Province ends fiscal year with surplus of $730 million

The BC government ended the fiscal year for 2015-2016 with a surplus of $730 million, finance minister Mike de Jong announced Thursday.

Additional tax revenue resulted in an extra $1.5 billion than the pervious year, while the government says they committed an additional $2.4 billion to health, education, and natural resources.

An increase in income tax revenue resulted in $304 million extra, while corporate taxes, the property transfer tax, and provincial sales tax also added to the surplus.

“Renewed economic challenges both in Canada and abroad show the importance of British Columbia’s commitment to prudent fiscal management, says de Jong in a statement. “British Columbia’s position as a fiscal leader among provinces has given us the flexibility to make affordable investments in priority areas while continuing to pay down the operating debt.”

Provincial debt, however, did increase by $2.4 billion, $1.5 billion of which was self-supported.

De Jong says BC has strong credit ratings with Moody’s, Standard and Poor’s, and Dominion Bond Rating Service.