The B.C. budget for this year includes planning funds for replacing the George Massey Tunnel under the Fraser River.

B.C. budget: Operating debt begins to decline

Operating debt to decline, capital debt keeps growing as hospitals, schools, road and transit projects continue

After five years of borrowing to pay for “groceries,” Finance Minister Mike de Jong says budget surpluses this year and in the coming years will largely be used to pay down operating debt.

The provincial budget shows operating debt of $9.4 billion for the year ending in March, declining to $8.4 billion in 2015-16 and falling below $5 billion by 2018.

Total provincial debt, including roads, hospitals and other capital projects as well as debt held by BC Hydro and other Crown corporations, grows to more than $70 billion by the end of the province’s three-year fiscal plan.

De Jong said balancing the budget means the province is only borrowing to build assets, and the current spending plan calls for $10.7 billion more in taxpayer-supported debt. One new project is planning funds for the proposed replacement of the George Massey tunnel under the Fraser River, a bottleneck for vehicle and shipping traffic.

Other projects:

• Post-secondary facilities include replacement of trade buildings at Okanagan College in Kelowna and Camosun College in Victoria, a trades facility at Nicola Valley Institute of Technology in Merritt and relocation of Vancouver Community College and BCIT heavy duty and commercial transportation programs in New Westminster

• New high schools including Centennial Secondary in Coquitlam, Oak Bay Secondary in Oak Bay, Wellington Secondary in Nanaimo, Clayton North Secondary in Surrey and Kitsilano Secondary in Vancouver.

• Transportation projects including Evergreen rapid transit line to Coquitlam, improvements to Highway 97 in the Cariboo and the Mountain Highway interchange in North Vancouver

• Health care projects including North Island Hospitals in Comox and Campbell River, Interior Heart and Surgery Centre in Kelowna and clinical support and acute care centres at Children’s and Women’s Hospital in Vancouver

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Nimpkish sold as Northern Sea Wolf resumes central coast route

The sale of the Nimpkish was official as of Sept. 20, 2020

Citing stability, B.C. Premier calls snap election for Oct. 24

John Horgan meets with Lieutenant Governor to request vote

BC Timber Sales’ operations on the North Island and Central Coast to be audited

The Forest Practices Board randomly chose the region to check for compliance to legislation

Williams Lake First Nation inks historic cannabis deal with B.C. government

The agreement paves the way for WLFN to sell cannabis to the government, and open stores across B.C.

Cariboo’s Strongest tests athletes’ mettle

Twenty men and three women took part

B.C. reports 96 new COVID-19 cases, one hospital outbreak

61 people in hospital as summer ends with election

‘Unprecedented’ coalition demands end to B.C. salmon farms

First Nations, commercial fishermen among group calling for action on Cohen recommendations

Earthquake off coast of Washington recorded at 4.1 magnitude

The quake was recorded at a depth of 10 kilometres

B.C.’s top doctor says she’s received abuse, death threats during COVID-19 response

Henry has become a national figure during her time leading B.C.’s response to the COVID-19 pandemic

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

BC Liberals must change gears from election cynicism, focus on the issues: UBC professors

COVID-19 response and recovery is likely to dominate platforms

B.C. could be without a new leader for multiple weeks after Election Day: officials

More than 20K mail-in voting packages were requested within a day of B.C. election being called

Vancouver Island sailor stranded in U.S. hospital after suffering massive stroke at sea

Oak Bay man was attempting to circumnavigate the world solo

Most Read