B.C. flush with $5 billion in extra cash, officials say in quarterly update
As British Columbians continue to face sticker shock in the produce aisle, at the cash register and the gas pump, it turns out the province is flush with cash.
At a quarterly fiscal update, Finance Minister Selina Robinson announced the province is now looking at a $5.7-billion surplus.
"We’re recognizing that we’re in a good financial position right now,” Robinson said.
When tabled in February, the budget called for a $5.4-billion deficit, which was upgraded to a $706-million surplus at the first quarterly update.
All told, the province’s fiscal outlook has improved by $11.1-billion in the last nine months.
Among other things, Robinson credits higher income and sales tax revenue along with a surge in natural gas royalties.
“This is what we’re anticipating given that we’re only halfway through so I think it’s wise to be thoughtful that things continually change,” Robinson said. “Interest rates continue to go up and that has impacts on people.”
It is the volatility between the February estimate and the new update that has the opposition BC Liberals questioning just how much stock British Columbians should put in the projections.
"Especially in this last quarter, when you have a five-billion swing in the space of three months, that's a very big problem in terms of the reliability of these estimates,” said opposition finance critic Peter Milobar.
The unexpected surplus comes as welcome news to people working in health care.
Aman Grewal, president of the BC Nurses’ Union, would like to see a sizable chunk of it used to plug holes in what she calls a system in crisis.
"We've been told forever that there's no money in the coffers. You know what, the cupboards are bare is what we've been told. Now you're telling us you have some money,” she said. "Health care has to be a priority when it's been neglected for so long."
Robinson says about $2-billion of the surplus has already been earmarked for recent announcements like the BC Family Benefit and the increase to the Climate Action Tax Credit.
“Whether it’s housing, public safety, affordability, health care…these are the things we know are important to British Columbians and that’s where we are going to continue to focus our efforts,” Robinson said.
CTVNews.ca Top Stories
There's actually no such thing as vegetables. Here's why you should eat them anyway
The rumours are true: Vegetables aren't real — that is, in botany, anyway. While the term fruit is recognized botanically as anything that contains a seed or seeds, vegetable is actually a broad umbrella term.
'It looked so legit': Ontario man pays $7,700 for luxury villa found on Booking.com, but the listing was fake
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
The Met Gala was in full bloom with Zendaya, Jennifer Lopez, Mindy Kaling among the standout stars
The Met Gala and its fashionista A-listers on Monday included Jennifer Lopez, Zendaya and a parade of others in a swirl of flora and fauna looks on a green-tinged carpet lined by live foliage.
BREAKING Israeli forces seize Rafah border crossing in Gaza, putting ceasefire talks on knife's edge
Israeli tanks seized control of Gaza’s vital Rafah border crossing on Tuesday as Israel brushed off urgent warnings from close allies and moved into the southern city even as ceasefire negotiations with Hamas remained on a knife’s edge.
Canadian cadets rock mullets and place second at U.S. military competition
Sporting mullets, Canadian Armed Forces officer cadets placed second in an annual military skills competition in the U.S.
Noelia Voigt resigns as Miss USA, citing her mental health
Noelia Voigt, who was crowned Miss USA in November 2023, has announced she is resigning from her role, saying the decision is in the best interest of her mental health.
Putin begins his fifth term as president, more in control of Russia than ever
Vladimir Putin began his fifth term Tuesday as Russian leader at a glittering Kremlin inauguration, setting out on another six years in office after destroying his political opponents, launching a devastating war in Ukraine and concentrating all power in his hands.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.