CANADA, August 30 - The B.C. government releases Public Accounts every summer to provide people with an accounting of provincial revenues and expenses from the previous fiscal year.

Budget 2022 prioritized government investments in areas needed to build a stronger B.C. and make life better for people, including investments to fight climate change and protect people and communities from climate-related disasters, helping with the cost of living by reducing child care costs, investing to grow an inclusive and sustainable economy, and continuing to strengthen the public services people rely on.

Budget 2022 estimated a deficit of $5.46 billion. The actual operating result was a surplus of $704 million.

Fiscal year-end revenues were $12.98 billion higher than the budget due to increased revenues in almost all categories as economic recovery improved.

Expenses were $7.8 billion higher than budget, including $2.7 billion in supplementary estimates spending.

Increased Revenue – $12.98 billion

• Personal and corporate income tax returns increased by $8.9 billion due to higher-than-expected revenues from big corporations and high-income earners, strong economic growth and employment.
• Natural resource revenues, primarily driven by natural gas prices, increased by $2.8 billion.
• Federal contributions increased by $1.2 billion, primarily from increased social and health transfers due to population growth.
• Net other miscellaneous revenues increased by $698 million.
• Revenue from commercial Crowns decreased as ICBC saw higher claim costs and declines in investment income. BC Hydro ended the year with positive, but lower than forecast net income as it supported people and businesses with affordability credits.

Increased Investments – $7.8 billion

• $2.7 billion in supplementary estimates:
  • $75 million to accelerate existing reconciliation agreements with First Nations;
  • $150 million for the BC Cancer Foundation;
  • $100 million for a watershed security fund;
  • $1 billion for the Growing Communities Fund;
  • $450 million for Critical Community Infrastructure funding;
  • $160 million for food security initiatives;
  • $150 million for local, Indigenous and remote communities to get ready for Next Generation 911 services;
  • $85 million for highway and community cellular connectivity;
  • $45 million for public libraries; and
  • $500 million to support BC Ferries fare affordability.
• $1.5 billion to help people with the cost of living:
  • Increased Climate Action Tax Credit and BC Affordability Credits in October 2022, January 2023 and April 2023.
• $1.23 billion to protect renters by helping non-profit housing organizations purchase and preserve affordable and low-cost units and to expand shelter programs so that more people can access essential supports.
• $2.37 billion for other expenses, including $1.5 billion for new collective agreements for public sector workers, over $500 million for wildfire and emergency response costs and $375 million for refundable tax credits for people related to the 2021 tax year.

Capital Investments

• The Province invested $6.76 billion in building hospitals, schools, public transit, roads and other infrastructure people depend on, $753 million more than the previous year.

Economic and Fiscal Highlights

• Provincial GDP grew by 3.6% in 2022, tied for fourth highest among provinces and equal to the national average. This was above the 2.8% forecast in Budget 2023.
• B.C.’s unemployment rate for 2022 was near record lows at 4.6%, supported by the continued recovery and population growth.
• Employment increased 3.2% in 2022; above the 2.8% forecast in Budget 2022.
• Total Provincial debt decreased year-over-year by $1.2 billion, and the operating debt incurred during the pandemic was eliminated.
• Taxpayer-supported debt decreased by $2.4 billion. Taxpayer supported debt-to-GDP ratio is 15.4%, the lowest in the country.
• B.C.’s credit ratings remain the highest in the country across the four agencies: Moody’s: Aaa; Standard and Poor’s: AA; Fitch: AA+; DBSR Morningstar: AA (high).