The Liberal Opposition Finance Critic is concerned that the B.C. government is spending more than it can afford to as market conditions change.

Speaking on NL Newsday, Surrey-White Rock MLA Tracy Redies says the province had to siphon $300 million out of a $750 million-dollar contingency to avoid a deficit in the first quarter.

She says one positive for the province’s financial state is that it continues to have a AAA credit rating.

“It means that B.C. can borrow at some of the lowest costs out there, so that is a very important thing to try and keep, and that’s another potential challenge that if this government runs into deficit territory, that AAA credit rating could be in jeopardy.”

Redies also says it is shocking to see the economic growth forecast drop from 2.4 per cent to 1.7 per cent in just a few months.

“That’s a significant decrease, and the problem is of course that the government continues to spend at break-neck speed,” she says.

“The first-quarter update of course doesn’t take into consideration really what’s been happening in the forestry sector over the summer. So I’m very concerned about where this is going, and I hope the government doesn’t have to tap into that other contingency but I think there’s a lot of troubling signs on the horizon.”

While the first-quarter update for the fiscal year yesterday, for the months of April to June, Finance Minister Carole James acknowledged “the global economic winds are shifting,” but says B.C. will weather the storm because of financial prudence built into the budget.