BC budget highlights

BC Budget 2010 was released in the BC Legislature the afternoon of March 2 by Finance Minister Colin Hansen. The following are highlights of the budget.

by BC Liberal Party.

Supporting Homeowners & Affordable Housing

• Introducing a Northern and Rural Home Owner Benefit by 2011, a benefit of up to $200 – over and above the Home Owner Grant.

• Provide a new property tax deferral program for homeowners with children under the age of 18. Eligible homeowners will have the option of deferring their provincial and local property taxes in recognition of the high cost of raising a family. This program will come into effect for the 2010 property tax year.

Investing in Education

• Increasing per pupil funding to $8,300 in the coming school year. That is the highest in B.C. history.

• Allocating an additional $150 million over three years to fully fund teachers’ wages and benefits, and to offset other cost pressures.

• Annual facilities grants restored to $110 million for school districts between now and March 2011.

• Full day kindergarten for 5 year olds is becoming fully operational, and as it does, annual funding will rise by $129 million by 2012.

• Partnering with the private sector to open new preschools for three and four year olds in neighbourhoods throughout B.C.

Helping Families & Children

• Allocating $60 million over three years for a 2010 Sports and Arts Legacy — half will be used to enhance opportunities among all British Columbians in the arts, such as visual art, music, theatre and dance; and $30 million will be used to increase participation in youth sport including improved athlete and coach development.

• Invest an additional $26 million for child care subsidies, helping 28,000 children every month.

Providing Sustainable Support for Health Care

• Providing new funding for health of $447 million – a total budget increase of over $2 billion since 2009/10. This is the largest share of all the funding increases in Budget 2010.

Maintaining B.C.’s Leadership in Addressing Climate Change

• Supporting energy audits and efficiency retrofits with $35 million more for LiveSmart BC programs over three years.

• Investing $100 million over three years to build on the success of our Innovative Clean Energy Fund.

Supporting Transportation Improvements

• Spending $165 million on additional road and transit improvements.

• Expecting construction of the Evergreen Line through Port Moody and Coquitlam to start in 2011, creating about 8,000 construction jobs.

Forecasting B.C.’s Economic Outlook

• The Ministry of Finance forecasts the economy to grow by 2.2 per cent in 2010, 2.3 per cent in 2011, and return to more normal growth of 2.8 per cent in the medium term.

• The deficit is projected at $1.7 billion in the year ahead; $945 million the following year; and $145 million in the third year of our fiscal plan.

For more information on Budget 2010, visit http://www.bcbudget.gov.bc.ca/2010.

March 2, 2010
BC Liberal Party
Authorized By Jim Pipe, Financial Agent BC Liberal Party.