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

POLL: How should Harrison deal with goose poop?

Monday’s council meeting raised questions about the best way to handle waste around the beach

Sts’ailes First Nation to vote on land code

Land Code would remove nation from 34 sections of Indian Act

KPU campuses go smoke-free starting Jan. 21 – and that includes vaping

‘We didn’t make this decision lightly’ says prez of the Surrey-based institution

Trial begins for man charged with 2010 murder of Mandy Johnson

Langley single mom was fatally shot while in vehicle in Abbotsford

Water upgrade work starts in Harrison

Participation compulsory for impacted properties

Find Your Fit tour comes to Agassiz

Gives students hands-on experience with career-planning tools

Winter storm coming to B.C. this weekend

The bets are on as to how much snow the province will actually get in the coming days

B.C. civil rights group files complaint about RCMP arrest of man who later died

Dale Culver, a 35-year-old Indigenous man was arrested in Prince George last July

Lawyer says former B.C. government aide ‘barely guilty’ in ethnic vote scandal

Brian Bonney pleaded guilty to a breach of trust charge

Quite a few tears as homemade quilts distributed to residents of Ashcroft Reserve, Boston Flats affected by last summer’s fire

Quilters in B.C. and Alberta worked through the summer and fall to create more than 100 quilts.

Teachers’ union votes for non-confidence in school board

Lack of action after embattled trustee’s comments created unsafe workplace, Chilliwack teachers claim

Island Health: No need for alarm in wake of Victoria needle-prick incidents

Three incidents in a week prompts meeting between health authority, city service providers

B.C. coast loggers celebrate history, hope for improvement

Truck Loggers Association awaits B.C. NDP government’s new direction

Global Affairs aware of report of two Canadians kidnapped in Nigeria

The foreigners were heading south from Kafanchan to Abuja when they were ambushed around Kagarko

Most Read