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
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Town of Fort Nelson, B.C., ordered to evacuate due to wildfire
The entire town of Fort Nelson, B.C., as well as the nearby Fort Nelson First Nation, has been ordered to evacuate due to an out-of-control wildfire.
Bouchard lifts Edmonton Oilers to 4-3 overtime win over Canucks in Game 2
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Video shows naked raccoon catching B.C. family by surprise
When Marvin Henschel spotted a strange and hairless creature wandering through a front lawn in B.C.'s Lower Mainland, he could barely believe his eyes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Out-of-control wildfire prompts evacuation alert for Fort McMurray, Saprae Creek Estates Friday night
An evacuation alert was issued for two Wood Buffalo communities Friday night, as crews battled an out-of-control wildfire near Fort McMurray.