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 H7
PROVINCIAL NET DEBT SUMMARY1
As at March 31, Actual
1996		 Actual
1997		 Actual
1998		 Revised
Forecast
1999		 Budget
Estimate
2000
($ millions unless otherwise indicated)
Taxpayer-supported debt
Provincial government direct
Operating purposes 10,237.1 11,030.5 11,488.0 12,203.0 13,635.0
Capital financing purposes
Schools 2,658.5 2,835.1 2,990.2 3,203.9 3,399.0
Post-secondary institutions 1,331.8 1,394.7 1,361.7 1,337.3 1,373.9
Health facilities 1,398.7 1,431.2 1,417.0 1,265.92 1,521.3
Public tranist — — — 976.03 972.8
SkyTrain extension — — — 191.8 625.8
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
Economic development Crown corporations and agencies:
BC Transportation Financing Authority 590.4 915.6 1,084.1 1,436.8 1,864.5
British Columbia Ferry Corporation 502.0 684.9 795.2 963.5 1,140.9
British Columbia Transit 1,505.5 1,537.2 1,578.5 58.93 67.5
Rapid Transit Project 2000 Ltd. — — — 61.0 64.5
580440 British Columbia Ltd. (Vancouver Trade and Convention Centre) — — — 46.5 232.0
Other4 32.0 48.4 59.9 59.8 59.8
2,629.9 3,186.1 3,517.7 2,626.5 3,429.2
Government services Crown corporations and agencies and other fiscal agency loans:
British Columbia Assessment Authority 7.0 6.2 4.8 4.8 4.8
British Columbia Buildings Corporation 719.1 735.4 734.9 754.3 772.5
British Columbia Systems Corporation 21.6 19.35 — — —
Homeowner Protection Office — — — 8.1 47.1
Greater Vancouver Sewerage and Drainage District 175.16 — — — —
Greater Vancouver Water District 131.16 — — — —
Universities and colleges — fiscal agency loans 164.3 154.3 144.2 138.3 133.3
Local governments 3.3 3.3 3.5 3.2 3.2
1,221.5 918.5 887.4 908.7 960.9
Other guarantees7 287.6 236.0 184.9 159.1 125.5
Non-guaranteed debt8 101.4 120.4 131.6 147.5 140.1
Less Internally held funds9 0.8 0.8 — — —
Total taxpayer-supported debt 19,865.7 21,151.7 21,978.5 23,019.7 26,183.5
Self-supporting debt
Commercial Crown corporations and agencies:
British Columbia Hydro and Power Authority 7,592.3 7,477.2 7,233.6 7,451.3 7,324.3
British Columbia Railway Company 326.1 390.6 487.8 574.8 591.5
552513 British Columbia Ltd. (Skeena Cellulose)10 — — 64.6 132.2 226.8
Columbia Power Corporation — 3.1 — — —
7,918.4 7,870.9 7,786.0 8,158.3 8,142.6
Warehouse borrowing program 895.2 100.0 211.5 650.0 200.0
Non-guaranteed debt11 33.4 124.9 206.3 200.9 195.4
Total self-supporting debt 8,847.0 8,095.8 8,203.8 9,009.2 8,538.0
Total provincial debt 28,712.7 29,247.5 30,182.3 32,028.9 34,721.5
Total provincial debt as a per cent of GDP 27.4% 27.6% 27.6% 29.6% 31.7%
Taxpayer-supported debt as a per cent of GDP 19.0% 20.0% 20.1% 21.3% 23.9%
 
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 1999/2000.
2 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) is included as part of provincial government direct debt. Figures for previous years have not been restated.
3 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.
4 Includes the British Columbia Housing Management Commission, the Pacific Racing Association and Victoria Line Ltd.
5 The provincial government assumed the debt of the British Columbia Systems Corporation.
6 Debt of the Greater Vancouver Sewerage and Drainage District and the Greater Vancouver Water District was defeased. Funding for these districts is provided through the Municipal Finance Authority of British Columbia.
7 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.
8 Includes debt of the Pacific Rental Housing Corporation, BC Transportation Financing Authority, Pacific National Exhibition, British Columbia Ferry Corporation, Okanagan Valley Tree Fruit Authority and British Columbia Transit 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.
9 Amounts held as investments or cash for relending by the Consolidated Revenue Fund and Crown corporations and agencies.
10 The debt of 552513 British Columbia Ltd. (Skeena Cellulose Inc.) is considered to be self-supporting. However, future profitability is uncertain due to the volatility of world pulp prices and their potential impact on Skeena Cellulose Inc.
11 Includes debt of the British Columbia Lottery Corporation, Liquor Distribution Branch, British Columbia Railway Company and Columbia Basin Power Company (a joint venture of the Columbia Power Corporation and the Columbia Basin Trust Power 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. Also includes debt for Skeena Cellulose Inc., a subsidiary of 552513 British Columbia Ltd. As the province is not the sole shareholder of Skeena Cellulose Inc., a portion of this debt may be attributable to the minority shareholder.

 

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