BC Budget 2009 Highlights

The Hon. Colin Hansen, BC Minister of Finance presented the 2009 BC Budget

Highlights include:

1. Creating Thousands of Jobs: We are investing $14 billion dollars in infrastructure projects that will build and renovate K–12 schools and post-secondary institutions, health care facilities and transportation projects, and create up to 88,000 jobs in every part of B.C.
2. Increasing Funding for Health and Education: Funding for the Ministry of Health Services will increase by $4.8 billion over three years while per-pupil funding for the K-12 system will reach its highest level ever and post-secondary institutions will get an additional $228 million over three years.
3. Investing in B.C. Communities: We are committed to ensuring our communities across the province have access to the supports they need to prosper including over $300 million in additional vital social services communities depend on.
4. Delivering the Lowest Provincial Income Taxes in Canada: Individuals earning up to $116,000 per year pay less provincial income tax than any other Canadians. Most British Columbians have seen a provincial income tax cut of at least 37 per cent since 2001 and an additional 250,000 British Columbians no longer pay any provincial income tax.
5. Capitalizing on Economic Recovery: We will take advantage of the opportunities provided by hosting the 2010 Olympic and Paralympic Winter Games, by leveraging our geographic proximity to the vast markets of Asia, and by preparing now to be a leader in the new green economy.
6. Maintaining B.C.’s Fiscal Advantage: Even after two necessary deficits, B.C.’s debt to GDP ratio will be 26 per cent lower than it was in 2002; both corporate and small business income taxes have dropped dramatically since 2001; and B.C. continues to carry a Triple-A credit rating. No province has a higher rating.

Making tough decisions - Proven fiscal management
• A seismic shift in the global economy has had a dramatic impact on B.C., resulting in a sharp decline in revenues necessary to fund government programs and services. Rather than increase taxes or dramatically reduce spending on priority programs — the B.C. government will run its first deficit in five years. The temporary deficit outlined in Budget 2009 will total $495 million in 2009/10 and $245 million in 2010/11. Provincial legislation requires a return to a balanced budget by fiscal 2011/12.

"Obviously, More Good News from the Provincial Liberals and hence why, on May 12th, the BC Liberal Party will be re-elected for a 3rd consecutive term and why also Charlie Wyse will be defeated in Cariboo-Chilcotin Electoral District because he, like his NDP colleagues, see the negative in life and why Donna Barnett, who sees the positives in life, will be elected as the new BC Liberal MLA in Cariboo-Chilcotin"