Budget 2003 -- Government of British Columbia.
Printer-friendly version Adobe Acrobat Reader link page. (PDF)  
Attestation by the Secretary to Treasury Board  
Part 1: Three-Year Fiscal Plan  
Topic Boxes:
Transportation Investment Plan
Health Care Renewal in British Columbia
Education — Key to Our Future
Crown Corporation Restructuring Update
Converting to GAAP
Opening Up BC to a Strong and Vibrant Economy
Part 2: Revenue Measures  
Part 3: British Columbia Economic Review and Outlook  
Topic Box:
The Economic Forecast Council, 2003
Part 4: 2002/03 Updated Financial Forecast (Third Quarterly Report)  

Other Links.
2003 Service Plans  

BUDGET AND FISCAL PLAN 2003/04 – 2005/06
  Ministry of Finance

February 18, 2003

As required by Section 7(d) of the Budget Transparency and Accountability Act (BTAA), I am confirming that the Budget and Fiscal Plan contains the following elements:

— The economic and fiscal forecasts for 2003/04, which are detailed in Part 1 and Part 3.

— All material economic, demographic, taxation, accounting policy and other assumptions underlying the 2003/04 economic, revenue, expenditure, deficit and debt forecasts are also disclosed. We have disclosed certain key assumptions regarding ongoing or anticipated negotiations, or other issues. In particular:

— Government has provided no additional funding for future wage settlements beyond the 0-0-0 mandate from 2003/04 to 2005/06;

—The status quo will prevail in the U.S. lumber dispute and the B.C. industry will continue under the burden of a 27 per cent tariff;

—No revenues arising from the February 5, 2003 First Ministers’ Accord on Health Care Renewal have been booked, as the precise amounts are uncertain; however since all new revenues will be committed to continuing with health care reforms, there is no expected bottom line effect (subject to the structure ultimately used by the federal government to distribute the funds); and

—The devolution of BC Ferries to a regulated private sector corporation governed by a separate ferry authority is assumed to be complete by March 31, 2003, and to move the corporation outside the government reporting entity.

These and other major areas of risk to the plan known at this time are disclosed in the risks section in Part 1 and in the material assumption tables in the appendix.

— The report on the current advice of the Minister’s Economic Forecast Council on economic growth, including the range of forecasts for 2003 and 2004. This is found at the end of Part 3.

Although not required by the BTAA, the most material assumptions and sensitivities for the subsequent two years of the fiscal plan are also disclosed.

This budget represents a further step for the B.C. government in managing within a three-year fiscal framework, as the government updates the previous year’s plan and extends it into the 2005/06 fiscal year. Three-year forecasts are set out for individual ministries, major revenue sources, capital spending and debt. The ministry spending plans have been developed after review by Treasury Board and Government Caucus Committees. Crown corporation forecasts have been approved by the respective Boards of Directors. In addition, the Budget and Fiscal Plan is accompanied by service plans for ministries and Crown corporations, detailing the outcomes expected from the financial resources provided. The Budget and Fiscal Plan is consistent with the government’s strategic plan.

As required under section 7(e) of the BTAA, the forecast allowance, which is an adjustment to the most likely forecast of the 2003/04 deficit, is also disclosed (see page 34).

Government will continually review its spending and revenues in order to help 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.

Paul Taylor
Deputy Minister and
Secretary to Treasury Board

Ministry of Finance
Mailing Address:
PO Box 9469 Stn
Prov Govt
Victoria BC V8W 9V8

1st Floor - 617
Government Street
Victoria BC


Budget 2003 Home.
Previous. Next.
Feedback. Privacy. Disclaimer. Copyright. Top. Government of British Columbia.