Quote:
Originally Posted by RRxtar
the liberals pulled $1billion total from ICBC over 5 years from 2011 to 2016 and they didn't pull money out in 2017. That is an average of 0.25b. Yes its some, but ICBC being $1.3 billion in deficit in ONE year, does not mean they are in deficit because of the liberals pulling money out over several years. the $1.3billion isn't an accrued debt, it is an operating deficit. they paid out $1.3billion more in expenses in 2017 than they brought in. And again, that is with no cash pulled out in that year. The problems go it deeper than that
|
It's part of it because ICBC had to borrow money with interest instead of having money in reserves making money via investments. It was also $1.2B, not $1B.
Most of the crown corporations in BC had to borrow money just a couple of years into the new policy (BC Hydro another notable one) in order to pay their dividends (again, borrowing with interest).