TABLE OF CONTENTS

Statement by the Secretary to Treasury Board Part 1: British Columbia Economic Review and Outlook   Overview   The External Environment   Financial Markets and Commodity Prices   The British Columbia Economy   Forecast Uncertainties   The Medium Term Outlook 2003–2005   Tables:   1.1 Key Economic Assumptions     1.2 Key Economic Indicators     1.3 British Columbia Economic Outlook     1.4 Current Economic Statistics   Topic Boxes:     The Economic Forecast Council Survey, June 2001 Part 2: 2001/02 Fiscal Update   Overview   Consolidated Revenue Fund     2001/02 Consolidated Revenue Fund Revenue     Revenue Forecast Assumptions and Risks     2001/02 Consolidated Revenue Fund Expenditure     Expenditure Assumptions and Sensitivities   Crown Corporations and Agencies     Taxpayer-supported Crown Corporations and Agencies     Self-supported Commercial Crown Corporations and Agencies     Crown Corporations Forecast Assumptions and Risks   Capital Spending   2001/02 Provincial Debt   Summary Accounts Balance Sheet   Staff Utilization   Tables:     2.1 Developments Since the March 15 Budget — Summary Accounts     2.2 Summary Accounts Operating Results     2.3 Summary of Changes from the March 15 Budget     2.4 Developments Since the March 15 Budget — CRF Revenue     2.5 Revenue by Source — Consolidated Revenue Fund     2.6 Main Revenue Forecast Assumptions and Risks — Consolidated Revenue Fund     2.7 Developments Since the March 15 Budget — CRF Expenditure     2.8 Expenditure by Ministry — Consolidated Revenue Fund     2.9 Main Expenditure Assumptions and Forecast Risks — Consolidated Revenue Fund     2.10 Developments Since the March 15 Budget — Crown Corporations and Agencies     2.11 Main Crown Corporation Forecast Assumptions and Risks     2.12 Developments Since the March 15 Budget — Capital Spending     2.13 Government, Crown Corporations and Agencies — Capital Expenditures     2.14 Capital Projects Greater Than $50 Million     2.15 2001/02 Capital Expenditure Projects (Partial List)     2.16 Developments Since the March 15 Budget — Provincial Debt     2.17 Provincial Financing     2.18 Forecast Change in Summary Accounts Financial Position     2.19 Summary Accounts Balance Sheet     2.20 Summary Accounts Staff Utilization   Topic Boxes:     Forecast Allowance Update     Provincial Financing Part 3: Revenue Measures   Tax Reductions to Stimulate Economic Growth and Job Creation   Summary of Revenue Measures   Revenue Measures: Supplementary Information   Tables:     3.1 British Columbia Personal Income Tax Brackets and Rates     3.2 British Columbia Tax Cut — Impact on Taxpayers     3.3 Personal Income Tax Top Marginal Tax Rates for 2000, 2001 and 2002 Part 4: Supplementary Tables   Table 1 — Five-Year Economic Forecast:     Table 1.1 Gross Domestic Product — British Columbia and Canada     Table 1.2 Components of British Columbia Real GDP at Market Prices     Table 1.3 Income and Expenditure     Table 1.4 Labour Market Indicators     Table 1.5 British Columbia Employment by Sector     Table 1.6 Economic Assumptions     Table 1.7 Financial Markets     Table 1.8 Selected Growth Rates   Table 2 — Interprovincial Comparisons of Tax Rates — 2001   Table 3 — Interprovincial Comparisons of Provincial Personal Income Taxes Payable — 2001   Table 4 — Comparison of Provincial and Federal Taxes by Province — 2001   Table 5 — Revenue by Source — Consolidated Revenue Fund   Table 6 — Expense by Function — Consolidated Revenue Fund   Table 7 — Provincial Debt Summary   Table 8 — Key Debt Indicators