too much paper currency. He is saying probably this spring.

    http://dailyreckoning.com/interview-jim-rickards-on-the-death-of-money/

    ReplyDelete
    Replies
    1. News this morning:

      "That would put the total stimulus package for the eurozone economy -- including existing schemes -- at just over one trillion euros ($1.5 trillion Cdn)."

      http://www.cbc.ca/news/business/european-central-bank-announces-massive-stimulus-program-1.2927557

      Delete
  9. They also said BC has enough natural gas to supply Canada for 8,000 years. Golly.

    How many wells would be needed for 8,000 years of fracking?

    How much fresh water would be polluted in 8,000 years of fracking?

    See p. 5508
    http://www.leg.bc.ca/hansard/40th3rd/20141124am-Hansard-v18n4.htm

    ReplyDelete
  10. http://commonsensecanadian.ca/bc-hydro-always-overestimates-future-power-demand-economist/

    ReplyDelete
  11. I agree with the comment above regarding the fraud scenario. Its unfortunate that a method of charging a serving government, and the party involved not to mention the specific individuals in charge of policy and its implementation, does not exist in an overall way. The legalities of going after each layer of a serving government and or party, is onerous and very difficult to achieve.
    I have always said that a Corruption enquiry in this province would supply more entertainment and revelation of true corruption than any other form of investigation.
    One can only hope that the future will provide the means...

    ReplyDelete
  12. There will be very little prosperity to go around in BC or Canada. We can thank our Liberals and the federal Conservatives for that. Canada's economy is looking more and more like that of the USA's leading up to 2008. Could be scary times ahead.

    ReplyDelete
  13. LNG dream fantasy nightmare
    Tumbler ridge windmill ipp 175 mW for 400 million dollars go ahead
    Site 6 dam revelstoke 500 mW for 420 million dollars go ahead
    What's the hurry for site C .get it in there before you lose next election.?
    Oh the hydro racy.?hypocracy?

    ReplyDelete
  14. Does BC lies to get approval?lowballs dam?half the promise twice the cost.?

    One of the biggest changes is that the government has only just included the $200-million provincial sales tax – something it has known it would have to add for more than two years.

    But the cabinet is now effectively treating Hydro’s $7.9-billion figure as a low-ball estimate: Premier Christy Clark, during an investor tour in New York City this week, described Site C as an $8.5-billion project.

    http://www.theglobeandmail.com/news/british-columbia/bc-estimates-additional-cost-of-600-million-for-site-c-dam-project/article22058082/

    ReplyDelete
    Replies
    1. That December article from the Globe & Mail is already out of date. Minister Bill Bennett said in October that $7.9 billion was reliable, the result of carefully considered costing done with lengthy assistance of the world's top experts.

      Lies my minister told me

      Weeks later, Premier Clark announced while in New York that the budget for Site C was $8.5 billion. In mid December When Liberals announced the dam's go-ahead, the number had increased again to $8.775 billion.

      Truthiness has applied throughout. Until December, Liberals pretended they were uncertain about Site C and still examining the project. However, it was an open secret that various companies were already shortlisted for construction contracts. While politicians pretended Site C was not approved, the bureaucrats were already in the process of contracting the work.

      Justine Hunter has not been a star in reporting on energy but this article is worth reading. B.C. ignored calls for oversight in Site C dam ruling

      "Weeks before the B.C. cabinet circumvented an independent utilities watchdog and approved the $8.8-billion Site C hydro dam, Energy Minister Bill Bennett’s own hand-picked panel of experts advised him to restore the role of the “essential” BC Utilities Commission in scrutinizing such projects...."

      Delete

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