B.C. maintained budget surplus for 2017-18, despite increased spending
VICTORIA — British Columbia maintained its budget surplus in the last fiscal year even though it boosted spending on government programs by almost $3 billion and covered significant expenses from disastrous wildfires in 2017.
The 2017-18 public accounts released Tuesday by Finance Minister Carole James showed an operating surplus of $301 million for the year, which is $55 million higher than the surplus forecast in the budget update last fall.
She said the government reduced its debt and achieved a balanced budget despite historic losses at the Insurance Corporation of British Columbia.
“Our surplus is modest but also higher than anticipated in our last quarterly report,” she said. “We are maintaining reasonable surpluses throughout our fiscal plan despite the challenges that we have been left with.”