BUDGET AND F P

BUDGET AND FISCAL PLAN

2020/21 ? 2022/23

February 18, 2020

National Library of Canada Cataloguing in Publication Data British Columbia. Budget and fiscal plan. ?- 2002/03/2004/05Annual Also available on the Internet. Continues: British Columbia. Ministry of Finance and Corporate Relations. Budget ... reports. ISSN 1207-5841 ISSN 1705-6071 = Budget and fiscal plan -- British Columbia. 1. Budget -- British Columbia -- Periodicals. 2. British Columbia -- Appropriations and expenditures -- Periodicals. I. British Columbia. Ministry of Finance. II. Title. HJ12.B742 352.48'09711'05 C2003-960048-3

BUDGET AND FISCAL PLAN 2020/21 to 2022/23

February 18, 2020

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Attestation by the Secretary to Treasury Board

Summary............................................................................................................................................................. 1

Part 1: Three Year Fiscal Plan Introduction......................................................................................................................................................... 7 Expense................................................................................................................................................................ 8

Consolidated Revenue Fund Spending.................................................................................................... 8 Making Life More Affordable....................................................................................................... 8 Services British Columbians Count On........................................................................................ 11 Building a Strong and Sustainable Economy that Works for Everyone.......................................... 17

BC Public Service.................................................................................................................................... 26 Public Sector Compensation - Sustainable Services Negotiating Mandate............................................... 26 Protecting Core Programs and Services through Expenditure Management............................................. 26 Recovered Expenses................................................................................................................................. 26 Operating Transfers................................................................................................................................. 27 Service Delivery Agency Spending........................................................................................................... 27 Revenue............................................................................................................................................................... 30 Major Revenue Sources........................................................................................................................... 32 Capital Spending.................................................................................................................................................. 38 Taxpayer-Supported Capital Spending.................................................................................................... 38 Self-Supported Capital Spending............................................................................................................. 47 Projects Over $50 Million....................................................................................................................... 48 Provincial Debt.................................................................................................................................................... 53 Risks to the Fiscal Plan......................................................................................................................................... 55

Tables: 1.1 Three Year Fiscal Plan................................................................................................................... 7 1.2.1 BC Child Opportunity Benefit..................................................................................................... 8 1.2.2 Earnings Exemptions.................................................................................................................... 13 1.2.3 Investments in Support Services for People................................................................................... 14 1.2.4 Justice and Community Safety Investments.................................................................................. 16 1.2.5 CleanBC - Operating, Capital and Contingencies Allocations...................................................... 18 1.3 Revenue by Source....................................................................................................................... 28 1.4 Expense by Ministry, Program and Agency................................................................................... 29 1.5 Comparison of Major Factors Underlying Revenue...................................................................... 31 1.6 Personal Income Tax Revenue...................................................................................................... 32 1.7 Corporate Income Tax Revenue.................................................................................................... 33 1.8 Sales Tax Revenue......................................................................................................................... 33

BUDGET AND FISCAL PLAN - 2020/21 to 2022/23

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TABLE OF CONTENTS

1.9 Federal Government Contributions.............................................................................................. 36 1.10 Capital Spending.......................................................................................................................... 38 1.11 Capital Expenditure Projects Greater Than $50 Million............................................................... 50 1.12 Provincial Debt Summary............................................................................................................ 54 1.13 Provincial Debt Changes.............................................................................................................. 55 1.14 Key Fiscal Sensitivities.................................................................................................................. 55

Topic Boxes: Economic Foundation to Support a Sustainable Budget and Fiscal Plan.................................................. 21 Provincial Transportation Investments..................................................................................................... 45

Part 2: Tax Measures Tax Measures? Supplementary Information........................................................................................................ 62 Tables:

2.1 Summary of Tax Measures............................................................................................................ 61

Part 3: British Columbia Economic Review and Outlook Summary.............................................................................................................................................................. 69 British Columbia Economic Activity and Outlook............................................................................................... 69

Labour Market........................................................................................................................................ 70 Consumer Spending and Housing........................................................................................................... 71 Business and Government....................................................................................................................... 74 External Trade and Commodity Markets................................................................................................. 74 Demographics......................................................................................................................................... 76 Inflation.................................................................................................................................................. 76 Risks to the Economic Outlook........................................................................................................................... 77 External Outlook................................................................................................................................................. 77 United States........................................................................................................................................... 78 Canada.................................................................................................................................................... 80 Asia......................................................................................................................................................... 82 Europe.................................................................................................................................................... 83 Financial Markets................................................................................................................................................. 83 Interest Rates........................................................................................................................................... 83 Exchange Rate......................................................................................................................................... 85 A GBA+ Look At B.C.'s Labour Force.................................................................................................................. 89 Introduction ............................................................................................................................................. 89 Labour Force and Participation Rate....................................................................................................... 89 Employment........................................................................................................................................... 90 Average Hourly Wage Rate...................................................................................................................... 91 Unemployment Rate............................................................................................................................... 92 Labour Market Indicators for Indigenous Peoples................................................................................... 92

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BUDGET AND FISCAL PLAN - 2020/21 to 2022/23

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