Budget 2000
Ministry of Finance and Corporate Relations
Honourable Paul Ramsey, Minister		 Reports
This electronic version is for informational purposes only.
The printed version remains the official version.

Report B: FISCAL REVIEW AND OUTLOOK

TABLE B2
CHANGES IN THE 1999/00 FISCAL FORECAST DURING THE YEAR

Full-Year Forecast
Changes

Revised
Forecast
($ millions)
Summary accounts deficit — 1999/00 budget estimate (1,529)

Consolidated Revenue Fund (CRF) revenue changes:

  

Personal and corporation income tax:
 — higher-than-expected 1998 final assessments

 293  
 — higher forecast of tax base 179  
Sales and other taxes — improving economy 177  
Natural resources — higher commodity prices and volumes 532  
Crown corporations and other revenue — lower dividends, asset sales and fees, etc. (318)  
Federal contributions — higher CHST and other payments 137 1,000  
 
CRF spending changes:  
Special warrants announced February 11, 2000 (377)  
Net statutory spending pressures (27)  
 
Third Quarterly Report spending pressures (404)  
Forgiveness of British Columbia Ferry Corporation debt (1,080)  
Changes in public service pension plan policy and a new actuarial valuation (69)  
Additional write-down of investment in Kerness mine (33)  
Lower debt interest costs and additional savings in ministries 38 (1,548)  
 
CRF — increased shortfall (548)
Taxpayer-supported Crown corporations and agencies:  
British Columbia Ferry Corporation — fast-ferry write-down/other adjustments (257)  
Forest Renewal BC — lower loss due to higher revenue 196  
British Columbia Buildings Corporation — lower dividends paid to CRF 175  
Forgiveness of British Columbia Ferry Corporation debt 1,080  
Other Crown corporation changes and adjustments (56) 1,138
 
Self-supported Crown corporations and agencies:  
British Columbia Railway Company — write-down of rail investments (617)  
Insurance Corporation of British Columbia — higher net income 103  
British Columbia Hydro and Power Authority (transfer to rate stabilization account) and other Crown corporation adjustments 178 (336)
 
Forecast allowance reduced requirement1 130
Summary accounts deficit — 1999/00 revised forecast (1,145)
Provincial net debt — 1999/00 budget estimate 34,722
Taxpayer-supported debt changes:  
Provincial government direct debt:
 — reduced operating and other requirements		 (963)  
 — assumption of debt from British Columbia Ferry Corporation 1,080  
 — reduced borrowing for Vancouver Trade and Convention Centre (211)  
British Columbia Ferry Corporation — forgiveness of debt (1,080)  
Other changes (106) (1,280)
 
Self-supported debt changes:  
British Columbia Hydro and Power Authority — debt reduction/other changes (344)  
Warehouse borrowing program — increased pre-borrowing for 2000/01 1,158 814
Provincial net debt — 1999/00 revised forecast 34,256
 

1

 The budgeted CRF revenue forecast allowance of $230 million is reduced to $100 million in the summary accounts revised forecast.
 
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