Minister's Message

On September 14, I had the privilege to release the First Quarterly Report for the Province of British Columbia, an update on the province’s finances and economy.

Our economy is proving to be quite resilient in the face of some significant challenges. Despite a high Canadian dollar, low prices for commodities such as natural gas and lumber, and a deteriorating US housing market, B.C.’s economy remains strong. Revenues are up $1.1 billion from budget, and economic growth is expected to remain robust, thanks in part to stronger domestic demand, steady employment gains and continued strength in our retail trade. These continued strong results provide opportunities to invest in our future.

Every year at this time, we start to think about the choices and tradeoffs that we must make to keep our economy strong and competitive, while spending on key areas that are important to British Columbians.

In September 2005 we focused on low income seniors, Budget 2006 concentrated on improving services for children. Last year’s budget helped address the housing challenges of a growing economy. This year we’ve all heard a lot about the environment. As you know, British Columbia is committed to reducing the province’s greenhouse gases by one-third below current levels by 2020.

That’s why this year’s Budget Consultation Paper asks what choices you would make for a greener future. What can we do, as government, as communities, or as individuals to encourage environmentally responsible choices? Can the challenges of building a greener future be seized as economic opportunity? The Province already provides tax incentives to encourage the purchase of hybrid cars, the production of wind-power and the use of bio-fuel. But some of the best ideas come from members of the public. I hope you will get involved in this year’s Budget Consultation process. You can make a presentation to the Select Standing Committee on Finance and Government Services as they tour the province, write to the Committee, or simply fill out the Budget 2008 Consultation mailer that will be arriving at every household in the coming weeks. More information is available at www.leg.bc.ca/budgetconsultations

We look forward to hearing from you as step by step, budget by budget, we build a brighter, greener future for British Columbia.


Minister of Finance

First Quarterly Report, Sept 2007

British Columbia’s updated fiscal plan is showing strong results, creating an opportunity for further investment in priority areas. The updated forecast shows taxpayer-supported capital spending is up $691 million across the three-year plan, reflecting new health projects in Victoria, Kelowna, and Vernon along with additional investments in the education sector and social housing. Total taxpayer-supported capital spending for 2007/08 is now forecast at $4.3 billion, which is $393 million higher than budget.

The improved fiscal outlook allows the Province to finance these investments without additional increases in debt. British Columbia’s total debt is forecast to reach $34.8 billion, which is $2.1 billion lower than budget. The taxpayer-supported debt-to-GDP ratio, a key measure of debt affordability, continues its downward trend, and is projected to fall to 13.8 per cent by the end of 2007/08.

[more on First Quarterly Report 2007/08]

2008 Budget Consultation

As required by the Budget Transparency and Accountability Act, the annual Budget Consultation Paper is presented to the all-party Select Standing Committee on Finance and Government Services. The Budget Consultation Paper is a starting point for a dialogue between the committee and British Columbians on budget priorities. The committee holds public meetings in communities across the province and must table a formal report on their consultations by Nov. 15, 2007.

For the second year, the Province is mailing the Budget Consultation Paper to all British Columbia households. This provides a broader opportunity for British Columbians to express what choices they would make for Balanced Budget 2008. Last year, more than 8,300 British Columbians participated in the budget consultation process – record participation for a legislative committee in British Columbia.

The 2008 Budget Consultation Paper is also available in Chinese and Punjabi. To request translated copies, please call Enquiry BC at 1 800 663-7867.

You are invited to provide input into the budget consultation process.

You may submit your suggestions in writing by:


Fax: 250 356-8172
Email: FinanceCommittee@leg.bc.ca

or by mail:

Select Standing Committee on Finance and Government Services
Room 224, Parliament Buildings
Victoria, B.C. V8V 1X4

To book a presentation to the Select Standing Committee, please call 1-877-428-8337 (toll-free) or visit the website http://www.leg.bc.ca/budgetconsultations

Dates and locations of the 2008 Budget Consultation Meetings

Date

Community

Time

Start of Registration

Sept. 18

Prince George

8 a.m. – 12 p.m.

Sept. 4

Sept. 18

Quesnel

4 – 7 p.m.

Sept. 4

Sept. 19

Terrace

9 a.m. – 12 p.m.

Sept. 5

Sept. 20

Campbell River

12 – 3 p.m.

Sept. 6

Sept. 21

Vancouver

9 a.m. – 5 p.m.

Sept. 7

Oct. 3

Victoria

8 a.m. – 1:30 p.m.

Sept. 19

Oct. 5

Mission

9 a.m. – 12 p.m.

Sept. 21

Oct. 5

Coquitlam

3 – 6 p.m.

Sept. 21

Oct. 9

Cranbrook

12 – 3 p.m.

Sept. 25

Oct. 10

Kelowna

8 a.m. – 12 p.m.

Sept. 26

Oct. 10

Kamloops

4 – 8 p.m.

Sept. 26

Oct. 11

Surrey

9 a.m. – 5 p.m.

Sept. 27

Oct. 12

Abbotsford

10 a.m. – 4 p.m.

Sept. 28

Oct. 19

Dawson Creek

9 a.m. – 1 p.m.

Oct. 5

For more information on the Select Standing Committee on Finance and Government Services, how to participate in the budget consultation process, and public meeting dates, visit www.leg.bc.ca/budgetconsultations online.

Province to Extend Ports Competitiveness Initiative

On September 11, 2007, it was announced that British Columbia will introduce legislation to provide a 10-year extension to its tax relief initiative for ports operators. The Ports Competitiveness Initiative aims to encourage new investments in ports infrastructure and secure the competitive position of British Columbia’s major industrial ports. Introduced in 2003, the initiative provides property tax relief to 20 major industrial ports by capping municipal tax rates on eligible facilities and compensates local governments for the resulting impact.

[more on Ports Competitiveness Initiative]

Upcoming Events

  • September 2007: The Select Standing Committee on Finance and Government Services—an all-party committee of the Legislative Assembly—begins its province-wide public consultations on Budget 2008.

  • The Legislature will resume on Monday, October 15, 2007 for the Third session of the Thirty-eighth parliament.

 

PO Box 9048
STN PROV GOVT
Victoria BC
V8W 9E2

Phone:
250 387-3751

Fax:
250 387-5594

Email:
Fin.Minister@gov.bc.ca

For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at http://www.gov.bc.ca/