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BC Surplus Predicted to Grow

By 250 News

Friday, September 15, 2006 01:43 PM

A healthier economic outlook for 2006 is helping to increase British Columbia’s surplus, says Finance Minister Carole Taylor, but emerging economic and natural resource risks still poses challenges for the province.

The First Quarterly Report for 2006/7 was released today, with the surplus for 2006/7 now forecast at $1.2 billion, up from the $600 million expected at budget. Improved surpluses are also being forecast for the following two years.

"Overall, B.C.'s economy is performing very well this year and that's having a positive impact on the Province's bottom line," says Taylor. "But there are a few areas where a watchful eye is needed."

Total revenue for 2006/7 is now predicted to be about $1 billion higher than expected at budget, due to increased taxation revenue and higher BC Hydro income. However, this is offset by a $774 million decrease in natural gas revenue.

Government spending is now forecast to be $722 million higher because of higher forest fire costs, additonal spending by school districts, post secondary institutions and health authorities, and because of Negotiating Framework incentive payments for agreements concluded in 2006/7.

"With any fiscal plan, there are things you can influence and others you can't," says Taylor.


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Comments

Wow, once again we see a forcast surplus and once again we see nothing being done to help the disabled. The Fall legislative assembly could have been used to help the disabled to live an acceptable life but, instead we see them run us down yet again by saying there is nothing to talk about. How heartless can a group of politicians be? I guess the disabled of this province know the answer to that question. More will be seen in the coming months.
I hope they hang onto this surplus because you can bet that it and a lot more will be needed before the 2010 fiasco is over.

No Campbell you don't deserve a raise.
Hopefully the NDP NEVER get another chance to destroy this province.
The liberals are doing just as good of a job....when they get done there won't be much left for the NDP.
Let's use the surplus to pay down the debt that all of the previous governments are responsible for creating.

We are all responsible, because we all voted for all of the previous governments. So, let's get to work and get out of this financial mess.

Debt is a burden and when we are beholding to the bankers, we have no say in how this money is used. Chester
REALIST says "again we see a forcast surplus and once again we see nothing being done to help the disabled"

I must have missed something, what did the disabled do to improve the economy and the availability of money and jobs?
"Debt is a burden and when we are beholding to the bankers, we have no say in how this money is used. Chester"

It costs the Province approximately $7 million dollars DAILY to pay the interest on the provincial debt - more than two and a half billions per year.

Of course, one can think of many good uses (like helping the disabled to a greater degree) that this tax money of ours could be put to, but instead it goes to the banking corporations which created the money out of thin air via a few keystrokes on a computer keyboard.

Gofaster: "The Liberals are doing just as good of a job....when they get done there won't be much left for the NDP."

Well, that is a matter of opinion and facts. The last time the NDP "ruled" it took us from number #1 province to #10 province and a have-not designation.

But, some people believe in punishing themselves over and over again.
I never said the NDP were any better than anyone else....
I for one am getting tired of footing the bill for a bunch of wanna be saviors...
My big issue is if there is that much surplus around then maybe they should save some to pay off the 2010 Olympic fiasco...and we are going to get handed a heafty bill.... I'll bet on it and I am not a bettor...
I never said the NDP were any better than anyone else....
I for one am getting tired of footing the bill for a bunch of wanna be saviors...
My big issue is if there is that much surplus around then maybe they should save some to pay off the 2010 Olympic fiasco...and we are going to get handed a heafty bill.... I'll bet on it and I am not a bettor...
You are spot on: the NDP is not any better than anyone else!

The 2010 Olympics are not a fiasco, yet. I personally was never in favour of the whole idea, so I am keeping a close eye on it.

The infrastructure improvements can be or can not be counted in with the cost of the Olympics. There are different ways of looking at that.

The "highway" to Whistler was way overdue for a total reconstruction already before the bid for the Olympics was successful. There were weekly reports of head-on collisions and many multiple fatalities, something had to be done to improve the safety.

Whatever the outcome, the overrun is mainly due to increased construction costs; wages, materials, fuel costs and so on are up. Nobody could predict $78 dollars/barrel oil, for instance.

The media is having a field day accentuating the negative - that is what they usually do for a living.

In the end it will probably work out alright.

Word association...Surplus..overtaxation! Surplus...overtaxation! Get the picture?
Let's simplify this for you guys and anyone else with zero economic intelligence.

You are paying on a 25 year mortgage with 17 years left to go. You suddenly come into a bunch of money, say around $15,000. You owe $125,000 on your mortgage. Knowing that immediately slamming all of this money onto your mortgage is going to immediately decrease your amortization period with the same payments (pay it off sooner) or lower your payments with the same amortization period (pay it off cheaper), (i.e. if you put surplus government revenue on outstanding debt that is costing millions to service, and keeping taxation rates artificially high)....

Do you :

a) immediately go to the bank and put it all on the mortgage before you blow it on something stupid (lower taxes)

b) buy something you don't need and could have gone without (spend it)

c) save it in case your car breaks down four years from now, and continue to pay enormous interest on your mortgage while earning 1.5% on your saved $15,000 (2010 Olympics)

d) get a big bag of coke and a dozen prostitutes and invite all your friends over (pay off special interest groups whoever or whatever they are, even though every citizen is entitled to benefit from this surplus)

IS this a tough choice ? It seems really easy and common sense to me. Tell me who has a hard time with this ?
I'm going for choice "d"! Choice "b" looks OK too but how many times in your life do you have the cash kickin' around for 12 hookers and a bag o' coke. I'm not sure I agree with the "all your friends" part. Why would you invite those mooch bastards?

Seriously, I agree with "thereasonableman".
Hey Yammy, believe it or not most handicapped(disabled)people actually work and pay the same taxes as any other working person and have to take low paying jobs because that's the way employers look at them handicapped (disabled).

Actually handicapped (disabled)people have a lot to contribute to this province. I know because I have a brother who is handicapped(disabled)and he pays his own way at at a low paying job. Sorry I forgot, he gets a handicapped parking pass.

High commodity prices are giving the BC Liberals room to work with. When those commodities drop watch out, then you will really see that the Liberals had nothing to do with BC's rebound. They are just taking advantage of a good thing.

When the final bill comes in for the 2010 Olympics you can bet we and our great grandchildren will be paying for years to come just like Montreal. All the taxpayer will end up with is an overpriced highway for the elite from Vancouver who like to ski in Whistler.

Go Campbell go while you have the chance.
ACrider:"All the taxpayer will end up with is an overpriced highway for the elite from Vancouver who like to ski in Whistler."

Ever heard of tourism? Job opportunities for disabled workers? I encourage the elite from Vancouver to keep spending its money in Whistler (#1 rated ski resort in North America) and not in Aspen or some other foreign resort.

Are we anti everything? Maybe we should build more casinos/gaming centres at every intersection?

By the way:

What is that huge unsightly crater/pit in front of the Treasure Cove Casino for? Open pit mining?
Does the Casino have a special exemption from the Mayor/City Hall to leave this mess as is forever?

There are by-laws in the City that require residential properties to be kept clean, free of weeds and garbage - how about enforcing the by-laws that apply to commercial developments?

Is this the promised "showcase tourist attraction" at the busiest PG intersection?




After what I just read, the first thing I'm gonna do Monday morning is go to the bank and borrow some money to get out of debt. So there!
word association

surplus .. debt paydown .. surplus .. debt paydown ... get it ?????

now that we have that

debt ... undertaxation .... debt ... undertaxation ...

now that we have that

debt ... overspending .... debt .. overspendings ....

There are many word associations we need to practice.... surplus and overtaxation is not one of them unless there is no debt ....
Hey, diplomat, you took the words right off my computer about that showcase entry to the city .... and this is the guy who is going to "develop" the next place for gambling .... so what will he not be completing there? ... I sure hope the exterior finish is not going to take over a year to complete. ...

I think we have half the orchestra pit dug for a performing arts centre at that intersection.
Actually, I remember when all the hype was going on about the planned Treasure Cove Casino project that it was to include some type of Native Arts Interpretive Centre. As well there were going to be some nature trails along the river - perhaps they are there already?

So perhaps that huge excavation is not the orchestra pit after all.:)-

The question is: WHEN is something going to be done with that ugly scar on the landscape?

Do you think any of the councillors or H.R.H. the Mayor are subscribed to this site and read any of our comments?

Maybe the pit is secretly zoned for R.V. parking and the like. Maybe phase two is in the works. Go find out.
Actually, believe it or not, the Casino Pit is held up as a great example of storm water management. The new zing at the city is everything about water.

The DFO says if you are building and are close to a real creek, you need a set back of 30M, or else you must come and talk to us.

But the city adopted a Super Friendly bylaw cause most councillors are experts in anything, and made the Pay Us zone 50M on each side of any dribble or puddle. Plus the Extra-Wide band also collected more revenue in permits, starting at $1,500.00. Lots of money in regulations, and the city goes after dime.

The latest zing-whoopy from the City Planting Department is that any development must have the same water flow after development as post development. The Casino was all woods before so they had to leave that big useless pit to meet the new water flow/retention calculations. There is no way that eye-sore pit was left by mistake, it's for real! No one seems to have noticed it is all gravel and will not hold water, hee hee!

The cost of development in PG is going up like a rocket because of the weird crap that is creeping in from all sorts of simple minded motherly people.

Buy land if you like it, but you will not be able to change whatever you buy, unless you have major money and professional help. $$$$$$!