Provincial Budget Highlights

By 250 News

Prince George, B.C.- The Budget delivered today by  the Provincial government invests almost $14 billion in infrastructure projects in every region of British Columbia. The Province will move forward on its
capital plan and partner with the federal government and municipalities to build and upgrade housing, hospitals, schools and roads. These new and accelerated investments will generate as many as 88,000 jobs across
B.C.

"Our immediate investment in infrastructure will help stimulate the economy, maintain stability and keep British Columbians working during the downturn - every job counts," said Finance Minister  Colin Hansen said. "With our federal and
municipal partners, we will build the assets we need to support future growth and development in our province."

$1.9 billion will be reallocated to strengthen health, education and social services.

The budget maintains funding for kindergarten to Grade 12 education, resulting in per-student funding of $8,242, the highest level in B.C.
history.

The budget invests $228 million over three years in post-secondary education to enhance access to institutions, expand health education programs, and fulfil the commitment to increase the number of trained physicians in B.C. 

There is an investment of  $351 million to support income assistance, programs for adults with developmental disabilities, and funding for healthy child and family development.

 The deficit is forecast to be $495 million for 2009/10 and $245 million for 2010/11, with a return to balanced budgets by 2011/12.


* Increase the low income climate action tax credit by 10 per cent to  $115.50 per adult and $34.50 per child, effective July 1, 2011;
* Provide a Northern and Rural Homeowner benefit of up to $200  beginning in 2011;
* Increase the Industrial Property Tax Credit to 60 per cent from 50  per cent beginning in 2011; and
* Reduce school property taxes for farm land by 50 per cent beginning  in 2011.
 

The carbon tax will increase to $15 per tonne of associated carbon dioxide equivalent emissions, effective July 1, 2009. This will  increase the taxes on a litre of gasoline by 1.17 cents and by 1.35  cents on a litre of diesel and home heating oil. Each year, the carbon tax will increase by $5 per tonne, until it reaches $30 per tonne in 2012.


* $920 million to health care in 2011/12, in addition to $3.9 billion over three years in previously allocated funding.
* $351 million over three years to improve social services and programs that enhance the quality of life for British Columbians in need.
* $244 million for post-secondary institutions and to support B.C.'s immigrant workers.
* $479 million over four years to support economic activity in communities and to maintain B.C. as a leader in environmental protection.

* $14 billion in infrastructure projects to build and upgrade housing, schools, hospitals, transit, and roads  around the province.

The fiscal plan includes contingencies of $385 million in 2009/10, $300 million in 2010/11, and $250 million in 2011/12 to help ensure fiscal targets are met.

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