B.C. maintained budget surplus for 2017-18, despite increased spending

The B.C. government reduced its debt and achieved a balanced budget

British Columbia maintained its budget surplus in the last fiscal year even though it boosted spending on government programs by almost $3 billion and covered significant expenses from disastrous wildfires in 2017.

Finance Minister Carole James said the government reduced its debt and achieved a balanced budget despite historic losses at the Insurance Corporation of British Columbia.

James said regardless of what it will cost to fight fires, there is money in the budget.

RELATED: Non-profits, schools get break on B.C. health payroll tax

The audited financial statements were released today, and showed an operating surplus of $301 million for 2017-18, which is $55 million higher than the surplus forecast in the budget update last fall.

Revenue was $571 million higher than the previous year, mostly due to increased federal transfers resulting from revised population estimates and higher taxation revenue.

RELATED: No break from health tax for municipalities

James said overall, the province is seeing long-term economic growth.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Caps fall to Clippers in Nanaimo on Friday night

Clippers’ tying and winning goals come in less than a minute

Cowichan school district approves women’s winter shelter

The Cowichan Valley School District’s board of education has approved in principle… Continue reading

North Cowichan is Canada’s hot spot on Wednesday

The Warmland lives up to its name

Ladysmith Secondary School improv still groovy after 20 years

Catch performances Nov. 15th, 16th, 17th and 22nd, 23rd and 24th

New Coast Guard radar boosts marine traffic monitoring off B.C. coast

Six radar installations set up for Georgia Strait to Queen Charlotte Strait to Prince Rupert

Trudeau offers to help Pacific islands face climate change impact

Prime Minister Justin Trudeau met with the leaders from the Pacific island nations on Saturday during the APEC Summit in Papua New Guinea

Vancouver Island remembers

Important stories shared as Islanders salute those who made the greatest sacrifice

Price makes 36 saves as Habs edge Canucks 3-2

Late goal lifts Montreal past Vancouver

BC Minister of Agriculture loses stepson to accidental overdose

Lana Popham announces death of her 23-year-old stepson, Dan Sealey

Canadian military’s template for perfect recruits outdated: Vance

Gen. Jonathan Vance, the chief of defence staff says that the military has to change because the very nature of warfare is changing, particularly when it comes to cyber-warfare

‘Toxic’ chosen as the Word of the Year by Oxford Dictionaries

Other top contenders for 2018 include ‘gaslighting’ and ‘techlash’

RCMP bust illegal B.C. cannabis lab

Marijuana may be legal but altering it using chemicals violates the Cannabis Act

Canada defeats Germany 29-10 in repechage, moves step closer to Rugby World Cup

Hong Kong needs a bonus-point win over Canada — scoring four or more tries — while denying the Canadians a bonus point

Avalanche Canada in desperate need of funding

The organization provides avalanche forecasting for an area larger than the United Kingdom

Most Read