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.
Finance Minister Carole James said the government reduced its debt and achieved a balanced budget despite historic losses at the Insurance Corporation of British Columbia.
James said regardless of what it will cost to fight fires, there is money in the budget.
The audited financial statements were released today, and showed an operating surplus of $301 million for 2017-18, which is $55 million higher than the surplus forecast in the budget update last fall.
Revenue was $571 million higher than the previous year, mostly due to increased federal transfers resulting from revised population estimates and higher taxation revenue.
James said overall, the province is seeing long-term economic growth.
The Canadian Press