British Columbia ended the second quarter of its fiscal year with $5 billion more in revenues than expected earlier this year. The operating surplus was expected to be $700 million, and is now forecast to be $5.7 billion.
The Hon. Selina Robinson, Minister of Finance, credited faster than expected economic recovery, reflected in the fact that income tax revenue from the federal government that was much higher than expected. Personal and corporate income taxes and well as sales tax and natural gas royalties were all higher than forecast.
The Minister noted that the total $5.7 billion in operating surpluses positions the province to continue delivering on issues like housing, public safety, health care, climate change, and building a sustainable economy.
BC Liberal Leader Kevin Falcon said that inflation has been good for Premier David Eby, but tough on families. He called on the NDP to make life more affordable for families, including ending the sales tax on used cars under $20,000, suspending the gas tax temporarily, and having MLAs freeze their salaries so they don't profit off of inflation.
The full report is available here: https://www2.gov.bc.ca/gov/content/governments/finances/reports/quarterly-reports