British Columbia Overall Debt Figures 1991 through to 2007

Total Borrowed Borrowed Net

Time in Poltical Provincial Repaid or Accumlation Document
Office Party Year Deficit or Minus = Repaid or Identifer
Surplus Borrowed Deficit
Millions Millions Millions
Nov 04, 1991 Socreds 1990/1991 -17,262.40
Nov 05, 1991 NDP 1990/1991 -17,262.40 1970-1999 Budget deficit Report on Pg32
1991/1992 -20,040.80 -2,778.40 Borrowed 1970-1999 Budget deficit Report on Pg32
1992/1993 -23,411.10 -3,370.30 Borrowed 1992-1994 Budget deficit Report on Pg88
1993/1994 -25,916.70 -2,505.60 Borrowed 1992-1994 Budget deficit Report on Pg88
1994/1995 -27,049.80 -1,133.10 Borrowed 1995-1997 Budget deficit Report on Pg102
1995/1996 -28,712.70 -1,662.90 Borrowed 1995-1997 Budget deficit Report on Pg102
1996/1997 -29,240.00 -527.30 Borrowed 1995-1997 Budget deficit Report on Pg102
1997/1998 -30,355.00 -1,115.00 Borrowed 1998-2001 Budget deficit Report on pg94
1998/1999 -32,233.00 -1,878.00 Borrowed 1998-2001 Budget deficit Report on pg94
1999/2000 -34,451.00 -2,218.00 Borrowed -17,188.60 1998-2001 Budget deficit Report on pg94
May 15, 2001 NDP 2000/2001 -33,835.00
May 16, 2001 Liberals 2000/2001 -33,835.00 616.00 Repaid 1998-2001 Budget deficit Report on pg94
2001/2002 -36,082.00 -2,247.00 Borrowed 2002-2005 Budget deficit Report on Pg144
2002/2003 -36,853.00 -771.00 Borrowed 2002-2005 Budget deficit Report on Pg144
2003/2004 -37,735.00 -882.00 Borrowed 2002-2005 Budget deficit Report on Pg144
2004/2005 -35,839.00 1,896.00 Repaid 2003-2007 Budget deficit Report on Pg15
2005/2006 -34,385.00 1,454.00 Repaid 2003-2007 Budget deficit Report on Pg15
2006/2007 -33,347.00 1,038.00 Repaid 2003-2007 Budget deficit Report on Pg15
2007/2008 -34,673.00 -1,326.00 Borrowed 2005-2009 Budget deficit Report on Pg15
Current Liberals 2008/2009 -$38,014.00 -3,341.00 Borrowed -3,563.00 2005-2009 Budget deficit Report on Pg15

The Document Identifier Column contains links to actual Provincial

Reports. If you click there, go to the page number listed to view the
actual debt figures.

Yellow marked squares indicate discrepancy between figures in that

report and the one following. Being that the following report is
newer, is probably the correct value.
 Chartered Accountants Say B.C. Budget Grows Debt, Not Economy
NEWS Release
For Immediate Release
March 15, 2001

Victoria - B.C.'s Chartered Accountants said that today's B.C. budget ignored fiscal and economic realities by dramatically increasing
spending at a time of slowing economic growth. The government has decided to increase B.C.'s total provincial debt by $850 million
in 2001/2002 to $34.7 billion, and it continues to ignore questions about competitiveness and sustainability. "Today's announced
spending increases are not sustainable," said Richard Rees, FCA, CEO of the Chartered Accountants of British Columbia. "The
government has decided to grow the debt rather than grow the economy, and that's not fiscally responsible."

The Chartered Accountants also said that the government has used a one-time change in pension administration to show a surplus for
2001/2002, but the reality is that the entire surplus is simply a paper transaction and no money is available to spend. While the
accounting for the $1.4 billion transaction is technically correct, the CAs stated that it does not provide any funds to the government.
Without the pension change, the government has no surplus.

The Chartered Accountants also warned that the economic growth forecast of 2.4 per cent in 2001 may be unrealistic. The CAs point
out that Scotiabank economists have downgraded their forecast for B.C. to just 1.7 per cent in 2001, and economic news from the
United States continues to be on the downside.

"The B.C. government was ignoring current economic trends when it wrote this budget," said Rees. "B.C. has lost over 20,000 jobs so
far in 2001, investment in B.C. is expected to decline by 1.2 per cent, and the U.S. economy is slowing dramatically. Yet, the
assumptions in this budget are optimistic."

Rees pointed out that the budget completely ignored the dramatic business and personal tax reductions taking place in other provinces.
He noted that both Alberta and Ontario have announced business tax cuts that will be fully implemented in 2004 and 2005
respectively. In a few years, a business with taxable income between $200,000 and $400,000 will pay a general corporate income tax
rate of 16.5 per cent in B.C., compared to just 3 per cent in Alberta and 4 per cent in Ontario. Businesses with taxable income over
$400,000 will pay double the corporate income tax rate than will their counterparts in Alberta and Ontario (16.5 per cent versus 8 per
cent).

"From 1994 to 1999, B.C. had a net loss of 469 corporate charters to other provinces, and todays' budget will do nothing to stop an
exodus of corporations to other provinces from continuing," said Rees. "Nor will it stop B.C.'s professionals from fleeing the
province." Over 36,000 people have left the province since 1998.
Chartered Accountants Say B.C. Budget Grows Debt, Not Economy Cont’d
"It's no wonder since the budget failed to act on the growing personal tax gap between British Columbians and Albertans," stated
Rees. "Alberta recently increased its basic exemption to $12,900, compared to $8,000 in B.C. And with Alberta's 10 per cent flat tax,
both lower and upper income earners have more money in their pockets than they do in B.C."

The Chartered Accountants of B.C. also expressed disappointment that the Budget Transparency Act was not amended and the public
accounts will continue to receive a qualification by the Auditor General for being incomplete. The Auditor General qualified the
1999/2000 Public Accounts for excluding a $13 million deficit in the SUCH sector.

The 8,000 CAs in B.C. provide expert advice to a variety of small and large businesses; are key members of management teams; or
consult to private industry and the private sector. As members of the Institute of Chartered Accountants of B.C., they adhere to a
strictly enforced code of conduct and ongoing professional development.

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For more information, contact:

Craig Fitzsimmons
Public Affairs Manager
Tel: (604) 488-2625