B.C. Budget 2000 -- Table H8: Projected Income Statements of Selected Crown Corporations

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

Report H: SUPPLEMENTARY TABLES

TABLE H8
PROJECTED INCOME STATEMENTS OF SELECTED CROWN CORPORATIONS

British Columbia Buildings Corporation

Revised
Forecast
1999/00

Budget
Estimate
2000/01¹

Increase
(Decrease)

—— $ thousands ——

(per cent)

Gross revenue

443,925

438,612

(1.2)

Expenses:

Operations, maintenance and administration

119,511

121,948

2.0

Lease costs

128,600

130,761

1.7

Projects, amortization and other costs

109,603

108,171

(1.3)

Interest, net

63,112

42,362

(32.9)

420,826

403,242

(4.2)

Income before gain on disposals

23,099

35,370

53.1

Gain on disposals

15,550

26,233

68.7

Net income

38,649

61,603

59.4

¹	The 2000/01 budget estimate is subject to confirmation by the board of directors.

British Columbia Ferry Corporation

Revised
Forecast
1999/00

Budget
Estimate
2000/01¹

Increase
(Decrease)

—— $ thousands ——

(per cent)

Revenue:

Tolls

297,244

301,000

1.3

Dedicated motor fuel tax²

63,980

72,300

13.0

Catering and other income

86,585

87,100

0.6

447,809

460,400

2.8

Expenses:

Salaries, wages and benefits

241,317

242,500

0.5

Fuel, repair and maintenance, cost of goods sold

93,749

102,600

9.4

Professional, computer and other expenses

69,663

64,700

(7.1)

Net financing expense³

53,800

2,017

(96.3)

Amortization

57,198

58,666

2.6

515,727

470,483

(8.8)

Operating loss before extraordinary item

(67,918)

(10,083)

(85.2)

Provision for write-down of fast ferries

(240,000)

—

(100.0)

Net loss

(307,918)

(10,083)

(96.7)

¹	The 2000/01 budget estimate is subject to confirmation by the board of directors.
²	This revenue includes 1 cent/litre of motor fuel tax for the period April 1, 1999 to September 30, 1999, and 1.25 cents/litre of motor fuel tax effective October 1, 1999.
³	The reduction in financing expense for 2000/01 reflects the forgiveness of $1.08 billion in debt owed to the provincial government at the end of 1999/00.

BC Transportation Financing Authority

Revised
Forecast
1999/00

Budget
Estimate
2000/01¹

Increase
(Decrease)

—— $ thousands ——

(per cent)

Revenue:

Dedicated revenue²

169,667

202,750

19.5

Capital contributions (amortization)³

197,335

195,751

(0.8)

Other

3,500

3,735

6.7

370,502

402,236

8.6

Expenditures:⁴

Operations, administration, grants and other

45,653

44,468

(2.6)

Amortization³

239,165

251,973

5.4

Interest⁵

82,573

106,703

29.2

367,391

403,144

9.7

Net income (loss)⁶

3,111

(908)

—

¹	The 2000/01 budget estimate is subject to confirmation by the board of directors.
²	Dedicated revenue includes 3.25 cents/litre of motor fuel tax (increased from 3 cents/litre effective April 1, 2000) and a provincial sales tax on short-term car rentals.
³	Effective March 31, 1999, the provincial government transferred highway infrastructure assets to the Authority. Asset values are recorded on the Authority's balance sheet as a deferred capital contribution. This contribution is amortized as income of the Authority with an offsetting adjustment to amortization expense.
⁴	Capital expenditures are accounted for in the Authority's balance sheet. Completed infrastructure is amortized on a straight-line basis over its estimated useful life.
⁵	Interest on borrowing used to finance construction work in progress is capitalized. Upon completion, interest capitalization ceases, and related interest costs are expensed.
⁶	The net loss for 2000/01 reflects an estimated $2.2 million net cost of roads to be transferred to newly incorporated municipalities.

Forest Renewal BC

Revised
Forecast
1999/00

Budget
Estimate
2000/01¹

Increase
(Decrease)

—— $ thousands ——

(per cent)

Revenue:

Statutory forest revenue²

267,996

251,408

(6.2)

Investment income

21,923

15,353

(30.0)

289,919

266,761

(8.0)

Expenditures:

Program expenditures

318,910

301,622

(5.4)

Administration³

18,007

17,086

(5.1)

336,917

318,708

(5.4)

Net loss

(46,998)

(51,947)

10.5

¹	The 2000/01 budget estimate is subject to confirmation by the board of directors.
²	Consists of stumpage and royalties resulting from changes introduced under the Forest Renewal Plan. Statutory revenue is net of the annual recovery by the provincial government of up to $50 million for expenditures incurred by the province relating to the administration of the Forest Practices Code, as provided for under the BC Forest Renewal Act.
³	Includes the administration costs of two wholly-owned subsidiaries — New Forest Opportunities and Jobs and Timber Accord Advocate.

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