Province ends fiscal year with $704 million surplus

Public Accounts show B.C. ended the year with a $704 million surplus and no operating debt, as higher economic growth and healthy employment levels led to higher-than-expected revenue from income taxes and natural resources.

“Inflation has been impacting people around the world, and many people here in B.C. are dealing with higher costs,” said Katrine Conroy, Minister of Finance, in a news release. “That’s why we chose to make smart investments that make a meaningful difference for people now and for the long term. We provided support for every community, took action to improve critical services, lowered costs for people, and we were able to significantly reduce the provincial debt.”

The province had budgeted for revenue of $68 billion with expenses of $73 billion. The year ended with revenue of $81 billion against expenses of $80.8 billion.

Many big corporations and high-income earners fared well through the COVID-19 pandemic and economic recovery. That increased income tax revenue was an opportunity to take action to defend people against the impacts of rising global inflation, she said, through actions like providing affordability credits to 2.5 million people, boosting the BC Family Benefit, protecting rental housing and keeping ferry fares low.

Government also used additional revenue to deliver new grants to growing communities to build the infrastructure they need, improving access to 911 services and investing more in cancer research to improve care for people.

“We’ve seen time and again that when we invest in people and the services they count on to build a good life here, it makes our economy stronger and more resilient,” said Conroy. “There are those who think that the best way to respond to global pressures is to pull back supports and cut services. We know that when we support and invest in people our economy and our province are strengthened.”

Total provincial debt decreased and the operating debt was eliminated. Taxpayer-supported debt decreased, and B.C. has the lowest debt-to-GDP ratio in the country. This puts B.C. in a stronger position to continue to invest in people.

Public Accounts for the previous fiscal year are an important part of ensuring transparency and accountability within government’s finances. The next report on provincial finances will be the first quarterly report for 2023-24 in September.