Report B -- Table B6 -- Fiscal Review and Outlook

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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