The BC Liberals say they have chopped spending and made strides in reducing the provincial debt.
The provincial government has cut spending by $668 million since the middle of 2012, Finance Minister Mike de Jong announced July 23 with the release of the 2012-13 Public Accounts.
The total provincial debt grew by $5.6 billion to $55.8 billion, the result of investments in capital infrastructure projects, according to the Ministry of Finance.
Expected government revenues from oil and gas and mining came up short in 2012, leading to a $1.1 billion shortfall. The government brought in tight spending controls to counter the loss.
The B.C. government reported that this year, total spending on health, education and social services increased by 2.6% compared to 2011-12.
The NDP maintained that government debt is actually much higher than stated by the government.
"The government has locked British Columbian taxpayers into nearly $100 billion in contractual obligations, many of which we know very little about," said NDP finance critic Mike Farnworth.
"British Columbians deserve to know how the government came to rack up a hidden debt that eclipses the official provincial debt, and what it plans to do to fix this."
B.C. currently has a triple-A credit rating with Standard & Poor's and Moody's. Dominion Bond Rating Service has given B.C. a double-A rating.
