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

A lifetime in education

Revelstoke’s Jeff Nicholson is retiring after 28 years in education

Revelstoke Grizzlies win 11th straight game

The Forum was packed on Saturday night

Live results for the Revelstoke municipal election

Watch here and on Facebook for live results

Every vote counts: 10 tightest races in B.C.’s municipal elections

Peachland saw their election decided by just one vote

The Valley Votes: Your election results

The results are in from the 2018 municipal election.

B.C. Youtuber to seal himself ‘in a jar’ to demonstrate impacts of climate change

Kurtis Baute wants to see how long he can last in a 1,000 cubic foot, air-tight greenhouse

One of Taiwan’s fastest trains derails, killing at least 18

The train was carrying more than 360 people

Scheer marks one-year countdown to federal election with campaign-style speech

Conservative Leader insists that it will be Justin Trudeau who ‘makes it personal’

Canada Post union announces rotating strikes in four Canadian cities

Mail will still be delivered but it will be delayed

B.C. VIEWS: Residents have had enough of catering to squatters

Media myth of homeless victims offends those who know better

B.C. man sets new Canadian marathon record at Toronto Waterfront Marathon

Cam Levins ran it in two hours nine minutes 25 seconds

Most Read