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.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

VicPD asks for help finding owner of recovered camera

Camera contained images of a family celebrating a wedding

More than 600 items donated to the homeless occupants of Topaz Park

Newly established Neighbourhood Response Team helps coordinate collection

Investigators seek witnesses in death of Langford woman Angela Dalman

Police seek out dash cam footage, home security videos and neighbourhood witnesses

Greater Victoria sheriffs, local business deliver food to those struggling with mental health

More than $900 worth of groceries were delivered to members of the Connections Place Society

Canadians awake to extra COVID-19 emergency benefit money, fear it’s a mistake

The CRA and federal officials are working to clarify the confusion around payments

Easter Bunny added to B.C.’s list of essential workers

Premier John Horgan authorizes bunny to spread “eggs-ellent cheer” throughout province

COVID-19 self-isolation plan or quarantine, returning B.C. residents told

Premier John Horgan says forms must be filled out by travellers

More than 400 animals have been adopted amid pandemic: B.C. SPCA

People are taking this time of social distancing to find a loyal companion through the animal welfare group

VIDEO: More than 85 people displaced by Campbell River apartment fire

Traffic is being diverted around Dogwood Street and 9th Avenue

Thieves steal $5,000 worth of cigarettes and candy from semi trailer in Nanaimo

Culprits hit truckload in shipping company storage yard on Old Victoria Road on Monday

B.C. secures motel, hotel rooms for COVID-19 shelter space

Community centres, rooms reserved for pandemic self-isolation

Sanders drops 2020 bid, leaving Biden as likely nominee

Sanders plans to talk to his supporters later Wednesday

Most Read