B.C. maintained budget surplus for 2017-18, despite increased spending

The B.C. government reduced its debt and achieved a balanced budget

British Columbia maintained its budget surplus in the last fiscal year even though it boosted spending on government programs by almost $3 billion and covered significant expenses from disastrous wildfires in 2017.

Finance Minister Carole James said the government reduced its debt and achieved a balanced budget despite historic losses at the Insurance Corporation of British Columbia.

James said regardless of what it will cost to fight fires, there is money in the budget.

RELATED: Non-profits, schools get break on B.C. health payroll tax

The audited financial statements were released today, and showed an operating surplus of $301 million for 2017-18, which is $55 million higher than the surplus forecast in the budget update last fall.

Revenue was $571 million higher than the previous year, mostly due to increased federal transfers resulting from revised population estimates and higher taxation revenue.

RELATED: No break from health tax for municipalities

James said overall, the province is seeing long-term economic growth.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

VIDEO: Harrison sailor looking for competitors to race model boats

Bernhard Van Velze is hoping to create a club for model sailboats at Harrison Lake

Classical paired with folk for Chilliwack Metropolitan Orchestra’s winter concert

Chilliwack Metropolitan Orchestra presents Tchaikovsky in America at G.W. Graham theatre

Community artists, amateurs wanted to create Kent anniversary logo

The 125th anniversary committee is hoping to choose a logo designed by the community

Kent to weigh in on ride-sharing policies

The district will be submitting comments to the province on what ride sharing should look like

Chilliwack prolific offender wanted yet again

B.C.-wide warrant issued for David Allen Geoghegan

2-for-1: Total lunar eclipse comes with supermoon bonus

On Sunday night, the moon, Earth and sun lined up to create the eclipse, which was visible throughout North and South America

Doug Ford says the Liberals’ carbon tax will plunge Canada into recession

The Ontario premier said there are already warning signs of difficult economic times ahead

Kamala Harris opens U.S. presidential bid in challenge to Trump

The 54-year old portrayed herself as a fighter for justice, decency and equality in a video distributed by her campaign

B.C.’s largest public-sector union wants inquiry into money laundering, drugs

Union officials say Premier John Horgan and Attorney General David Eby have not ruled out the possibility of a public inquiry

RCMP ‘amending’ helicopter training after complaints in Surrey

Cloverdale residents say the Air One chopper was in the air for hours and flying at low altitudes

Woman offers luxury Alberta home for just $25 and a flair for the written word

Alla Wagner ran into health problems, which forced her to list the 5,000-square-foot estate at market value

46% of Canadians $200 or less away from financial insolvency: poll

45% cent of those surveyed say they will need to go further into debt to pay their living and family expenses

5 to start your day

Large fire breaks out near Kinder Morgan facility, Women’s Marches take to the streets across B.C. and more

Most Read