B.C. maintained budget surplus for 2017-18, despite increased spending
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VICTORIA — British Columbia maintained its budget surplus in the last fiscal year even though it boosted spending on government programs by almost $3 billion dollars and covered significant expenses from the disastrous 2017 wildfires.
Finance Minister Carole James says the government reduced its debt and achieved a balanced budget despite historic losses at ICBC and a $950 million dollar adjustment to fix the former government’s approach to rate regulation.
She released the audited financial statements today and they show an operating surplus of $301 million dollars, which is $55 million dollars higher than the surplus forecast in the budget update last fall.
Revenue was $571 million dollars higher than the previous year, mostly due to increased federal transfers resulting from revised population estimates and higher taxation revenue.
