Close X
Sunday, November 10, 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

String of overnight fires being investigated by Surrey RCMP, fires started deliberately

String of overnight fires being investigated by Surrey RCMP, fires started deliberately
Based on the initial information it appears that the fires were deliberately started.  Due to the short time frame and close proximity of the fires police believe that they are likely related.

String of overnight fires being investigated by Surrey RCMP, fires started deliberately

10,000 drug deaths since B.C. emergency: coroner

10,000 drug deaths since B.C. emergency: coroner
New data from the coroner's service says at least 1,095 residents are believed to have died from January to June this year, at an average of six deaths per day. The report found more than three-quarters of the those who died this year have been male, and most were between the ages of 30 and 59.

10,000 drug deaths since B.C. emergency: coroner

Border officers cite discrimination by colleagues

Border officers cite discrimination by colleagues
The figures are drawn from a survey conducted as part of an internal Canada Border Services Agency evaluation that looked at how the agency processed travellers, using a lens of gender, race, ethnicity, religion, age, and mental or physical disability, and the interaction between these factors.

Border officers cite discrimination by colleagues

Inflation slows to 7.6% in July as gas prices fall

Inflation slows to 7.6% in July as gas prices fall
The inflation rate hit a nearly 40-year-high of 8.1 per cent in June, but economists were widely expecting inflation to have since slowed. In its latest consumer price index report, Statistics Canada said the July saw the smallest monthly gains since December 2021.

Inflation slows to 7.6% in July as gas prices fall

Man shot and killed in police engagement in Kamloops, case of child abduction

Man shot and killed in police engagement in Kamloops, case of child abduction
After 3 a.m., the male suspect then reportedly exited the trailer with a weapon and a child. During the engagement with officers, the man was shot and killed. The child was uninjured and a woman was subsequently located with non-life injuries inside the trailer.  

Man shot and killed in police engagement in Kamloops, case of child abduction

Sunken boat's fuel stirs fear for B.C. orcas

Sunken boat's fuel stirs fear for B.C. orcas
Peter Ross, a senior scientist with Raincoast Conservation Foundation, said the vessel sank in an important feeding area for endangered southern resident killer whales. It will be a race against time to clean up the spill, he said. 

Sunken boat's fuel stirs fear for B.C. orcas