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
'Most of the city is evacuating': Gridlock on Alberta highway after evacuation order in Fort McMurray
Four Fort McMurray neighbourhoods were ordered to evacuate on Tuesday as a wildfire gets closer to the city.
Sask. police seize 1.5M pieces of evidence, lay 60 more charges in child exploitation case
Saskatchewan RCMP have revealed that a historic sexual assault investigation has led to the discovery of alleged crimes against children dating back to 2005.
'Inappropriate' behaviour shuts down Dublin to New York City portal
Less than a week after two public sculptures featuring a livestream between Dublin, Ireland, and New York City debuted, 'inappropriate behaviour' in real-time interactions between people in the two cities has prompted a temporary shutdown.
Oilers starting Calvin Pickard in goal for Game 4 vs. Canucks
The Edmonton Oilers will start Calvin Pickard in net Tuesday for Game 4 of their playoff series with the Vancouver Canucks.
Chiefs kicker Harrison Butker rails against Pride month, working women in commencement speech
Kansas City Chiefs kicker Harrison Butker railed against Pride month, working women, President Biden's leadership during the COVID-19 pandemic and abortion during a commencement address at Benedictine College last weekend.
King Charles III unveils his first official portrait since his coronation
King Charles III has unveiled the first portrait of the monarch completed since he assumed the throne, a vivid image that depicts him in the bright red uniform of the Welsh Guards against a background of similar hues.
Full List Are these Canada's best restaurants? Annual top 100 list revealed
The annual list of Canada's top restaurants in the country was just released and here are the places that made the 2024 cut.
Alberta announces the 4 health agencies that will replace AHS later this year
The province has released more information on its plan to break up Alberta Health Services and replace it with four sector-based health agencies.
Biden administration moving ahead on US$1 billion arms package for Israel, AP sources say
The Biden administration has told key lawmakers it is sending a new package of more than US$1 billion in arms and ammunition to Israel, two congressional aides said Tuesday.