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.

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

Just Posted

Black Lives Matter events attract strong turnout in Comox Valley

People knelt for nine minutes at noon on Saturday to remember George Floyd

Cumberland looks at July for village hall meeting

Village council had to cancel meeting set for June 1 due to pandemic guidelines

Comox Valley board of education approves facility spending plan

Projects include roofing, sewage system upgrade, gym resurfacing

Vancouver Island’s current COVID-19 case count officially hits zero

Of the 130 recorded Island Health cases, five people have died, 125 recovered

Valley artist gifts B.C.’s health officer with symbolic hummingbird

A special connection brought the piece to Dr. Bonnie Henry’s desk in Victoria

VIDEO: B.C. dentist gets grand welcome home after two months in hospital fighting COVID-19

Michael Chow was given a surprise send off by hospital staff and ‘welcome home’ from neighbours

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

‘Like finding a needle in a haystack’: Ancient arrowhead discovered near Williams Lake

The artifact is believed to be from the Nesikip period between 7,500 BP to 6,000 BP

Indigenous families say their loved ones’ deaths in custody are part of pattern

Nora Martin joins other Indigenous families in calling for a significant shift in policing

Friends, family mourn Salt Spring Island woman killed in suspected murder-suicide

A GoFundMe campaign has been launched for Jennifer Quesnel’s three sons

PHOTOS: Anti-racism protesters gather in communities across B.C.

More protests are expected through the weekend

Indigenous chief alleges RCMP beat him during arrest that began over expired licence plate

Athabasca Chipewyan Chief Allan Adam calling for independent investigation

‘I’m pissed, I’m outraged’: Federal minister calls out police violence against Indigenous people

Indigenous Minister Marc Miller spoke on recent incidents, including fatal shooting of a B.C. woman

UPDATED: Pair accused of ‘horrific’ assault at Vancouver’s Oppenheimer Park arrested

Police say Jason Tapp, 30, and Nicole Edwards, 33, did not show up to meet their bail supervisor this week

Most Read