Finance Minister Carole James released the province91裸聊视频檚 public accounts Tuesday, showing an operating surplus of $2.7 billion inherited from the B.C. Liberal government.
The audited books show a $3.4 billion increase in revenue over the finance ministry forecasts for the fiscal year that ended in March. Much of that is tax revenues, including $1.5 billion in additional personal income tax revenue, $212 million more than forecast in corporate income tax, $305 million in extra provincial sales tax, and a windfall of $787 million more in property transfer tax.
The foreign buyer tax added to property transfer tax in Metro Vancouver a year ago raised $102 million of the total.
The total surplus is close to the $2.8 billion surplus announced June 28 by former finance minister Mike de Jong. James said the surplus is a result of a strong economy, and also program underfunding by the former government that left people not sharing in the province91裸聊视频檚 prosperity.
With last year91裸聊视频檚 surplus applied to debt, B.C. Liberal finance critic Shirley Bond said the NDP government has indicated only that will spend surplus funds accumulating this year.
91裸聊视频淭he is should not be a one-time spending spree that government can never afford again,91裸聊视频� Bond said. 91裸聊视频淲e need to see a plan to sustain revenues.91裸聊视频�
The NDP government will present its budget update on Sept. 11. James said it will carry on most of the previous government91裸聊视频檚 plans, adding a $100-per-month increase in income assistance rates and removal of fees from adult basic education courses.
The surplus will be handled in 91裸聊视频渁 much more equitable way,91裸聊视频� with more investments in services for people, James said. The full NDP program will wait for its first complete budget in February, and James said it will be a balanced budget as directed in her ministerial mandate letter from Premier John Horgan.
91裸聊视频淓ducation is a really good example of the wrong direction the previous government took,91裸聊视频� James said.
The audited books for last year show an increase of $591 million in the province91裸聊视频檚 taxpayer-supported debt, reflecting new construction of Vancouver Island hospitals and other capital expenditures. That will continue as more public infrastructure projects are carried out, James said.
One item facing James in the spring is the NDP promise to eliminate bridge tolls in Metro Vancouver. That means the debt from the Port Mann-Highway 1 project becomes part of government debt.
91裸聊视频淪tay tuned,91裸聊视频� James said, indicating the government91裸聊视频檚 plans for bridge tolls will be announced shortly.
Also coming within the next week is a plan from Justice Minister David Eby to deal with the rate pressure on the Insurance Corp. of B.C., which is dealing with a rapid increase in accident claim and legal costs.
