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| July 30, 2001 |
| As required by Section 7(d) of the Budget Transparency and Accountability
Act (BTAA), I am confirming that this document contains the following
elements: |
| — |
The economic and fiscal forecasts for 2001/02, which are detailed in
Part 1 (British Columbia Economic Review and Outlook) and Part 2 (2001/02
Fiscal Update) of the Economic and Fiscal Update. |
| — |
All material economic, demographic, taxation, accounting policy and
other assumptions underlying the 2001/02 economic, revenue, expenditure,
deficit and debt forecasts are also disclosed in this document. Although not
required by the BTAA, financial risks and sensitivities associated with
changes in key assumptions are also disclosed. |
| — |
The report on the current advice of the Minister’s Economic Forecast
Council on economic growth, including the range of forecasts for 2001 and
2002, is found in a topic box on Page 16. |
| As required under section 7(e) of the BTAA, the adjustment to the most
likely forecast of the 2001/02 deficit is also disclosed. The adjustment is
detailed in the Forecast Allowance topic box on page 24. |
| As government responds to the Fiscal Review Panel’s recommendations and
undertakes the core services review, there may be significant adjustments to
the fiscal plan for 2001/02. As these decisions are made, their effect on the
fiscal plan will be disclosed in the Quarterly Reports. |
| I would like to thank staff in the Ministry of Finance, other ministries
and Crown corporations, for their assistance in compiling these revised
economic and financial forecasts. |
PAUL TAYLOR
Deputy Minister and
Secretary to Treasury Board |
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|
Ministry of
Finance |
Treasury Board |
Mailing Address:
PO Box 9417 Stn Prov
Govt
Victoria BC V8W 9V1 |
Location:
1st Floor - 617 Government Street
Victoria
BC |
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