British Columbia -- Budget '99
Ministry of Finance and Corporate Relations
Joy K. MacPhail, Minister

Budget Reports
This electronic version is for informational purposes only.
The printed version remains the official version.

Report H:
SUPPLEMENTARY TABLES
continued

TABLE H4
SUMMARY OF OPERATING AND FINANCING TRANSACTIONS
CONSOLIDATED REVENUE FUND


Actual
1995/96
Actual
1996/97
Actual
1997/98
Revised
Forecast
1998/99
Budget
Estimate
1999/00

($ millions)
Revenue1 19,699.4 20,127.3 20,216.1 20,224.0 20,155.0
Expenditure1 20,055.2 20,464.4 20,368.5 20,768.0 21,045.0
Surplus (Deficit) (355.8) (337.1) (152.4) (544.0) (890.0)
Net Receipts (Disbursements) from Financing and Working Capital Transactions2 145.8 (435.1) (15.2) (543.5) (542.0)
Decrease (Increase) in Cash and Short-Term Investments 154.0 (21.2) (289.9) 372.5
Net (Increase) Decrease in Government Direct Operating Debt (56.0) (793.4) (457.5) (715.0) (1,432.0)
Net Debt at Year End:3
Provincial Government Direct4,5,6
Operating Purposes 10,237.1 11,030.5 11,488.0 12,203.0 13,635.0
Capital Financing Purposes 5,389.0 5,661.0 5,768.9 6,974.9 7,892.8
Total Provincial Government Direct 15,626.1 16,691.5 17,256.9 19,177.9 21,527.8
Crown Corporation and Agency and Other Fiscal Agency Loans4,5,6 11,769.0 11,974.7 12,191.1 11,693.5 12,532.7
Warehouse Borrowing Program 895.2 100.0 211.5 650.0 200.0
Other Debt7 422.4 481.3 522.8 507.5 461.0
Total Provincial Debt 28,712.7 29,247.5 30,182.3 32,028.9 34,721.5
 
1 Revenue and expenditure for the 1995/96 to 1997/98 period have been restated to reflect a change to accounting policy with respect to earnings of sinking funds held for government direct operating debt. The effect of this restatement reduces revenue and expenditure by $88.6 million in 1995/96, $81.6 million in 1996/97 and $69.0 million in 1997/98. Revenue amounts exclude dedicated revenue collected on behalf of, and transferred to, Crown corporations, agencies and other entities. Further details on transferred revenue is shown in Table H5.
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, and non-cash transactions including allowances for doubtful accounts, capital depreciation and amortizations of reductions to unfunded pension liabilities. 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 Effective April 1, 1998, debt of the British Columbia School Districts Capital Financing Authority and the British Columbia Educational Institutions Capital Financing Authority (and their related debt under the capital project certificate of approval program) is included as part of provincial government direct debt. Figures for previous years have been restated to this basis.
5 Effective March 31, 1999, the Municipal Finance Authority of British Columbia will assume $190 million of debt on behalf of the British Columbia Regional Hospital Districts Financing Authority. The remaining debt of the authority (and its related debt under the capital project certificate of approval program) will be included as part of provincial government direct debt. Figures for previous years have not been restated.
6 Effective March 31, 1999, the Municipal Finance Authority of British Columbia will assume $509 million of debt, related to British Columbia Transit operations in the Lower Mainland, on behalf of the Greater Vancouver Transportation Authority. Debt related to the SkyTrain  guideway and bridge and to West Coast Express infrastructure is included as part of provincial government direct debt. Debt related to other municipal public transit systems remains with British Columbia Transit and is reported as part of fiscal agency loans. Figures for previous years have not been restated.
7 Includes student assistance loans, loan guarantees to agricultural producers and guarantees issued or debt assumed under economic development assistance programs and the British Columbia mortgage assistance program. Also includes non-guaranteed debt of the Columbia Basin Power Company, British Columbia Railway Company, Provincial Rental Housing Corporation, BC Transportation Financing Authority, and other agencies.

 

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