Finance Minister Mike de Jong presents the audited public accounts at the B.C. legislature Tuesday

B.C. budget surplus $353 million

The B.C. government finished the fiscal year in March with a surplus of $353 million by keeping overall spending growth below one per cent

The B.C. government finished the fiscal year in March with a surplus of $353 million by keeping overall spending growth below one per cent, according to audited public accounts released Tuesday.

It’s the first official surplus budget for B.C. since the 2008-09 recession, and a bigger surplus than what was promised by the B.C. Liberal government in last year’s election campaign.

Total program spending increased only 0.4% during the year, which Finance Minister Mike de Jong credited mainly to a hiring freeze and restrictions on discretionary spending in ministries. Health care spending rose $360 million over the previous year, which was more than $500 million lower than the forecast in the government’s post-election budget. Education spending was up $299 million, while spending in natural resource ministries fell $337 million.

The province stayed in the black despite taxation revenues coming in $402 million less than the budget forecast. Natural resource revenues to the province exceeded forecasts by $109 million.

NDP finance critic Mike Farnworth said the surplus budget was achieved “by picking the pockets of hard-working British Columbians” with higher fees and increases to BC Hydro, ICBC and other rates. Farnworth said the public accounts show B.C. residents are paying an extra $300 million a year in fees and licences, not counting the latest increases to BC Hydro and Medical Services Plan rates.

De Jong noted that the province’s total debt continues to rise, topping $60.8 billion including debt of BC Hydro and other Crown agencies.

“We are borrowing to build instead of paying for the groceries,” de Jong said of the additional debt, which includes $3.2 billion for schools, highways, transit and hospitals.

B.C.’s debt stands at 18.2% of gross domestic product, about half of the level of Ontario and the federal government’s debt-to-GDP ratio.

 

Just Posted

Sooke Potholes viewing area likely to remain closed

Report says that more rockslides likely in the area

Loud repairs of navy vessel in James Bay peak today

Asterix undergoing repairs at Ogden Point

Home care complaints up 45% on Vancouver Island

Number of home care hours delivered down 6%, complaints up 45 %

‘Blue Monday’ isn’t real, but depression can be

CMHA encourages people to prioritize their mental health

More than 115 people attend UVic blood drive

Canadian Blood Services says UVic is a target location to create lifetime donors

New Canada Food Guide nixes portion sizes, promotes plant-based proteins

Guide no longer lists milk and dairy products as a distinct food group

B.C. legislature managers accused of excessive travel, personal expense claims

Clerk Craig James, security chief Gary Lenz call allegations ‘completely false’

One-third of pregnant women think cannabis won’t harm their baby: UBC

Review of six U.S. studies found doctors didn’t communicate health risks of pot use

China demands US drop Huawei extradition request with Canada

China detained two Canadians on Dec. 10 in an apparent attempt to pressure Canada to release Meng

Hollywood announces 2019 Oscar nominations

Netflix has scored its first best picture nomination, something the streaming giant has dearly sought

Collapsed floor traps worker at decommissioned North Island pulp mill

Man frees self, escapes injury, investigation underway at Elk Falls facility in Campbell River

Auto shop apologizes after Vancouver Island employees disrespect memorial convoy

Mr. Lube staff members suspended after incident Sunday in Nanaimo

B.C. man fined $10,000 after leaving moose to suffer before death

Surrey man was convicted last week on three Wildlife Act charges

Anti-pipeline group wants NEB to consider impact of emissions, climate change

Stand.earth filed NEB motion asking to apply same standard to the project as it did with Energy East pipeline

Most Read