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

320 years since the ‘Big One’ doesn’t mean it’s overdue: Canada Research Chair

‘It could happen today, tomorrow or 100 years from now’

Oak Bay police searching for missing man

Nicholas Hasanen has not been seen in a couple of weeks, is known to sleep in local parks

Santa, West Shore firefighters team up to fill the sleigh for the food bank

Santa makes annual visits Dec. 14, 15, 22 and 24 across the West Shore

Police seek ID of man who stole from store, pulled knife on owner and fled scene on bike

Oak Bay police are asking for help identifying the suspect

UPDATED: Man arrested on Richmond Avenue after standoff with police following ‘serious assault’

Police were called early Sunday morning following an assault in the building

VIDEO: Led by ‘Marriage Story,’ Netflix dominates Golden Globe noms

Netflix flexed its muscles across all categories, just as it is girding for battle with a host of new streaming services

Greater Victoria 2019 holiday craft fair roundup

Get a jump on your holiday shopping

Lawyer competence includes knowledge of Indigenous-Crown history: B.C. law society

All practising lawyers in B.C. will be required to take a six-hour online course covering these areas

Wealth of Canadians divided along racial lines, says report on income inequality

One interesting finding was that racialized men have a higher employment rate than non-racialized men

B.C. universities post $340 million worth of surpluses thanks to international student tuition

Students call for spending as international enrolment produces huge surpluses at many universities

Conservatives urge Morneau to deliver ‘urgent’ fall economic update

Morneau says the first thing the Liberals plan to do is bring in their promised tax cut for the middle class

INFOGRAPHIC: How much money did your local university or college make last year?

B.C. university and colleges posted a combined $340 million surplus in 2018/19

B.C. creates $8.5M organization to improve safety for health care workers

Group will bring together unions, province, health care organizations

Most Read