Finance Minister Mike de Jong called it a fiscal hat trick on Tuesday in Victoria. De Jong tabled the Liberal government’s third consecutive balanced budget, saying that this budget builds toward a stronger and more diversified economy and delivers additional support to those in B.C. who are in need.
“The discipline we showed through the recession to bring the budget into balance has given us the flexibility to make modest, strategic investments that maintain public services like health care and education as well as strengthen and encourage growth in key economic sectors,” said de Jong. “Budget 2015 helps make life a little easier for families and those in need. Starting in September, parents receiving both income and disability assistance and child support payments from a non-custodial parent will be able to keep every dollar they receive in child support over and above what they receive in assistance.”
Some highlights include: $106 million in additional funding over three years for Community Living B.C., $20 million in additional funding for income assistance programs, $5 million to enhance the B.C. tax credit, allowing individuals to earn more than $19,000 a year before paying any provincial income tax, $3 million for a new children’s fitness equipment tax credit, allowing families to claim up to $250 a year for equipment costs. This is in addition to the existing $500 children’s fitness and arts tax credit.
There is also a $3 billion increase to health and $564 million in education funding.
The business community around the province was welcoming the budget and what it contained.
“While not a flashy budget, government’s strong, fiscal management is providing additional flexibility for future years,” said B.C. Chamber of Commerce president and CEO John Winter.
The labour and union sectors, however, say the budget misses the mark.
“It is extremely disappointing that the government is giving a tax break to the highest earners in our province, but are willing to leave our lowest paid workers living in poverty,” said B.C. Federation of Labour president Irene Lanzinger.
Powell River-Sunshine Coast NDP MLA Nicholas Simons was equally unimpressed.
“The budget surplus makes Sunshine Coasters wonder why government can’t think of anything at all to support our families and businesses — like maybe holding off on the camping fee increases, or the ferry fare increases scheduled for April 1,” Simons said. “The only tax cuts in this budget were to the top two per cent of earners — people who make over $150,000 per year. Meanwhile, hydro rates are up six per cent this year, MSP up four per cent, ICBC 5.2 per cent and ferries 3.9 per cent.”
For more details on the budget see: www.bcbudget.ca.
