1995 BUDGET REPORTS
Unit or
Base Period 1991 1992 1993 1994
Population and Labour Force:
Population (July 1)...........................thousands 3,380 3,479 3,574 3,668
Net In-migration.................................number 59,702 69,452 77,634 80,315
Interprovincial................................number 34,572 39,458 38,879 38,800
International..................................number 25,130 29,994 38,755 41,515
Labour force..................................thousands 1,761 1,809 1,845 1,913
Labour force participation rate*...............per cent 67.2 67.1 66.3 66.7
Male.........................................per cent 75.5 74.7 74.4 74.5
Female.......................................per cent 59.1 59.6 58.5 59.1
Employment....................................thousands 1,585 1,619 1,666 1,733
Male........................................thousands 874 885 920 946
Female......................................thousands 711 735 745 787
Full-time...................................thousands 1,302 1,331 1,372 1,405
Part-time...................................thousands 283 288 294 328
Unemployment rate..............................per cent 10 10.5 9.7 9.4
Male.........................................per cent 10.5 11.1 9.8 10.2
Female.......................................per cent 9.4 9.8 9.6 8.5
Main Economic Indicators:
Provincial gross domestic product.............$ millions 81,344 86,337 92,127 98,660(1)
Capital investment (new)......................$ millions 16,959 17,368 18,006 20,595
Retail sales..................................$ millions 23,537 24,433 26,349 28,899
New motor vehicle sales...................thousand units 162 151 148 156
Housing starts............................dwelling units 31,875 40,621 42,807 39,408
Building permits..............................$ millions 5,132 6,256 6,389 6,318
Exports.......................................$ millions 15,215 16,353 19,016 22,807
Incomes:
Personal income...............................$ millions 74,748 78,190 82,168 86,440(1)
Labour income.................................$ millions 45,453 48,256 51,388 54,425
Average weekly earnings....................... $ 530.86 544.96 557.26 577.27
Prices:
Consumer price index, B.C. (urban)............1986 = 100 123.8 127.2 131.6 134.2
Consumer price index, Vancouver...............1986 = 100 123.7 127.4 132.0 134.7
Consumer price index, Victoria................1986 = 100 123.8 126.4 130.2 132.8
Industrial product price index, Canada........1986 = 100 108.6 109.1 112.7 119.1
B.C. export commodity price index.............1986 = 100 99 107 119 136
Financial Indicators:
Business incorporations............................number 18,528 20,406 22,953 25,774
Business bankruptcies..............................number 1,262 1,031 830 827
Shares traded (Vancouver Stock Exchange).......$ millions 3,465 3,572 6,781 5,783
Personal savings deposits at chartered banks...$ millions 31,868 33,521 36,591 38,933
Sector Indicators:
Manufacturing shipments........................$ millions 23,259 24,852 27,124 30,668
Timber scaled.......................thousand cubic metres 73,677 74,006 79,239 75,649
Lumber production...................thousand cubic metres 31,406 33,396 33,935 33,671
Pulp and paper production.................thousand tonnes 6,677 6,646 7,048 7,629
Gross value of mineral production..............$ millions 2,755 2,534 2,347 2,635(2)
Petroleum and natural gas production...........$ millions 859 883 1,048 1,074(2)
Electric power generation (net)....million kilowatt hours 62,981 64,058 58,774 61,015
Farm cash receipts.............................$ millions 1,321 1,403 1,442 1,506
Foreign visitors................................thousands 5,285 5,312 5,477 5,999
Regional Data:
Housing Starts
Vancouver.............................................. 14,769 18,684 21,307 20,473
Victoria............................................... 2,129 2,421 2,633 2,303
Chilliwack............................................. 990 1,428 1,468 1,187
Kamloops............................................... 564 980 1,067 1,029
Kelowna................................................ 2,218 2,612 1,963 1,496
Matsqui................................................ 1,847 1,678 2,045 1,600
Nanaimo................................................ 942 1,313 1,520 996
Prince George.......................................... 366 460 426 370
Campbell River......................................... 260 421 416 558
Courtenay.............................................. 642 1,096 1,471 1,285
Duncan................................................. 415 507 625 498
Penticton.............................................. 773 1,018 885 540
Vernon................................................. 802 794 742 650
Employment Unemployment Rate (%)
Labour Markets 1993 1994 1993 1994
Greater Vancouver................................ 866,100 899,700 9.3 9.0
Greater Victoria................................. 139,000 145,700 8.6 7.6
East Kootenay.................................... 24,500 25,700 12.4 n.a.
Central Kootenay................................. 42,800 46,100 9.8 11.3
Okanagan-Boundary................................ 127,400 134,500 11.2 8.7
Lillooet-Thompson................................ 62,300 62,600 10.4 12.0
Lower Mainland................................... 969,800 1,005,500 9.3 9.1
Vancouver Island and Coast....................... 285,600 299,000 10.0 9.4
Cariboo-Fort George.............................. 92,000 94,800 10.4 11.2
North............................................ 61,400 64,700 8.8 8.7
* Per cent of the working-age population in the labour force.
(1) Ministry of Finance and Corporate Relations estimate.
(2) Ministry of Energy, Mines and Petroleum Resources estimate.
Prince
British Saskat- New Nova Edward New-
Tax Columbia(2) Alberta chewan Manitoba Ontario Quebec Brunswick Scotia Island foundland
Personal income tax
Percentage of basic federal tax(3) 52.5 45.5 50.0 52.0 58.0 N/A 64.0 59.5 59.5 69.0
Flat tax(4)...................... N/A 0.5 2.0 2.0 N/A N/A N/A N/A N/A N/A
Surtax(5) rate................... 30/20 8 10/15 2 20/10 N/A 8 10 10 N/A
Net
Threshold................... $5,300/ $3,500 $1/ Income $5,500/ N/A $13,500 $10,000 $12,500 N/A
$9,000 $4,000 >$30,000 $8,000
Provincial personal income
tax (per cent of family
income)(6)....................... 6.0 5.7 8.1 7.3 6.7 8.3 7.4 6.9 6.9 7.9
Corporation income tax (per
cent of taxable income)(7)
General rate................... 16.5 15.5 17 17 15.5 8.90 17 16 15 16
Small business rate............ 10 6 8 9 9.5 5.75 7 5 7.5 5
Corporation capital tax(8)
Non-financial.................... 0.3 Nil 0.6 0.3/05 0.3 0.56 Nil Nil Nil Nil
Financial........................ 1.0/3.0 2.0 3.25 3.0 1.0/1.12 1.12 3.0 3.0 3.0 3.0
Health care premiums(9)
Individual/family................ 36/72 34/68 Nil Nil Nil Nil Nil Nil Nil Nil
Payroll tax (per cent)(10)......... Nil Nil Nil 2.25 1.95 3.75 Nil Nil Nil 1.5
Insurance premium tax (per
cent)(11)........................ 2-3 2-3 2-3 2-3 2-3 2-3 2-3 3-4 3 4
Fuel taxes (cents per litre)
Gasoline(12)..................... 11.0 9.0 15.0 11.5 14.7 18.6 10.7 13.5 12.0 16.5
Diesel........................... 11.5 9.0 15.0 10.9 14.3 16.6 13.7 15.4 12.5 16.5
Retail sales tax (per cent)
General rate..................... 7 Nil 9 7 8 6.5 11 11 10 12
Liquor........................... 10 Nil 7 7 12 6.5 11 11 37.5 12
Meals............................ Nil Nil Nil 7 8 6.5 11 11 10 12
Accommodation.................... 8 5 9 7 5 6.5 11 11 10 12
Tobacco tax (dollars per
carton of 200 cigarettes)(13).... 22.00 14.00 19.20 18.45 5.05 5.05 9.60 9.60 10.35 26.20
(1) Rates for the provinces are those that were announced prior to March 17, 1995 and come into effect during 1995.
(2) British Columbia tax rates are shown as announced in the March 28, 1995 Budget.
(3) Quebec has its own personal income tax system which is not directly comparable. Alberta, Saskatchewan, Manitoba, Ontario, Quebec and
Nova Scotia provide general tax reductions at low income levels.
(4) Percentage of taxable income in Alberta and percentage of net income in Saskatchewan and Manitoba.
(5) Provincial high income surtaxes: the surtax rate is applied to provincial tax in excess of the threshold level (the Manitoba surtax applies
to net income over $30,000). British Columbia and Ontario have two-tiered surtaxes. Saskatchewan's Debt Reduction Surtax is 10 per cent of basic
provincial tax, reduced by $75.
(6) Calculated for a two income family of four with one spouse earning $35,000 and the other earning $20,000, both with employment income and
claiming basic personal credits and typical major deductions.
(7) Alberta, Saskatchewan, Ontario, Prince Edward Island and Newfoundland have lower rates for manufacturing and processing.
(8) The British Columbia non-financial rate applies to corporations with net paid-up capital in excess of $1.5 million. Large Saskatchewan
resource corporations are assessed a 3 per cent surcharge on the value of Saskatchewan resource sales.
(9) British Columbia has a two person rate of $64. British Columbia and Alberta offer premium assistance in the form of lower rates or an
exemption from premiums for lower income individuals and families.
(10) Manitoba, Ontario and Newfoundland provide payroll tax relief for small businesses.
(11) The lower rate applies to premiums for life, sickness and accident insurance; the higher rate applies to premiums for property and casualty
insurance (excluding motor vehicles). Sales tax applies to insurance premiums, except those related to individual life and health,
in Ontario (8 per cent), Quebec (9 per cent) and Newfoundland (12 per cent). The sales tax is reduced to 5 per cent for auto insurance in
Quebec and Ontario.
(12) Tax rate is for regular fuel used on highways. The British Columbia rate includes one per cent per litre dedicated to the Transportation
Financing Authority. The Quebec rate includes estimated sales tax.
(13) Includes estimated provincial sales tax where applicable.
Prince
British Saskat- New Nova Edward New-
Tax Columbia Alberta chewan Manitoba Ontario Quebec Brunswick Scotia Island foundland
---------------------------------------------------- ($) ---------------------------------------------------
Unattached Individual -- $25,000
1. Provincial Income Tax......... 1,416 1,345 1,928 1,625 1,500 2,249 1,726 1,604 1,604 1,860
2. Property Tax.................. -- -- -- -- -- -- -- -- -- --
3. Retail Sales Tax.............. 386 4 449 479 575 556 675 672 733 842
4. Fuel Tax ..................... 110 90 150 115 147 186 107 135 120 165
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
5. Provincial Direct Taxes....... 1,912 1,439 2,527 2,219 2,222 2,991 2,508 2,411 2,457 2,867
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
6. Health Care Premiums/
Payroll Taxes................. 432 408 -- 563 488 938 -- -- -- 375
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
7. Total Provincial Tax.......... 2,344 1,847 2,527 2,782 2,710 3,929 2,508 2,411 2,457 3,242
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
8. Federal Income Tax............ 2,777 2,777 2,777 2,777 2,777 2,777 2,777 2,777 2,777 2,777
9. Net Federal GST............... 263 305 252 274 273 247 246 252 246 236
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
10. Total Tax..................... 5,384 4,929 5,556 5,833 5,760 6,953 5,531 5,440 5,480 6,255
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Unattached Individual -- $80,000
1. Provincial Income Tax......... 8,973 7,694 10,840 10,396 9,769 12,567 9,905 9,208 9,208 10,679
2. Property Tax
-- Gross...................... 1,500 1,670 1,650 2,100 2,600 2,300 825 1,996 1,500 1,533
-- Net........................ 1,030 1,670 1,650 1,850 2,600 2,300 825 1,996 1,500 1,533
3. Retail Sales Tax.............. 849 10 946 1,002 1,216 1,130 1,447 1,459 1,594 1,775
4. Fuel Tax...................... 165 135 225 173 221 279 161 203 180 248
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
5. Provincial Direct Taxes....... 11,017 9,509 13,661 13,421 13,806 16,276 12,338 12,866 12,482 14,235
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
6. Health Care Premiums/
Payroll Taxes................. 432 408 -- 1,800 1,560 3,000 -- -- -- 1,200
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
7. Total Provincial Tax.......... 11,449 9,917 13,661 15,221 15,366 19,276 12,338 12,866 12,482 15,435
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
8. Federal Income Tax............ 16,089 16,089 16,089 16,089 16,089 16,089 16,089 16,089 16,089 16,089
9. Net Federal GST............... 1,244 1,386 1,169 1,206 1,217 1,117 1,177 1,205 1,193 1,136
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
10. Total Tax..................... 28,782 27,392 30,919 32,516 32,672 36,482 29,604 30,160 29,764 32,660
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Two Income Family of Four -- $55,000
1. Provincial Income Tax......... 3,323 3,138 4,466 3,995 3,671 4,463 4,050 3,766 3,766 4,367
2. Property Tax
-- Gross...................... 1,800 1,368 2,400 2,750 2,400 1,800 1,504 2,003 1,500 1,100
-- Net........................ 1,330 1,368 2,400 2,500 2,400 1,800 1,504 2,003 1,500 1,100
3. Retail Sales Tax.............. 790 11 957 906 1,062 1,127 1,237 1,237 1,220 1,595
4. Fuel Tax...................... 165 135 225 173 221 279 161 203 180 248
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
5. Provincial Direct Taxes....... 5,608 4,652 8,048 7,574 7,354 7,669 6,952 7,209 6,666 7,310
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
6. Health Care Premiums/
Payroll Taxes................. 864 816 -- 1,238 1,073 2,063 -- -- -- 825
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
7. Total Provincial Tax.......... 6,472 5,468 8,048 8,812 8,427 9,732 6,952 7,209 6,666 8,135
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
8. Federal Income Tax............ 6,518 6,518 6,518 6,518 6,518 6,518 6,518 6,518 6,518 6,518
9. Net Federal GST............... 1,133 1,217 1,104 1,142 1,145 1,123 1,094 1,105 1,108 1,072
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
10. Total Tax..................... 14,123 13,203 15,670 16,472 16,090 17,373 14,564 14,832 14,292 15,725
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Two Income Family of Four -- $90,000
1. Provincial Income Tax......... 6,995 6,484 9,132 8,988 7,728 10,782 8,527 7,927 7,927 9,193
2. Property Tax
-- Gross...................... 2,400 1,843 3,650 3,950 3,950 2,900 2,340 2,591 2,400 1,555
-- Net........................ 1,930 1,843 3,650 3,700 3,950 2,900 2,340 2,591 2,400 1,555
3. Retail Sales Tax.............. 1,053 15 1,246 1,164 1,393 1,403 1,612 1,621 1,598 2,066
4. Fuel Tax...................... 165 135 225 173 221 279 161 203 180 248
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
5. Provincial Direct Taxes....... 10,143 8,477 14,253 14,025 13,292 15,364 12,640 12,342 12,105 13,062
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
6. Health Care Premiums/
Payroll Taxes................. 864 816 -- 2,025 1,755 3,375 -- -- -- 1,350
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
7. Total Provincial Tax.......... 11,007 9,293 14,253 16,050 15,047 18,739 12,640 12,342 12,105 14,412
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
8. Federal Income Tax............ 13,723 13,723 13,723 13,723 13,723 13,723 13,723 13,723 13,723 13,723
9. Net Federal GST............... 1,509 1,631 1,437 1,467 1,502 1,399 1,425 1,448 1,452 1,388
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
10. Total Tax..................... 26,239 24,647 29,413 31,240 30,272 33,861 27,788 27,513 27,280 29,523
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Senior Couple with Equal Pension Incomes -- $30,000
1. Provincial Income Tax......... 725 308 991 143 181 889 884 822 822 953
2. Property Tax
-- Gross...................... 1,800 1,368 2,400 2,750 2,400 1,800 1,504 2,003 1,500 1,100
-- Net........................ 1,055 368 2,400 2,500 2,400 1,800 1,504 2,003 1,500 1,100
3. Retail Sales Tax.............. 680 16 806 766 908 1,042 1,072 1,044 1,073 1,412
4. Fuel Tax...................... 110 90 150 115 147 186 107 135 120 165
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
5. Provincial Direct Taxes....... 2,570 782 4,347 3,524 3,636 3,917 3,567 4,004 3,515 3,630
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
6. Health Care Premiums/
Payroll Taxes................. 768 816 -- -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
7. Total Provincial Tax.......... 3,338 1,598 4,347 3,524 3,636 3,917 3,567 4,004 3,515 3,630
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
8. Federal Income Tax............ 1,423 1,423 1,423 1,423 1,423 1,423 1,423 1,423 1,423 1,423
9. Net Federal GST............... 853 965 804 850 844 849 818 802 823 822
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
10. Total Tax..................... 5,614 3,986 6,574 5,797 5,903 6,189 5,808 6,229 5,761 5,875
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Personal Income Tax
-- Income tax is based on basic personal credits, applicable provincial credits, and typical major deductions at each income level. Quebec
residents pay federal income tax less an abatement of 16.5 per cent of basic federal tax. This abatement has been used to reduce
Quebec provincial tax rather than federal tax, for comparative purposes. The two income family of four with $55,000 annual income is
assumed to have one spouse earning $35,000 and the other $20,000, the family with $90,000 income is assumed to have one spouse earning
$50,000 and the other $40,000, and each senior is assumed to receive $15,000 each. All representative families are assumed to have employment
income except the senior couple.
Property Tax
-- Estimates of property taxes are from Royal LePage Winter 1995 Survey of Canadian House Prices. It is assumed that the individual at $25,000
rents accommodation; the family at $55,000 and the senior couple own bungalows; the family at $90,000 owns a two-storey executive style home;
and the single at $80,000 owns a luxury condominium, in a major city for each province. Net property taxes are estimated as taxes owing after
credits provided through the property tax system are subtracted.
Sales and Fuel Tax Estimates
-- Includes sales tax on meals, liquor and accommodation. Estimates are based on expenditure patterns from the 1992 Survey of Family Expenditures.
In estimating individual and family taxable consumption, disposable income is reduced by 20 per cent to reflect housing (mortgage and property
taxes or rent) costs. The senior couple is assumed to own their own home and have no mortgage costs. For each province, disposable income is
further reduced by estimated federal income taxes, estimated provincial income taxes and health care premiums if applicable. In addition, the
single individual with $80,000 annual income and the family with $90,000 annual income are assumed to have savings equal to five per cent of
their disposable income. For each family, disposable income is distributed among expenditures using the consumption pattern of a typical family
with the relevant characteristics as estimated by the family expenditure survey. The provincial retail sales tax and the federal goods and
services tax (GST) components of these expenditures are then calculated. GST estimates have been reduced by the GST credit, where applicable.
-- Fuel tax is based on annual consumption: 1,000 litres of unleaded fuel for the single at $25,000, and the senior couple; others are assumed
to consume 1,500 litres.
Health Care Premiums/Payroll Tax
-- Health care premiums are levied in British Columbia and Alberta only. Approximately 50 per cent of British Columbia premiums are paid by
employers on behalf of their employees with the remainder paid by individuals, either by employees or by residents who are not employed.
Payroll taxes, in the four provinces that levy them, are paid by the employer. The cost to employers of payroll taxes and health care premiums
paid on behalf of employees is generally reflected in reduced wages.
Effective Tax Rates
-- British Columbia taxes have been calculated using rates as presented in the 1995 provincial budget. Taxes for other provinces were calculated using rates
that were announced prior to March 17, 1995, and that come into effect during 1995.
Revised Budget
Actual Actual Actual Forecast Estimate
1991/92 1992/93 1993/94 1994/95 1995/96
------------------------- ($ millions) -------------------------
Revenue(1)................................. 14,620.0 16,243.0 17,997.8 19,244.0 20,300.0
Expenditure................................ 17,154.4 17,935.7 18,912.9 19,614.0 20,186.0
-------- -------- -------- -------- ----------
Surplus (Deficit).......................... (2,534.4) (1,692.7) (915.1) (370.0) 114.0
Net Receipts (Disbursements) from Financing
and Working Capital Transactions(2)..... 521.0 (592.2) 22.2 (21.0) (100.0)
Decrease (Increase) in Cash and
Short-Term Investments................. 128.8 (74.1) (394.7) 266.0 --
British Columbia Endowment Fund Proceeds... -- -- -- 200.0 400.0
-------- -------- -------- -------- --------
Net (Increase) Decrease in
Government Direct Debt.................. (1,884.6) (2,359.0) (1,287.6) 75.0 414.0
======== ======== ======== ======== ========
Net Debt at Year End:(3)
Government Direct....................... 6,610.5 8,969.5 10,257.1 10,182.1 9,768.1
Crown Corporation and Agency............ 12,541.6 13,376.1 14,635.4 15,695.0 17,119.0
Other Fiscal Agency Loans............... 241.5 385.9 479.1 498.3 442.9
Other Debt(4)........................... 647.2 679.6 545.1 524.1 525.7
-------- -------- -------- -------- --------
Total Net Debt at Year End................. 20,040.8 23,411.1 25,916.7 26,899.5 27,855.7
======== ======== ======== ======== ========
(1) For comparative purposes, revenue has been restated to reflect an accounting change in 1993/94 to
record personal income tax on an accrual basis. Revenue includes actual and estimated amounts due to
the province regardless of when the cash is received.
(2) Financing and working capital transactions represent either a source or use of funds, such as the
payment or collection of loans and accounts payable/receivable. They do not cause a change in the
annual surplus (deficit) but only a change in the composition of the provincial government's assets
and liabilities.
(3) Net of sinking funds and unamortized discount balances.
(4) Includes student assistance loans, loan guarantees to agricultural producers and guarantees issued
under economic development assistance programs and the British Columbia mortgage assistance program.
Also includes non-guaranteed debt of British Columbia Lottery Corporation, British Columbia Railway
Company (Vancouver Wharves Ltd.), the Pacific National Exhibition and Provincial Rental Housing
Corporation.
Annual
Rate of
Growth
Revised Budget 1991/92
Actual Actual Actual Forecast Estimate to
1991/92 1992/93 1993/94 1994/95 1995/96 1995/96
------------------- ($ millions) --------------------------- (per cent)
Taxation Revenue:
Personal income(1)............................. 4,013.1 4,212.1 4,477.2 4,705.0 5.040.0 5.9
Corporation income............................. 577.4 545.0 719.4 998.0 1,325.0 23.1
Social service................................. 1,990.5 2,085.3 2,643.3 2,875.0 3,034.0 11.1
Fuel........................................... 538.8 591.1 641.7 660.0 678.0 5.9
Tobacco........................................ 433.0 483.2 482.4 500.0 505.0 3.9
Property -- residential (school purpose)....... 332.1 416.2 441.6 473.0 487.0 10.0
Property -- business (school purpose).......... 579.3 638.9 685.7 680.0 700.0 4.8
Property -- rural area......................... 54.5 55.0 57.7 59.0 63.0 3.7
Property transfer.............................. 282.4 353.1 372.6 325.0 290.0 0.7
Corporation capital............................ 13.4 320.3 359.1 374.0 397.0 133.3
Insurance premium.............................. 115.4 128.7 147.1 153.0 160.0 8.5
Hotel room..................................... 58.6 58.7 62.7 65.0 68.0 3.8
Horse racing................................... 5.9 6.0 5.4 7.0 6.0 0.4
-------- -------- -------- -------- ---------
Total taxation revenue.................. 8,994.4 9,893.6 11.095.9 11,874.0 12,753.0 9.1
-------- -------- -------- -------- --------
Natural Resource Revenue:
Petroleum and natural gas:
Natural gas royalties...................... 73.8 76.4 134.2 138.0 124.0 13.9
Permits and fees........................... 91.5 66.3 214.0 219.0 133.0 9.8
Petroleum royalties........................ 43.4 54.1 44.8 48.0 54.0 5.6
-------- -------- -------- -------- --------
208.7 196.8 393.0 405.0 311.0 10.5
-------- -------- -------- -------- --------
Minerals....................................... 41.8 38.1 46.6 50.0 79.0 17.2
-------- -------- -------- -------- --------
Forests:
Timber sales............................... 428.4 505.4 686.4 935.0 932.0 21.4
Small business forest enterprise program... 131.4 176.1 282.5 350.0 473.0 37.7
Logging tax................................ (24.5) (6.3) 21.9 66.0 70.0 --
Other forests revenue...................... 48.2 46.1 40.8 47.0 47.0 (0.6)
-------- -------- -------- -------- --------
583.5 721.3 1,031.6 1,398.0 1,522.0 27.1
-------- -------- -------- -------- --------
Water resources................................ 253.1 289.4 284.8 260.0 269.0 1.5
Downstream benefits............................ -- -- -- -- 250.0 --
Wildlife Act................................... 14.1 14.7 15.7 18.0 20.0 9.1
-------- -------- -------- -------- --------
267.2 304.1 300.5 278.0 539.0 19.2
-------- -------- -------- -------- --------
Total natural resource revenue.......... 1,101.2 1,260.3 1,771.7 2,131.0 2,451.0 22.1
-------- -------- -------- -------- --------
Other Revenue:
Medical Services Plan premiums................. 742.2 776.4 778.7 806.0 826.0 2.7
Motor vehicle licences and permits............. 219.9 231.6 268.7 288.0 297.0 7.8
Other fees and licences........................ 283.2 309.4 334.9 346.0 334.0 4.2
Investment earnings............................ 131.9 122.6(2) 128.4 75.0 98.0 (7.2)
British Columbia Endowment Fund................ 51.9 46.9 70.6 72.0 18.0 (23.3)
Miscellaneous.................................. 196.9 171.1 231.5 189.0(3) 210.0 1.6
-------- -------- -------- -------- --------
Total other revenue..................... 1,626.0 1,658.0 1,812.8 1,776.0 1,783.0 2.3
-------- -------- -------- -------- --------
Contributions from Government Enterprises:
Liquor Distribution Branch..................... 454.1 517.1 554.8 570.0 579.0 6.3
British Columbia Hydro and Power Authority..... -- 237.6 244.7 201.0 146.0 --
British Columbia Lottery Corporation........... 219.1 227.0 233.8 234.0 230.0 1.2
Other.......................................... 27.3 33.9 15.0 26.0 15.0 (13.9)
-------- -------- -------- -------- --------
Total contributions from
government enterprises................ 700.5 1,015.6 1,048.3 1,031.0 970.0 8.5
-------- -------- -------- -------- --------
Contributions from the Federal Government:
Established Programs Financing
-- Health(1)............................... 935.8 1,070.2 932.7 1,025.1 985.6 1.3
Established Programs Financing
-- Post-Secondary Education(1)............. 315.1 372.4 315.4 349.9 336.4 1,6
Canada Assistance Plan......................... 766.6 793.7 842.4 882.0 883.0 3.6
Other.......................................... 180.4 179.2 178.6 175.0 138.0 (6.5)
-------- -------- -------- -------- --------
Total contributions from the
federal government.................... 2,197.9 2,415.5 2,269.1 2,432.0 2,343.0 1.6
-------- -------- -------- -------- --------
TOTAL REVENUE...................................... 14,620.0 16,243.0 17,997.8 19,244.0 20,300.0 8.6
======== ======== ======== ======== ========
(1) For comparative purposes, revenue has been restated to reflect an accounting change in 1993/94 to record personal income
tax on an accural basis. This change also effects Established Programs Financing (EPF) revenue as the amount of the EPF
entitlement is determined by deducting a tax transfer of 13.5 points of personal income tax and one point of corporate
income tax. Revenue includes actual and estimated amounts due to the province regardless of when the cash is received.
(2) Beginning in 1992/93, investment earnings resulting from prefunding of operations (early borrowing) are deducted from
expenditure.
(3) Beginning in 1994/95, allowances for uncollectible accounts are deducted from revenue. Previously, these amounts were
recorded as expenditure.
Annual
Rate of
Growth
Revised Budget 1991/92
Actual Actual Actual Forecast Estimate to
1991/92 1992/93 1993/94 1994/95 1995/96 1995/96
------------------------- ($ millions) ------------------------- (percent)
Health..................................... 5,616.7 6,002.9 6,288.4 6,555.8 6,706.7 4.5
Social services............................ 1,993.7 2,366.5 2,704.7 2,803.8 2,879.7 9.6
Education.................................. 4,521.5 4,803.8 4,983.7 5,364.0 5,597.7 5.5
Protection of persons and property......... 814.6 883.1 987.0 1,028.9 1,023.7 5.9
Transporation.............................. 1,262,1 1,077.6 1,030.0 902.5 890.6 (8.3)
Natural resources and economic
development.............................. 1,404.3 1,154.9 1,135.9 1,291.7 1,252,7 (2.8)
Other...................................... 612.7 558.7 624.2 474.5 623.1 0.4
General government......................... 286.0 274.7 243.3 228.8 232.8 (5.0)
Debt servicing............................. 642.8 813.5(2) 915.7 964.0 979.0 11.1
-------- -------- -------- -------- --------
TOTAL EXPENDITURE.......................... 17,154.4 17,935.7 18,912.9 19,614.0 20,186.0 4.2
======== ======== ======== ======== ========
(1) Expenditure by function has been restated to conform more closely to the presentation used by Statistics Canada.
(2) Beginning in 1992/93, investment earnings resulting from prefunding of operations (early borrowing) are deducted
from expenditure.
Revised Budget
Actual Actual Actual Forecast Estimate
As at March 31, 1992 1993 1994 1995 1996
------------------------- ($ millions) -------------------------
Purposes:
Provincial Government Direct..................... 6,610.5 8,969.5 10,257.1 10,182.1. 9,768.1
-------- -------- -------- -------- --------
Commercial Crown Corporations and Agencies:
British Columbia Hydro and Power Authority... 7,226.1 7,259.7 7,614.8 7,652.1 7,902.1
British Columbia Railway Company............. 255.8 250.4 287.9 416.8 401.1
Other(2)..................................... 6.2 -- 1.5 -- --
-------- -------- -------- -------- --------
7,488.1 7,510.1 7,904.2 8,068.9 8,303.2
-------- -------- -------- -------- --------
Economic Development Crown Corporations and:
Agencies:
British Columbia Ferry Corporation........... 200.9 348.7 418.0 419.1 531.0
British Columbia Transit..................... 1,326.5 1,370.5 1,370.5 1,473.1 1,597.9
BC Transportation Financing Authority........ -- -- 73.0 274.9 611.9
Other(3)..................................... 6.7 9.3 20.4 20.4 20.1
-------- -------- -------- -------- --------
1,534.1 1,728.5 1,881.9 2,187.5 2,760.9
-------- -------- -------- -------- --------
Social and Government Services Crown Corporations
and Agencies:
British Columbia Assessment Authority........ 8.0 5.5 5.9 5.0 5.0
British Columbia Buildings Corporation....... 537.6 578.8 612.3 682.4 751.6
British Columbia Educational Institutions
Capital Financing Authority.............. 606.7 755.7 958.1 1,117.0 1,249.1
British Columbia Regional Hospital Districts
Financing Authority...................... 978.2 1,049.4 1,079.7 1,219.4 1,375.7
British Columbia School Districts Capital
Financing Authority...................... 1,142.6 1,392.5 1,787.3 2,178.2 2,450.0
Capital Project Certificate of Approval
Program(4)............................... 251.2 369.5 409.6 250.0 250.0
British Columbia Systems Corporation......... 30.5 28.5 26.0 23.9 22.7
-------- -------- -------- -------- --------
3,554.8 4,179.9 4,878.9 5,475.9 6,104.1
-------- -------- -------- -------- --------
Other Fiscal Agency Loans:
Greater Vancouver Sewerage and Drainage
District................................. 93.4 161.5 197.5 186.6 174.7
Greater Vancouver Water District............. 69.8 102.2 130.2 136.7 130.6
Universities and Colleges.................... 74.8 117.8 148.3 172.2 134.6
Local Governments............................ 3.5 4.4 3.1 2.8 3.0
-------- -------- -------- -------- --------
241.5 385.9 479.1 498.3 442.9
-------- -------- -------- -------- --------
Less Amounts Held as Investments/Cash for
Relending by the Consolidated Revenue Fund
and Crown Corporations and Agencies.......... 35.4 42.4 29.6 37.3 49.2
-------- -------- -------- -------- --------
Governemnt, Crown Corporation and Agency
Debt Total................................... 19,393.6 22,731.5 25,371.6 26,375.4 27,330.0
Other Guarantees(5).............................. 574.8 590.6 425.5 407.0 411.5
-------- -------- -------- -------- --------
Total Direct and Guaranteed Debt................. 19,968.4 23,322.1 25,797.1 26,782.4 27,741.5
-------- -------- -------- -------- --------
Non-Guaranteed Debt(6)........................... 72.4 89.0 119.6 117.1 114.2
-------- -------- -------- -------- --------
Total Provincial Debt............................ 20,040.8 23,411.1 25,916.7 26,899.5 27,855.7
======== ======== ======== ======== ========
Taxpayer-Supported Debt(7)....................... 12,547.5 15,895.9 17,981.1 18,802.5 19,529.1
======== ======== ======== ======== ========
Total Provincial Debt as a per cent of GDP....... 24.6% 27.1% 28.1% 27.3% 26.9%
Taxpayer-Supported Debt as a per cent of GDP..... 15.4% 18.4% 19.5% 19.1% 18.8%
(1) Net debt is after deduction of sinking funds and unamortized discounts, and excludes accrued interest.
Government direct and fiscal agency accrued interest is reported in the government's accounts as an accounts
payable.
(2) Includes WLC Developments Ltd.
(3) Includes British Columbia Housing and Employment Development Financing Authority, British Columbia Housing
Management Commission and the Pacific Racing Association.
(4) Short-term borrowings obtained by financing authorities under the Certificate of Approval Program are used
as interim financing of capital construction and are eventually converted to long-term debt.
(5) Includes student assistance loans, loan guarantees to agricultural producers and guarantees issued under
economic development assistance programs and the British Columbia mortgage assistance program. Includes
loan guarantee provisions.
(6) Includes debt of British Columbia Lottery Corporation, British Columbia Railway Company (Vancouver Wharves
Ltd.), the Pacific National Exhibition and Provincial Rental Housing Corporation that is not guaranteed
by the provincial government.
(7) Excludes guaranteed and fiscal agency debt of commercial Crown corporations and agencies, and non-guaranteed
debt of British Columbia Lottery Corporation and British Columbia Railway Company (Vancouver Wharves Ltd.).
This will take you back to the Finance and Corporate Relations Homepage
If you have questions or comments about content please contact: Communications