BC Gov News

The B.C. government releases public accounts every summer to provide people with an accounting of provincial revenues and expenses from the previous year.

Budget 2023 prioritized investments in front-line services like health and mental-health care, creating more affordable housing, growing a clean economy, supporting people to get good jobs, and delivering more help with costs for people and families affected by global inflation.

• Budget 2023 estimated a deficit of $4.216 billion. The actual operating result was a deficit of $5.035 billion.
• Year-end revenues were $1.933 billion higher than budget due to the increased revenues from most sources, such as earnings from commercial Crowns, prior year federal tax adjustments and federal contributions. Gains were offset by reduced revenues from natural resources due to lower resource prices and volumes.
• Year-end expenses were $3.452 billion higher than budget to respond to climate emergencies and deliver services, including health care for a growing, aging population.
• To deliver the housing people need in communities across B.C., the Homes for People plan was launched to speed up delivery of new homes, increase the supply of middle-income housing, fight speculation and help those who need it the most.
• To grow a strong economy, the Province launched the Future Ready Action Plan to help thousands of people get the skills they need to access good jobs.
• The Province took action to help people with everyday costs, such as:
  • expanding affordable child care;
  • permanently increasing the BC Family Benefit by 10%;
  • introducing renter’s tax credit; and
  • making prescription birth control free.

Capital spending

The Province spent $8.8 billion on taxpayer-supported capital projects to build schools, roads, public transit, hospitals and housing.

This includes:

• $3 billion for key health facilities
• $2.4 billion to expand and improve B.C.’s transportation network
• $2.1 billion for K-12 and post-secondary schools

Economic and fiscal highlights

• Provincial real GDP grew by 1.6% in 2023, higher than national average and above the 1.0% forecast in Budget 2024.
• B.C.’s unemployment rate for 2023 was 5.2%, below the national average of 5.4%.
• Employment grew by 1.6% in 2023.
• B.C.’s average hourly wage is $36.59, the highest among provinces.
• B.C. home construction activity strengthened in 2023. Housing starts totalled 50,490 units in 2023, the Province’s highest annual pace on record and up 8.1% compared to 2022.
• Taxpayer-supported debt increased by $15.514 billion, with a debt-to-GDP ratio at 18.5%, among the lowest in the country.
• B.C. maintained strong credit ratings: Moody’s: Aaa; Standard & Poor’s: AA-; Fitch: AA+; DBSR Morningstar: AA (high)

Updated Aug. 23, 2024

This is the 17th year that government has disclosed the total compensation paid to senior management employees working in key decision-making positions across B.C.’s public sector. The annual disclosure reflects the compensation decisions made prior to March 31 for the fiscal year of 2023-24.

Public-sector executives lead in the planning and delivery of services that support communities in every corner of the province as they help to deliver historic investments in health, housing, child care and infrastructure. Total compensation reflects executives’ responsibilities to deliver the public services people depend on, making life more affordable and building a clean, strong economy that works for everyone.

B.C. is a national leader in its reporting standards for executive compensation, which includes base salary, benefits (both taxable and non-taxable), perquisites, employer-paid pension contributions, allowances, including vehicle, retirement, long-service or any other payments such as merit/incentive-based pay, as well as an explanation of the compensation paid. 

Disclosure statements can be found on the websites of the employers, as well as the Public Sector Employers’ Council Secretariat: https://www2.gov.bc.ca/gov/content/governments/services-for- government/public-sector-management/compensation/executive-compensation-disclosures