B.C. posts $704 million surplus in 2022-23

The B.C. government ended the 2022-23 fiscal year with a $704-million surplus and no operating debt, according to Finance Minister and Kootenay West MLA Katrine Conroy.

Conroy said despite global uncertainty and high inflation, the province saw higher-than-expected revenue.

“The economy did better than expected through the pandemic and recovery,” she said in releasing the annual public accounts today. “A big part of that was higher income for corporations and higher-income earners. They made more and they paid more in taxes.”

Conroy also said total provincial debt decreased $1.2 billion while operating debt incurred during the pandemic was eliminated. The provincial GDP grew 3.6 per cent in 2022, the same as the national average, and above the 2.8 per cent forecast. It gives B.C. the lowest debt-to-GDP ratio in Canada.

The government’s 2022 budget predicted a deficit of $5.46 billion. Year-end revenues were nearly $13 billion higher than forecast while expenses were $7.8 billion higher.

Personal and corporate income tax returns increased $8.9 billion while natural resource revenues, mainly driven by natural gas prices, were up $2.8 billion.

Federal contributions also increased $1.2 billion, mainly from increased social and health transfers due to population growth.

Revenue from commercial Crown corporations decreased as ICBC saw higher claim costs and reduced investment income. BC Hydro’s net income was also lower than forecast.

Continue Reading

chnv Now playing play

ckkc Now playing play

- Advertisement -

Related Articles

- Advertisement -

Latest News

B.C. adds 5k jobs in June, led by gains in part-time work

British Columbia added 5,000 jobs in June but saw a dip in full-time employment, according to the latest jobs report from Statistics Canada. 

B.C. adds 5k jobs in June, led by gains in part-time work

British Columbia added 5,000 jobs in June but saw a dip in full-time employment, according to the latest jobs report from Statistics Canada. 

B.C. maintains decision to end drug coverage for girl with rare, fatal disease

B.C. is standing by the decision not to continue drug coverage for a Vancouver Island girl with a rare, fatal disease. 

Measles cases reported in B.C. this year top 100

B.C.’s health officials have said 102 cases of measles have been reported across B.C. so far this year, with most of those in the Northern Health region.

Puck drop date set for KIJHL season

The puck will drop on the 2025-26 KIJHL regular season on Friday, September 19, when the league’s 21 teams each embark on a 44-game schedule.
- Advertisement -