B.C. forecasting $706M surplus for current fiscal year, minister says
Report shows financial improvements in coming years, but persistent deficits
British Columbia's financial outlook is showing improvements, with a budget surplus of $706 million forecast for the current fiscal year.
Finance Minister Selina Robinson said preliminary financial numbers for the first three months of 2022-23 show the province is in a strong position despite ongoing global economic risks.
The quarterly report Robinson posted Monday also indicates financial improvements over the next three years, but includes forecasts of budget deficits for two of the three years.
The government recently announced the province's final audited budget for 2021-22 produced a surplus of $1.3 billion following earlier forecasts of a $9.7 billion deficit.
Robinson said the earlier deficit forecast was made during the darkest days of the ongoing COVID-19 pandemic, when the province and other governments were preparing for the worst but hoping for the best.
Last week, the B.C. government announced a $600-million relief plan to help families most in need as costs for goods and services rise.