Report B: FISCAL REVIEW AND OUTLOOK

TABLE B6
PROVINCIAL FINANCING


Net Debt1 1998/99 Forecast
Net Debt1

1999/00
Transactions

Forecast
Net Debt1
Outstanding
at March 31,
1998
Net
Debt
Change
Outstanding
at March 31,
1999
New
Borrowing2
Retirement
Provision3
Net
Change
Outstanding
at March 31,
2000
Taxpayer-supported debt

($ millions)


Provincial government direct
Operating purposes 11,488.0 715.0 12,203.0 3,087.6 1,655.6 1,432.0 13,635.0
Capital financing purposes4 5,768.9 1,206.0 6,974.9 1,304.5 386.6 917.9 7,892.8
Total provincial government direct 17,256.9 1,921.0 19,177.9 4,392.1 2,042.2 2,349.9 21,527.8
Economic development Crown corporations and agencies 3,517.7 (891.2) 2,626.5 1,468.9 666.2 802.7 3,429.2
Government services Crown corporations and agencies and other fiscal agency loans 887.4 21.3 908.7 86.3 34.1 52.2 960.9
Other guarantees5 184.9 (25.8) 159.1 33.66 (33.6) 125.5
Non-guaranteed debt7 131.6 15.9 147.5 7.4 (7.4) 140.1
Total taxpayer-supported debt 21,978.5 1,041.2 23,019.7 5,947.3 2,783.5 3,163.8 26,183.5
Self-supporting debt
Commercial Crown corporations and agencies 7,786.0 372.3 8,158.3 1,047.2 1,062.9 (15.7) 8,142.6
Warehouse borrowing program 211.5 438.5 650.0 (450.0) (450.0) 200.0
Non-guaranteed debt7 206.3 (5.4) 200.9 5.5 (5.5) 195.4
Total self-supporting debt 8,203.8 805.4 9,009.2 597.2 1,068.4 (471.2) 8,538.0
TOTAL PROVINCIAL DEBT 30,182.3 1,846.6 32,028.9 6,544.5 3,851.9 2,692.6 34,721.5
 
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. Figures for earlier years have been restated to conform with the presentation used for fiscal 1999/00.
2 New long-term borrowing plus net change in short-term debt.
3 Sinking fund contributions, sinking fund earnings and net maturities of long-term debt (after deduction of sinking fund balances for maturing issues).
4 Includes capital financing for schools, post-secondary institutions, health facilities, public transit and the SkyTrain extension.
5 Includes student assistance loans, loan guarantees to agricultural producers and guarantees issued under economic development assistance programs and the former British Columbia home mortgage assistance and second mortgage programs. Includes loan guarantee provisions.
6 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 expiring guarantees exceed new guarantees issued.
7 Debt that is incurred directly by a government body without a provincial government guarantee.

 

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