The B.C. budget for this year includes planning funds for replacing the George Massey Tunnel under the Fraser River.

B.C. budget: Operating debt begins to decline

Operating debt to decline, capital debt keeps growing as hospitals, schools, road and transit projects continue

After five years of borrowing to pay for “groceries,” Finance Minister Mike de Jong says budget surpluses this year and in the coming years will largely be used to pay down operating debt.

The provincial budget shows operating debt of $9.4 billion for the year ending in March, declining to $8.4 billion in 2015-16 and falling below $5 billion by 2018.

Total provincial debt, including roads, hospitals and other capital projects as well as debt held by BC Hydro and other Crown corporations, grows to more than $70 billion by the end of the province’s three-year fiscal plan.

De Jong said balancing the budget means the province is only borrowing to build assets, and the current spending plan calls for $10.7 billion more in taxpayer-supported debt. One new project is planning funds for the proposed replacement of the George Massey tunnel under the Fraser River, a bottleneck for vehicle and shipping traffic.

Other projects:

• Post-secondary facilities include replacement of trade buildings at Okanagan College in Kelowna and Camosun College in Victoria, a trades facility at Nicola Valley Institute of Technology in Merritt and relocation of Vancouver Community College and BCIT heavy duty and commercial transportation programs in New Westminster

• New high schools including Centennial Secondary in Coquitlam, Oak Bay Secondary in Oak Bay, Wellington Secondary in Nanaimo, Clayton North Secondary in Surrey and Kitsilano Secondary in Vancouver.

• Transportation projects including Evergreen rapid transit line to Coquitlam, improvements to Highway 97 in the Cariboo and the Mountain Highway interchange in North Vancouver

• Health care projects including North Island Hospitals in Comox and Campbell River, Interior Heart and Surgery Centre in Kelowna and clinical support and acute care centres at Children’s and Women’s Hospital in Vancouver

 

Just Posted

Victoria wins crucial WHL contest over Giants in Langley

Royals take over second in B.C. Division ahead of Vancouver

Man hospitalized after early morning Sooke Road crash

Police say injuries are non life-threatening

Premier John Horgan announces improvements to Highway 14

Construction on the $10 million project is set to begin immediately

LETTERS: Sooke preschool celebrates 30th anniversary

Kingfisher Preschool to hold anniversary event May 26

WATCH: Giant waves smash Ucluelet’s Amphitrite Point

Folks made their way to Ucluelet’s Amphitrite Point Lighthouse on Thursday, Jan.… Continue reading

World’s fastest log car made in B.C. sells for $350,000 US

Cedar Rocket auctioned off three times at Barrett-Jackson Co., netting $350,000 US for veterans

Bad timing: Shutdown spoils Trump’s one-year festivities

Trump spends day trying to hash out a deal with Senate Minority Leader Chuck Schumer

RCMP nail sex toy thief

Shop owner plays a role in arrest

Ice-cream-eating bear draws controversy

An Alberta Wildlife Park posted a video this week of one of their bears going through a Dairy Queen drive-through

LETTER: The sewage spiral continues in Greater Victoria

My left brain has been trying to digest the news and comments… Continue reading

Fernie, RCMP go to court over city log books in fatal ammonia leak probe

Log books center stage in clashing of investigations between the city and RCMP

Renowned Comox Valley sasquatch researcher passes away

A renowned biologist and leading Canadian sasquatch researcher who called the Comox… Continue reading

B.C.’s biggest pot plant planned for Oliver

Co-founder Tony Holler said the 700,000 sq. ft. facility would produce 100,000 kg of pot per year

Most Read