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

Duncan now considering 2.9 per cent tax hike for 2019

Tax plan would see an increase of $45 for the average home

Rhododendrons to take centre stage at Cowichan Valley Garden Fair April 27

It’s not just the flowers that are eye catching

Cowichan-based company provides glass alternatives to plastic straws

Enviro Glass Straws now producing more than 60,000 staws each year

Lexi Bainas column: Roger Sparkes honoured, CVAC art show now new and improved

A well-deserved posthumous award goes to Cowichan Theatre’s biggest booster

Homeless activists outside Notre Dame demand ‘a roof too’

Wealthy people have donated millions to effort to rebuild cathedral after devastating fire

Coming up in Cowichan: Easter Eggspress; knitting workshops

Hop aboard the Easter Eggspress at the BCFDC The Easter Eggspress is… Continue reading

Second earthquake in less than two hours strikes off Vancouver Island

The first earthquake happened at 1:27 p.m., the second at 2:44 p.m.

PHOTOS: Green Party Leader Elizabeth May says ‘I do’ on Earth Day

May and John Kidder got married Monday morning in Victoria

Sri Lanka invokes war-time military powers after nearly 300 killed in Easter bombings

Sri Lanka’s minister of tourism says 39 foreign tourists were killed in the Easter Sunday attacks

Multiple sailing waits as BC Ferries deals with Easter Monday traffic

89 extra sailings had been added to the long weekend schedule

Ex-mayor of northern village claims its drivers are overpaying ICBC $1,800 a year

Darcy Repen says data shows Telkwa households are being ripped off for car insurance

Deadly synthetic drug found in Kamloops that puts users in ‘zombielike’ state

Interior Health warning says substance causes ‘speedy, trippy-like symptoms’ and hallucinations

Most Read