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| Backgrounder(s) & FactSheet(s): | Backgrounder |
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| Backgrounder(s) & FactSheet(s): | Backgrounder |
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VICTORIA – The province ended the 2002-03 fiscal year well ahead of plan, according to the final audited financial statements released today. The $3.2-billion deficit for the year was $1.2 billion lower than the $4.4-billion deficit forecast in the February 2002 budget.
At the same time, the provincial debt was $4.2 billion lower than forecast, largely reflecting a second straight year of lower-than-forecast summary deficits, lower capital spending and prudent debt management.
“We are eliminating the structural deficit and remain on target to balance the budget by 2004-05 and begin paying down the debt in the years ahead,” said Finance Minister Gary Collins. “Government has made significant progress in restoring sound fiscal management, improving the competitiveness of our provincial economy and making government more efficient, while continuing to protect and invest additional money in health care and education.
“All ministries came in on or under budget and overall ministry spending is below forecast,” said Collins. “We did not need to use the $750-million forecast allowance, and we used less than half of the $210-million contingencies budget, available to deal with unforeseen circumstances and opportunities that arose during the year.
“Prudent financial management allowed government to focus our priorities, enabling us to advance important service plan goals and direct $275 million towards restructuring our vital forestry industry.”
Collins said government’s commitment to improve tax competitiveness and reduce the regulatory burden in B.C. is beginning to show positive results across the province. The revitalized B.C. economy grew at three times the rate forecast in the budget, with 78,000 jobs created during 2002. A strong consumer sector, led by housing starts and retail sales, and renewed interest in the energy sector were among the year’s economic highlights.
The government’s three-year budget and fiscal plan is designed to help B.C. grow, attract investment and create new jobs. However, global economic forecasts are mixed and challenges remain. An updated economic and fiscal projection will be part of the First Quarter Report in early September.
Today’s release of the public accounts is further evidence that British Columbia leads the country in timely and transparent financial reporting. In addition to the public accounts, the province today released reports on ministerial accountability, government’s annual strategic plan and annual service plans for ministries and several Crown corporations.
The Ministerial Accountability Report details the financial targets ministers must meet and performance targets ministers of state must achieve in order to recover their 20 per cent ministerial salary holdback.
The annual service plan reports summarize the progress of individual ministries, as well as the government as a whole, in meeting the performance targets laid out in service plans at the beginning of each fiscal year.
The public accounts are available at http://www.gov.bc.ca/fin/. Click on public accounts. Click on this link for the ministerial presentation.
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