The British Columbia government has hired former Bank of Montreal chief economist Tim O’Neill to review and assess the economic and revenue projections for its upcoming provincial budget.
The government said that O’Neill will review the work undertaken by finance ministry staff as the next budget is finalized, “with a specific focus on the underlying methodologies, processes and material assumptions the government has used in preparing its economic and revenue forecasts.”
He will provide the minister of finance with a written assessment of the economic and revenue forecasts, and will be available on budget day (Feb. 19) to speak about this review. As part of his work, O’Neill will have the opportunity to review and evaluate all material supporting the province’s forecasts for the 2012-2013 through the 2015-2016 fiscal years, and he will have complete access to finance ministry staff.
“Given the ongoing economic uncertainty both in Canada and around the world over the past few years, I believe an external review of our economic and revenue forecasts makes sense at this time,” said B.C. finance minister, Michael de Jong. “It will also provide British Columbians with added assurance that budget 2013 is based on sound revenue and economic forecasts.”
O’Neill founded his own consulting firm, O’Neill Strategic Economics, in 2005, following an 11-year stint with BMO, and has since provided expert economic and forecasting advice to the federal government, and the governments of Ontario and Nova Scotia. He is also a visiting professor at Duke University.