BC Government Budget 2008 Consultation

Have Your Say on British Columbia’s Budget Priorities via

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Finance Minister’s First Quarterly Report 2007/08
Sept. 14, 2007
Ministry of Finance


VICTORIA – British Columbia’s updated fiscal plan is showing strong results, creating an opportunity for further investment in priority areas, Finance Minister Carole Taylor announced today with the release of the First Quarterly Report for 2007/08.

“When B.C.’s bottom line improves, so do our options,” said Taylor. “A strong and competitive economy, combined with a prudent approach to budgeting, allows for additional flexibility in meeting British Columbians’ priorities. We can do more while keeping the budget balanced and debt affordable.” …

For 2007/08, revenues are up $1.1 billion from budget due to increased taxation revenue, higher federal transfers, and higher net income for ICBC. … Spending is forecast to increase $190 million from budget due primarily to higher forest fire and flood related costs, additional child care spending, and changes to MLA compensation and pensions. The 2007/08 surplus is forecast to be $1.6 billion, up from $400 million expected at budget.

Economic growth is expected to remain robust at 3.0 per cent in 2007, down slightly from the 3.1 per cent forecast in the February budget. The revision reflects weakness in lumber and natural gas markets, and lower U.S. economic growth but is partially offset by stronger domestic demand, steady
employment gains, and continued strength in retail trade. Similarly, the economic growth forecast for 2008 is revised to 2.9 per cent, from 3.0 per cent at budget. …

Finance Minister’s First Quarterly report