B.C. Government Errors Lead to $1.5 Billion Overestimation of Gas Revenues
The British Columbia government made four human errors in its latest budget that led to an overestimation of natural gas revenues by $1.5 billion, officials said.
The errors were identified during a closed briefing and included mistakes such as incorrectly dragging formulas across spreadsheet cells, failing to convert gas units properly, and using data from the previous fiscal year.
The largest error was caused when a formula was dragged across a spreadsheet cell, resulting in an overestimation of gas royalties by $292 per year over five years.
The errors will not impact the government's new royalty framework, which is set to go into effect on January 1, 2027, but experts have raised concerns that it could lead to billions of dollars in lost gas royalties.