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

Award-winning harmonica player transforms instrument on stage

Carlos del Junco plays Upstairs Lounge Friday March 23

Lilia Zaharieva wants to share her medical good fortune

UVic student wants treatment for cystic fibrosis made available for all

Piano campaign purchases piano and more for Oak Bay theatre

Surplus funds sound mixer and console for Dave Dunnet Community Theatre

Latitude 48 Paddling Club races through Victoria waters

Local team clinched victory in Nanaimo to kick off season that will see them compete in Hawaii

Greater Victoria police busy with St. Patrick’s Day calls

Victoria police respond to 82 calls for service

Monterey student sale a swarming success

Community shows up in record number for middle school event

Women’s Expo seeks to empower women this weekend

Victoria Women’s Expo set for Saturday and Sunday at Pearkes Recreation Centre

America’s Musical Journey premieres at the IMAX

Enter to win tickets to an invite only concert at your community newspaper’s Facebook page

Anti-pipeline protestors block Kinder Morgan tanker near Seattle

Protest was spurred on by the 28 anti-Kinder Morgan activists arrested in Burnaby

Mount Douglas Mathletes enjoying success by the numbers

Saanich Grade 9s walk away with top five spots in Island math competition

Some surprises in new book about B.C. labour movement

“On the Line” charts history of the union movement back to the 1800s

B.C. cyclist races to first win of the season in New Zealand

Casey Brown captures Enduro title by more than two minutes at Crankworx Rotorua

Notorious Russian troll farm also took swipes at Canadian targets

Targets included oil infrastructure and Prime Minister Justin Trudeau.

Cirque du Soleil aerialist dies after fall during Florida show

Longtime performer fell while performing in VOLTA

Most Read