B.C. posts $704M budget surplus, say audited public accounts
British Columbia finished last fiscal year $700 million in the black, after forecasts swung between multi-billion-dollar deficits and surpluses.
Finance Minister Katrine Conroy said despite global uncertainty and inflation the province's bottom line showed a surplus due to economic and job growth and increased revenue from income taxes and natural resources.
She acknowledged the government's forecasts for 2022-2023 had been on an up-and-down ride for the past two years. A $5.5-billion deficit was predicted in February last year, before that was revised to a surplus of almost $6 billion, then downgraded to a $3.6-billion surplus.
The final audited public accounts for the fiscal year that ended March 31, 2023, released Wednesday, show a surplus of $704 million.
Conroy had forecast three years of consecutive deficits last March, with the current 2023-2024 budget projected to bring a deficit of $4.2 billion.
The minister said the government's most recent financial data will be released next month during a quarterly update.
“At that time, I'll be talking to you about some of the challenges B.C. continues to face, including our record wildfire season, global inflation, higher interest rates and slower global economic growth,” Conroy said. “We know the challenges are not over. There are more to come. The brutal wildfire season is a reminder of that.”
She said the audited public accounts show B.C.'s economy grew by 3.6 per cent, tied for fourth highest among the provinces and equal to Canada's national growth.
The province's debt had been reduced from $90.6 billion to $89.4 billion and operating debt had been “eliminated,” said Conroy.
She said provincial revenue was almost $13 billion, with the government spending $7.8 billion on targeted investments to reduce costs for people and strengthen long-term services.
“What's the alternative, to make cuts and not support people?” Conroy said. “We're just not going to do that.”
Additional spending included $1.5 billion in cost-of-living supports, $1.23 billion in housing initiatives and $1.5 billion on contract settlements for public service employees, she said.
Conroy said the public accounts represent a “high-level view” of how B.C. ended the year.
The government also spent $6.8 billion on infrastructure projects, including roads, bridges, hospitals and schools, said Conroy, adding supply chain issues and labour shortages continue to affect some projects.
“We know it's people who build our province,” said Conroy, adding government investments in infrastructure, as well as health and climate initiatives, make the economy “stronger and more resilient.”
This report by The Canadian Press was first published Aug. 30, 2023.
CTVNews.ca Top Stories
DEVELOPING 122 active wildfires burning across Canada, 32 considered 'out of control'
The 2024 wildfire season has begun, and it's shaping up to follow last year's unprecedented destruction in kind, with thousands of square kilometres already consumed.
B.C. parents sentenced to 15 years for death of 6-year-old boy
A British Columbia Supreme Court judge has sentenced the mother and stepfather of a six-year-old boy who died from blunt-force trauma in 2018 to 15 years in prison.
Veteran TSN sportscaster Darren Dutchyshen has died
Veteran TSN broadcaster Darren 'Dutch' Dutchyshen, one of Canada’s best-known sports journalists, has died. He was 57. His family says 'he passed as he was surrounded by his closest loved ones.'
Miller scores late as Canucks grind out 3-2 win over Oilers in Game 5
J.T. Miller scored in the final minute of the game and the Vancouver Canucks came back for a 3-2 victory over the Edmonton Oilers in Game 5 of their second-round playoff series Thursday.
Think twice before sharing 'heartbreaking' social media posts, RCMP warn
Mounties in B.C. are urging people to think twice before sharing "heartbreaking posts" on social media.
Police issue Canada-wide warrant for Regina homicide suspect
Police have issued a Canada-wide warrant for a man wanted in a homicide which occurred in Regina on May 12.
Trudeau calls New Brunswick's Conservative government a 'disgrace' on women's rights
Prime Minister Justin Trudeau assailed New Brunswick's premier and other conservative leaders on Thursday, calling out the provincial government's position on abortion, LGBTQ youth and climate change.
Kevin Spacey receives star support as he fights to get his career back
Kevin Spacey is pushing back on the 'rush to judgment' against him and is being backed by some big names as he seeks to reclaim his acting career.
Speaker cuts ties with Sask. Party, alleges he faced threats, harassment from gov't MLAs
The Speaker of the Saskatchewan Legislature Randy Weekes has severed ties with the Sask. Party after accusing some members of harassment and intimidation tactics, including a situation he claimed saw the Government House Leader bring a hunting rifle to the legislative building.