Government undertakes fiscal sustainability review

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Carole James, Finance Minister

Victoria: To help inform the development of Budget 2018 and the next three-year fiscal plan, Finance Minister Carole James announced a review of financial information submitted to the Province by specific Crown corporations and the broader schools, universities, colleges and health (SUCH) sector.

Independent consultants have been contracted to help the provincial government assess the quality of financial information built into the baseline assumptions in the budget development process. The goal of the review is to assess the information, evaluate risks and identify options that will assist the Province with developing, monitoring and managing to its overall fiscal plan targets.

The review covers selected significant Crown corporations including:

  • BC Lottery Corporation;
  • BC Hydro;
  • Insurance Corporation of British Columbia;
  • Liquor Distribution Branch; and
  • BC Housing Management Commission (including Provincial Rental Housing Corporation).

In addition, the review will include a high-level assessment of the information provided by SUCH sector entities through the ministries responsible for their fiscal planning, monitoring and management.

The review will be completed in advance of Budget 2018 in order for information to be incorporated and reflected in Budget 2018.

Carole James, Minister of Finance said: “This review will help inform the decisions we make as a government as we work to build Budget 2018. My expectation is that the review will give government a better picture of the risks, finances and fiscal forecasts of significant Crown corporations and SUCH sector entities, so that we foster long-term fiscal sustainability in planning and developing our budgets and decisions. Every additional dollar that is carefully managed can be used to help make life more affordable for people, invest in services and build a strong, sustainable economy.”