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

 

Just Posted

Bella Coola grateful for help from Canadian Animal Assistance Team

Over two hundred animals received assistance from the team

B.C. oil tanker ban squeaks through final vote in Senate

Bill C-48 bars oil tankers from loading at ports on B.C’s north coast

Carey Price brings young fan to tears after surprising him at NHL Awards banquet

Anderson Whitehead first met his hockey idol after his mother died of cancer

VIDEO: Driver doing laps in busy Vancouver intersections nets charges

Toyota Camry spotted doing laps in intersection, driving towards pedestrians

Every situation is different, jurors hear at coroners inquest into Oak Bay teen’s overdose death

Pediatrician says involuntary treatment necessary following overdose, opioid use

RCMP across Canada to soon unionize, according to B.C. mayor

A spokeswoman for RCMP headquarters in Ottawa says it’s not yet a done deal

Explicit sex-ed guide for adults mistakenly given to Creston elementary students

The booklet clearly states online and inside that the guide contains sexually explicit information

Driver has $240K McLaren impounded minutes after buying it in West Vancouver

Officers clocked the car travelling at 160 km/h along Highway 1 in a 90 km/h zone

Former Vernon Judo coach pleads guilty to child pornography charges

Bryan Jeffrey McLachlan is set to return to court Sept. 4 for sentencing

B.C. Olympic skier sues Alpine Canada after coach’s sex offences

Bertrand Charest was convicted in 2017 on 37 charges

Former Canucks goalie Roberto Luongo to retire

‘Bobby Lou’ calls it a career after 19 NHL seasons

Most Read