B.C. posts $704 million budget surplus for 2022-2023, say audited public accounts

An audited public accounting of British Columbia’s financial records shows the province posted a surplus of more than $700 million in the 2022-2023 budget year.

Finance Minister Katrine Conroy outlined the province’s financial performance in the government’s public accounts for the fiscal year ending March 31, 2023.

The government’s budget forecasts have been on an up-and-down ride for the past two years, with the 2022-2023 budget originally forecast in February last year to show a $5.5 billion deficit, before that was revised to a surplus of almost $6 billion, then downgraded to a $3.6 billion surplus.

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The final numbers now show a surplus of $704 million.

“We paid down the debt and we eliminated our operating debt entirely. As we look ahead, we can see that there are more challenges on the horizon — around the world, across Canada, and here in B.C. That makes it all the more important to make investments to support people when we have that opportunity,” Conroy explained Wednesday.

“We continue to see B.C.’s economy bounce back quickly, and we used our resources to help people being hit hard by rising costs. We also focused on building a stronger future for everyone and invested in economic innovation, protecting our environment, and the critical services and infrastructure that will continue to serve us well in the years ahead.”

She forecast three years of consecutive budget deficits last March, with the current 2023-2024 budget projected to bring a deficit of $4.2 billion.

The finance minister adds the audited public accounts show B.C.’s economy grew by 3.6 per cent, tied for fourth highest among the provinces and equal to Canada’s national growth.