$2.6-billion surplus for B.C.

Last updated Jun 29 2005 12:20 PM PDT
CBC News

The B.C. Liberal government is reporting a record surplus of $2.6 billion for the fiscal year that ended on March 31, well ahead of the original projection of $100 million.

Finance Minister Carole Taylor says the public accounts also show a record $1.9-billion reduction in total provincial debt.

She says many government revenues have come in much higher than expected, and there was also a major financial boost from Ottawa.

Overall, federal transfers were nearly $750 million higher than projected, including new money for health care.

Taylor says the audited financial statements show taxes and natural resources were also well ahead of forecasts.

The rookie finance minister says this in an important milestone in B.C. But she also cautions the public not to expect this to last, saying last year was an "exceptional area."

Taylor points out that equalization payments from Ottawa will be phased out, commodity prices may fall and housing starts will likely flatten out.

http://www.fin.gov.bc.ca/ocg/pa/04_05/PPcharts0405/publicaccounts.pdf

Awesome!! Good, good news for B.C.

I honestly think that B.C. is really going to kick some ass over the next couple of years....pending the NDP staying out.

That's good and Alberta just announced that their past surplus actually came in at $5 billion.

they should throw me a few hundred dollars, i could really use it

This is great news.......but in all honesty, I would like to see us get a $2.6 billion surplus (or more) by ourselves instead of relying on federal transfers. Cut out the transfers, all we have is $600 million.

Ya, numbers can be deceiving. BC is still a have not province with a percapita income & GDP lower than the national average.

^ That's no longer true. BC is now a "have" province. There is about a 2-year lag time from becoming a have province and not getting any more equilization payments.