The provincial government says it posted a “modest surplus” in 2013/2014, due to a drop in overall government spending.
The $353 million surplus was better than forecast.
The province says revenues were $511 million lower than forecast in “Budget Update 2013,” due to a drop in taxation revenues and “lower-than-anticipated earnings” from Crown corporations.
Spending was cut by $561 million — although the government maintains spending was increased on health by $360 million and education by $299 million compared to 2012-2013.
“Being fiscally vigilant has meant making some tough choices in order to get B.C. back to balanced budgets,” said Finance Minister Mike de Jong in a statement. “With the support of B.C. taxpayers, we have managed to hold the line on spending and deliver a modest surplus while protecting the public services that are so important to British Columbians.”
The provincial debt is up $4 billion to $60.8 billion. B.C.’s credit rating is still strong, with an AA (high) rating at all of the major agencies.
B.C.’s economy also grew by 2 per cent in 2013 — which is on par with the national average.
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Despite the rosy financial picture, salaries for some public sector executives remain eye-popping, according to Global News Legislative Bureau Chief Keith Baldrey.
Powerex is a subsidiary of BC Hydro, and buys and sells power between Alberta, Washington, Oregon, Idaho and California.
Document: Legislative Assembly of British Columbia, Salary for the Fiscal Year Ended March 31, 2014 (Salary Payments of $75,000 and greater)
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