Budget 97: Reports -- Table C6

The following electronic version is for
informational purposes only.
The printed version remains the official version.

BUDGET 97: REPORTS
Ministry of Finance and Corporate Relations
Province of British Columbia

TABLE C6
PROVINCIAL FINANCING PLAN
Net Debt
Outstanding
at March 31,
1996 1996/97
Net
Debt
Change Forecast
Net Debt
Outstanding
at March 31,
1997 1997/98 Transactions Forecast
Net Debt
Outstanding
at March 31,
1998

New
Borrowing ¹ Retirement
Provision ² Net
Change

PURPOSES: ($ millions)

Provincial
    Government Direct 10,237.1 837.0 11,074.1 2,384.5 1,854.5 530.0 11,604.1

Crown Corporations
    and Agencies:

Commmercial 7,918.4 127.5 8,045.9 440.0 367.8 72.2 8,118.1

Economic Development 2,629.9 548.6 3,178.5 720.0 246.7 473.3 3,651.8

Social and
    Government Service 6,136.7 301.5 6,438.2 893.3 451.2 442.1 6,880.3

16,685.0 977.6 17,662.6 2,053.3 1,065.7 987.6 18,650.2

Other Fiscal Agency
    Loans 473.8 (318.4) ³ 155.4 -- 22.1 (22.1) 133.3

17,158.8 659.2 17,818.0 2,053.3 1,087.8 965.5 18,783.5

Less Amounts Held as
    Investments/Cash for
    Relending by the
    Consolidated Revenue
    Fund and Crown
    Corporations and
    Agencies 0.8 -- 0.8 -- -- -- 0.8

Warehouse Borrowing
    Program 895.2 (795.2) 100.0 -- -- -- 100.0

GOVERNMENT CROWN
    CORPORATION AND
    AGENCY DEBT TOTAL 28,290.3 701.0 28,991.3 4,437.8 2,942.3 1,495.5 30,486.8

Other Guarantees ⁴ 287.6 (60.2) 227.4 -- 47.4 ⁵ (47.4) 180.0

TOTAL DIRECT AND
    GUARANTEED DEBT 28,577.9 640.8 29,218.7 4,437.8 2,989.7 1,448.1 30,666.8

Non-Guaranteed Debt ⁶ 197.6 7.3 204.9 -- 3.9 (3.9) 201.0

TOTAL PROVINCIAL
    DEBT 28,775.5 648.1 29,423.6 4,437.8 2,993.6 1,444.2 30,867.8

TAXPAYER-SUPPORTED
    DEBT ⁷ 19,934.3 1,319.9 21,254.2 3,997.8 2,621.4 1,376.4 22,630.6

1 New long-term borrowing plus net change in short-term debt.

2 Sinking fund contributions, sinking fund interest earnings and net maturities of long-term debt (after deduction of sinking fund balances for maturing issues).

3 Outstanding debt of the Greater Vancouver Sewerage and Drainage District and the Greater Vancouver Water District was defeased on April 1, 1996. The districts will meet future funding requirements through the Municipal Finance Authority of British Columbia.

4 Includes student assistance loans, loan guarantees to agricultural producers and guarantees issued under economic development assistance programs and the former British Columbia mortgage assistance program. Includes loan guarantee provisions.

5 Other guarantees do not represent direct obligations of the government except in the event of default by the borrowers who received the guarantee. There is no actual borrowing requirement until a default occurs. A net decrease in the government's potential liability is expected because new guarantees issued will be more than offset by expiring ones.

6 Includes debt of the British Columbia Lottery Corporation, Liquor Distribution Branch, British Columbia Railway Company (Vancouver Wharves Ltd.), the Pacific National Exhibition and Provincial Rental Housing Corporation that is not guaranteed by the provincial government. Although not a direct obligation of the provincial government, this debt is included as part of total provincial debt because it is incurred by a government body. Beginning in 1995, the non-guaranteed debt of school districts, hospital districts and post-secondary institutions is included as part of provincial debt due to accounting changes.

7 Excludes debt of commercial Crown corporations and agencies, funds held under the province's warehouse borrowing program, and non-guaranteed debt of the British Columbia Lottery Corporation, Liquor Distribution Branch and British Columbia Railway Company (Vancouver Wharves Ltd.).

TABLE C6
PROVINCIAL FINANCING PLAN
	Net Debt Outstanding at March 31, 1996	1996/97 Net Debt Change	Forecast Net Debt Outstanding at March 31, 1997	1997/98 Transactions	Forecast Net Debt Outstanding at March 31, 1998
New Borrowing ¹	Retirement Provision ²	Net Change
PURPOSES:	($ millions)
	Provincial Government Direct	10,237.1	837.0	11,074.1	2,384.5	1,854.5	530.0	11,604.1
	Crown Corporations and Agencies:
		Commmercial	7,918.4	127.5	8,045.9	440.0	367.8	72.2	8,118.1
		Economic Development	2,629.9	548.6	3,178.5	720.0	246.7	473.3	3,651.8
		Social and Government Service	6,136.7	301.5	6,438.2	893.3	451.2	442.1	6,880.3
	16,685.0	977.6	17,662.6	2,053.3	1,065.7	987.6	18,650.2
	Other Fiscal Agency Loans	473.8	(318.4) ³	155.4	--	22.1	(22.1)	133.3
	17,158.8	659.2	17,818.0	2,053.3	1,087.8	965.5	18,783.5
Less Amounts Held as Investments/Cash for Relending by the Consolidated Revenue Fund and Crown Corporations and Agencies	0.8	--	0.8	--	--	--	0.8
	Warehouse Borrowing Program	895.2	(795.2)	100.0	--	--	--	100.0
GOVERNMENT CROWN CORPORATION AND AGENCY DEBT TOTAL	28,290.3	701.0	28,991.3	4,437.8	2,942.3	1,495.5	30,486.8
	Other Guarantees ⁴	287.6	(60.2)	227.4	--	47.4 ⁵	(47.4)	180.0
TOTAL DIRECT AND GUARANTEED DEBT	28,577.9	640.8	29,218.7	4,437.8	2,989.7	1,448.1	30,666.8
	Non-Guaranteed Debt ⁶	197.6	7.3	204.9	--	3.9	(3.9)	201.0
TOTAL PROVINCIAL DEBT	28,775.5	648.1	29,423.6	4,437.8	2,993.6	1,444.2	30,867.8
TAXPAYER-SUPPORTED DEBT ⁷	19,934.3	1,319.9	21,254.2	3,997.8	2,621.4	1,376.4	22,630.6

Budget 97 Reports

BC Budget 97

BC Ministry of Finance and Corporate Relations

If you have questions or comments about content please contact: Communications

1	New long-term borrowing plus net change in short-term debt.
2	Sinking fund contributions, sinking fund interest earnings and net maturities of long-term debt (after deduction of sinking fund balances for maturing issues).
3	Outstanding debt of the Greater Vancouver Sewerage and Drainage District and the Greater Vancouver Water District was defeased on April 1, 1996. The districts will meet future funding requirements through the Municipal Finance Authority of British Columbia.
4	Includes student assistance loans, loan guarantees to agricultural producers and guarantees issued under economic development assistance programs and the former British Columbia mortgage assistance program. Includes loan guarantee provisions.
5	Other guarantees do not represent direct obligations of the government except in the event of default by the borrowers who received the guarantee. There is no actual borrowing requirement until a default occurs. A net decrease in the government's potential liability is expected because new guarantees issued will be more than offset by expiring ones.
6	Includes debt of the British Columbia Lottery Corporation, Liquor Distribution Branch, British Columbia Railway Company (Vancouver Wharves Ltd.), the Pacific National Exhibition and Provincial Rental Housing Corporation that is not guaranteed by the provincial government. Although not a direct obligation of the provincial government, this debt is included as part of total provincial debt because it is incurred by a government body. Beginning in 1995, the non-guaranteed debt of school districts, hospital districts and post-secondary institutions is included as part of provincial debt due to accounting changes.
7	Excludes debt of commercial Crown corporations and agencies, funds held under the province's warehouse borrowing program, and non-guaranteed debt of the British Columbia Lottery Corporation, Liquor Distribution Branch and British Columbia Railway Company (Vancouver Wharves Ltd.).