Budget 2013 Backgrounder: Facts & Figures

News Releases

Key Messages

  • Budget 2013 is a balanced budget

  • To achieve this government has made a series of tough choices

  • Tax increases are measured and manageable

  • Tax increases were inevitable given the need to return to balance

  • Now the provinces fiscal house is in order it is time to look at BC’s long term competitiveness

A Return to Balance

BC will be moving from a $1.2 billion deficit in 2012/13 to a $197 million surplus in 2013/14. This will be achieved through the following four measures;

  • Economic growth – even with growth of only 1.6% the fiscal plan anticipates that this will generate around $390 million.

  • Expenditure growth management – by controlling government spending the fiscal plan anticipates savings of $260 million

  • New tax measures – targeted tax increases will generate $300 million

  • Property and asset sales - $475 million from the sale of government assets

These measures combined represent $1.4 billion dollars of new revenue for government in 2013/14.

Read the full 2013 Budget Backgrounder (.pdf)