Close X
Wednesday, November 27, 2024
ADVT 
National

B.C. posts surplus, despite big deficit forecast

Darpan News Desk The Canadian Press, 30 Aug, 2022 01:31 PM
  • B.C. posts surplus, despite big deficit forecast

VICTORIA - British Columbia's economic recovery last year was stronger than forecast with the province's audited budget numbers showing a surplus of $1.3 billion, in contrast with an earlier projection of a deficit nearing $10 billion.

Finance Minister Selina Robinson says the province's economy in 2021-22 outperformed both public and private sector predictions.

The April 2021 budget, delivered during some of the darkest days of the COVID-19 pandemic, originally forecast a deficit of $9.7 billion, but revenues improved throughout the year.

Robinson says the improvement can be attributed to reopening the economy and the resultant increase in tax revenue, one-time federal contributions for COVID-19 and disaster events, higher natural resource revenues, and higher Crown corporation earning, especially at the Insurance Corp. of B.C.

She says in a press release that the "economic strength" demonstrated by the surplus will be put toward new inflation-fighting measures next month.

The province introduced a $60-million education support fund this week to help schools expand meal programs and assist families with school supplies and field-trip costs.

Robinson told a news conference that the "unexpected surplus" was a positive development, but uncertainties ranging from the global economy to COVID-19 and inflation continue to loom.

“Today is different than it was last year and the year before that,” said Robinson.

In the press release, Robinson said that instead of implementing "cuts and austerity" amid the pandemic, the government had opted to invest and that had paid off.

"Last year was an incredibly challenging year for British Columbians with the pandemic, coupled with devastating climate disasters," she said.

"Through the challenges we've faced together, we've made record investments to ensure targeted supports were available to those who needed them most and to continue building the services and infrastructure people count on."

MORE National ARTICLES

B.C. Liberals boot MLA after 'Celebrate CO2' tweet

B.C. Liberals boot MLA after 'Celebrate CO2' tweet
Party leader Kevin Falcon says in a statement that Rustad, who represents Nechako Lakes in central B.C., has been removed for what he says is a "pattern of behaviour" that isn't supportive of the caucus.

B.C. Liberals boot MLA after 'Celebrate CO2' tweet

UBC researchers find 'weak spot' in COVID-19 virus

UBC researchers find 'weak spot' in COVID-19 virus
Researchers say exploiting that weakness could pave the way for new treatments that would be effective against all strains of the illness that has killed almost 6.5-million people across the globe since it was identified more than two years ago.

UBC researchers find 'weak spot' in COVID-19 virus

Three suspects arrested due to bear spray incident in New Westminster

Three suspects arrested due to bear spray incident in New Westminster
Police officers attended Moody Park and found three individuals matching the suspect descriptions who were arrested. A replica handgun and two cans of bear repellent spray were recovered from the individuals.

Three suspects arrested due to bear spray incident in New Westminster

Surrey Police Officer arrested by the Surrey RCMP

Surrey Police Officer arrested by the Surrey RCMP
The officer was hired by SPS in May 2022, with just over one year of previous policing experience. On Thursday, August 17th,  SPS Chief Constable Norm Lipinski suspended this officer with pay, pending the outcome of the criminal investigation, which is being handled by the Surrey RCMP.

Surrey Police Officer arrested by the Surrey RCMP

Pedestrian hit by a vehicle lands in hospital

Pedestrian hit by a vehicle lands in hospital
A pedestrian who stepped off the curb, outside of a marked crosswalk, to cross the street was struck by a vehicle heading west bound on 72 Avenue. The pedestrian was transported to local area hospital with non-life-threatening injuries.

Pedestrian hit by a vehicle lands in hospital

All evacuation orders rescinded near B.C. wildfire

All evacuation orders rescinded near B.C. wildfire
The blaze is one of five classified as "wildfires of note" by the BC Wildfire Service and has charred more than 69 square kilometres. Hugh Murdoch, incident commander for the wildfire service, says that though the fire will continue to burn, it poses no current threat to homes and he is "very comfortable" with the crews and resources that are in place.

All evacuation orders rescinded near B.C. wildfire