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I am pleased to note the Province's audited financial statements confirm we finished the fiscal year with a $4.1 billion surplus, which was used to pay for a record $3.4 billion investment in public infrastructure and reduce British Columbia’s debt by $1 billion.
That is a record $3.4 billion spent building and upgrading hospitals, schools and roads right around our province. Health care facilities to meet the needs of an aging population, transportation improvements to keep our economy moving, and more post-secondary spaces for our youth. The surplus was used to improve public services and keep our economy strong.
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Over the past three years, since we have balanced the budget, we have used our surpluses to pay for $8.8 billion in infrastructure spending while reducing debt by $4.4 billion.
I hope you agree, building our province and reducing debt are investments that will generate benefits for years to come.
Minister of Finance
Highlights of the 2006/07 Public Accounts: $3.4 Billion Investment in Infrastructure
A surplus of $4,056 million reflects robust economic performance and higher-than-anticipated federal transfers and earnings from self-supported Crown corporations.
The record $3.4-billion investment in infrastructure included:
- $760 million for health facilities;
- $849 million for transportation; and
- $1.2 billion for schools, colleges and universities.
British Columbia’s economy grew by 3.6 per cent in calendar 2006, the second strongest growth among provinces and above the national average of 2.7 per cent, according to preliminary results from Statistics Canada.
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[more on Public Accounts 2006/07]
Job Creation: Since December 2001, British Columbia's economy has generated 366,100 new jobs, one of the best job creation rates among the provinces. B.C.'s unemployment rate sits at 4.4 per cent—a level many economists consider full employment. It's hard to believe that only five years ago B.C. had an unemployment rate of almost 10 per cent. A 31-year unemployment low reflects new investment and employment opportunities created by British Columbia’s strong economy.
Credit Rating Upgrades: Two major credit rating agencies, Standard & Poors and
Dominion Bond Rating Services, upgraded B.C.'s credit rating this spring,
citing strong budgetary performances,
strong management culture, and improved planning and reporting
practices. Standard and Poors increased the rating to
AAA from AA+, and DBRS to AA (high) from AA (low). In October 2006, Moody’s
increased its credit rating to AAA from AA1.
Over the past two years, British Columbia has received six credit rating upgrades. With the latest S&P upgrade, British Columbia now stands with Alberta and the Government
of Canada, which are also rated AAA. The improved credit ratings
save taxpayers debt service costs and allow for investment in other
priorities. [more
on B.C.’s credit rating]
Homeowner Grants: The Home Owner
Grant Program was expanded during this session to ensure low-income
seniors receive the full benefit regardless of the value of their home.
[more on Home Owner Grant
expansion]
Consultations on Climate
Action: The
Ministry of Finance wants to hear your ideas for fiscal or tax proposals
to help reduce British Columbia’s greenhouse gas emissions by at least 33
per cent below current levels by 2020. Consultation on Climate Action is
still in progress. If you have not already done so, please visit our
website on Climate
Action and submit your ideas and suggestions.
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Congratulations to Ministry of Finance staff in Provincial
Treasury's Debt Management Branch and Corporate and Project Finance
Branch, for winning a Premier’s Award in the Organizational
Excellence category.
The branch helped British Columbia achieve the highest
possible credit rating. Each year it processes—virtually error
free—up to $125 billion in settlements and debt payments, and has
exceeded its performance benchmark every year since it was
established in 1999. [more
on Premier's Award]
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Front row: Premier Gordon Campbell, Siew Loo, Sharon
Hutchings, Norah Macey, Iraj Afshari, Bill Shortreed, Patrick
Freeman. Back row: Jackie Blewett, Linda Russell, Fiona Parfett,
Greg Horan, Darlene Dawes, Dara Landry.
Not pictured: Colette Madill, Darshi Sketchley,
Dean Wingerter, Felix Amerasinghe, Heather Robbins, Ken Holack,
Kenneth Tan, Marlee Linford, Merle Markes, Michael Chiang, Patricia
Hughes, Patrick Lam, Rex Popham, Tara Dunning, Tim
Pierce. |
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