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

West Kootenay snowpack nearing record levels

High snowpack can mean a greater risk of flooding in spring, say forecasters

VIDEO: Kootenay Patricks, Montreal Canadiens play to the crowd in Nelson

The charity game was a spectacle from puck drop

Province looking at steps to dissolve Jumbo resort municipality

Disincorporating municipality will likely require a legislative change, according to the province

RCMP still investigating body found between Nelson, Castlegar

Halimi’s body was found between Nelson and Castlegar in May 2018

Almost 20,000 parking tickets issued by Interior Health at hospitals in 2019

In 2018, pay parking in Interior Health hospitals totalled $5.3 million of their $2.2-billion budget

Fashion Fridays: The basics you need for your body type

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

VIDEO: Mass coronavirus quarantines seen in China won’t happen in Canada, authorities say

‘If a case comes here, and it is probably … it will still be business as normal’

Owner surrenders dog suffering from days-old gunshot wound to B.C. SPCA

The dog was also found to be emaciated and suffering from a flea infestation

B.C. man dies after police called for ‘firearms injury’ in rural Alberta

Victim is 30-year-old Greater Victoria man, say police

Was Bigfoot just spotted on a Washington State webcam?

Sherman Pass is rougly 70 kilometres south of Grand Forks, B.C.

B.C. employer health tax wins ‘paperweight award’ for red tape

Businesses forced to estimate payroll, pay new tax quarterly

VIDEO: Dashcam records near-miss by bad driver near Sooke

Driver crossed four lanes of traffic and back over again, barely missing three other vehicles

Most Read