BC records a surplus of $1.3 million
The Canadian Press – August 30, 2022 / 12:53 | History: 382692
Photo: The Canadian Press
Finance Minister Selina Robinson is pictured during a press conference prior to the delivery of the province’s budget to the legislature in Victoria, BC, Monday, February 21, 2022. THE CANADIAN PRESS/Chad Hipolito
British Columbia’s economic recovery last year was stronger than expected, as the province’s audited budget numbers showed a $1.3 billion surplus, up from an earlier projection of a deficit close to 10 billion dollars.
Finance Minister Selina Robinson says the province’s economy in 2021-22 exceeded public and private sector predictions.
He says the April 2021 budget, delivered during some of the darkest days of the COVID-19 pandemic, initially projected a $9.7 billion deficit, but revenues improved over the course of the year.
Robinson says the improvement can be attributed to the reopening of the economy and the resulting increase in tax revenues, one-time federal contributions for COVID-19 and disaster events, higher natural resource revenues and higher Crown corporations, especially Insurance Corp. B.C
He says the government hopes to boost the economy further with a series of inflation-fighting measures next month.
The province introduced a $60 million education support fund this week to help schools expand meal programs and help families with school supplies and field trip costs.