Till debt do us part?

Earlier, we told you how the provincial New Democrats are now facing a "post-election cash flow crunch and debt that, while not unanticipated, was significantly more than had been expected." Which got us to wondering if the Liberals are experiencing similar debt difficulties? Well, the governing party's election financing report doesn't say what the party's liabilities were as of May 12, 2009. But here's what we do know:

* at the end of the 2008, the Liberals had liabilities of $1.32 million and assets of $1.58 million
* in the same year, they also paid off $3 million worth of loans that were taken out from four banks on April 6, 2005;
* during the 2009 election period, the Liberals ran a deficit of $2.60 million;
* on March 31 of that year, the Liberals took out $5 million worth of loans from four banks; and
* by the end of the reporting period, they hadn't made payments on any of those loans.

And that suggests that, like the New Democrats, the Liberals could also be in financial trouble. Although we won't know for sure until we see what the party's liabilities are at the end of 2009 - a number that will be included in the annual financial report it submits to Elections British Columbia in March 2010.

1 Comment

a) Perhaps a leadership race will fix the debt.

b) Perhaps it's time for Gordon Campbell, Mike de Jong, Christy Clark, Barry Penner and yes Mary Polak action figures to be sold by the party :-). Also possibly a video game or two... that usually works.

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