—

The fiscal and economic forecasts for 2002/03, which are detailed in Chapters 1 and 2.

—

Although not required by the BTAA, key assumptions and sensitivities for the subsequent two years of the fiscal plan are also disclosed, as well as the main risks to the plan known at this time.

—

The report on the current advice of the Minister's Economic Forecast Council on economic growth, including the range of forecasts for 2002 and 2003. This is found at the end of Chapter 2.

This budget represents a significant change in the nature of decision-making and planning within the British Columbia government. For the first time, three-year forecasts are set out for each individual ministry, major Crown corporation, major revenue sources, capital spending and debt. The ministry spending plans have been developed after extensive review by Treasury Board, the Core Services Review process and Government Caucus Committees. The Crown corporation forecasts have been approved by the respective Boards of Directors. In addition, the budget and three-year fiscal plan is accompanied by service plans for Ministries and Crown corporations, detailing what is to be accomplished using the financial resources available to them. The Budget and Fiscal Plan is also consistent with the government's strategic plan.

As required under section 7(e) of the BTAA, the adjustment to the most likely forecast of the 2002/03 deficit is also disclosed (see page 63).

Government will continually review its spending and revenues in order to ensure the balanced budget target is achieved. As significant new developments occur, their effect on the fiscal plan will be disclosed in the Quarterly Reports, or as required by legislation.

I would like to thank staff in all government ministries, including the Ministry of Finance, and Crown corporations for their work in development of their plans and preparation of these multi-year economic and financial forecasts.

Deputy Minister and
Secretary to Treasury Board