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SLIDE 1 British Columbia. SLIDE 2 Economy SLIDE 3 Real GDP annual per cent change BC growth outperforms Canada and the US Forecast Sources: Statistics
Dec 20, 2015
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- SLIDE 1 British Columbia
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- SLIDE 2 Economy
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- SLIDE 3 Real GDP annual per cent change BC growth outperforms Canada and the US Forecast Sources: Statistics Canada, BC Ministry of Finance Canada BC
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- SLIDE 4 Year-to-Date Jan Dec 2007/ Jan Dec 2006 Employment+3.2 Retail Sales+7.1 Housing Starts+7.6 Building Permits (Non-Residential)+0.2 Mfg Shipments-3.3 Exports -6.5 (annual per cent change) Domestic economy strong in 2007
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- SLIDE 5 OntarioBCAlberta 25 per cent of BCs trade is with Asia Source: BC Stats Avg annual share of international goods exports by province, 2005-2007
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- SLIDE 6 Forecast annual per cent change in US real GDP Source: Consensus Economics The chart represents forecasts for US real GDP growth in 2007 and 2008 as polled on specific dates. For example, forecasters surveyed on February 11 th, 2008 had an average 2008 US growth forecast of 1.6 per cent, while on June 11 th, 2007 they forecast 2008 US growth at 2.9 per cent. 2008 2007 2.2% Feb 1.6% Feb 200620072008 US outlook deteriorates
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- SLIDE 7 SPF 2X4; $US/000 bd ft Sources: Madisons Lumber Reporter; Ministry of Finance 1998200020022004200620082010 Forecast US$300 Budget 2008 First Quarterly Report 2007 US$213 US$275 2012 Forestry prices remain weak
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- SLIDE 8 Prudence
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- SLIDE 9 Prudence remains important Five levels of prudence maintained in Budget 2008, for 2008/09: Conservative economic assumptions $375M in 1% contingency $750M forecast allowance $50M surplus $200M in 5% capital contingency
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- SLIDE 10 A Budget for Climate Action
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- SLIDE 11 Revenue neutral carbon tax Personal income tax reductions Low income climate action tax credit Corporate income tax reductions Small business corporate income tax reductions 2008/09 through 2010/11; $ millions 1,849 Every dollar raised by carbon tax is returned to taxpayers by law
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- SLIDE 12 Gradual implementation $/tonne of carbon dioxide equivalent emissions Revenue neutral carbon tax
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- SLIDE 13 Revenue neutral carbon tax 44% reduction 75% reduction 100% reduction Senior couple $30,000 Individual $20,000 Family of four $70,000
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- SLIDE 14 Revenue neutral carbon tax (per cent of taxable income)
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- SLIDE 15 Over $1B for climate action Incentives for business such as: Green Ports Initiative Biodiesel Production Incentive Green Lights Transportation Program Venture capital equity tax credit budget increased
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- SLIDE 16 Building on our economic strengths Eliminate corporation capital tax Reduce the school tax rate for major industrial properties Extend and enhance film tax credits
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- SLIDE 17 Budget 2008 increase $2.9 Ministry of Health Budget ($ billions) Budget 2007 increase $2.0 $13.0 6.2% $13.8 5.9% $15.4 5.9% $14.6 $2.9B to support health care
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- SLIDE 18 Debt
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- SLIDE 19 Taxpayer debt remains affordable Forecast Annual debt to GDP ratio 3-year moving average debt to GDP ratio
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- SLIDE 20 Gross Debt: $37.7 Billion Net Debt: $35.0 Billion Estimated for March 31, 2008 Diversified debt portfolio
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- SLIDE 21 Debt management $5.2 billion borrowing program for 2008/09 $4.6 to $5.0 billion in outer years Very manageable borrowing program for AAA credit Will rely on provinces significant access to domestic and international capital markets
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- SLIDE 22 Summary / Budget 2008
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- SLIDE 23 Revenue neutral carbon tax Over $1B for climate change Further tax cuts for businesses and individuals Investments to strengthen our economy Prudent plan Funding for key social services Budget 2008
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- SLIDE 24 Disclosure statements Certain statements used in this presentation are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and not statements of historical fact. These statements are based on the Provinces current estimates or projections and therefore you should not place undue reliance on them. Forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the state of our economy to differ materially from the forecasts and economic outlook expressed or implied by any forward-looking statements. We refer you to the Provinces filings with the U.S. Securities and Exchange Commission for a discussion of the various factors that may affect the Provinces economy. Forward-looking statements speak only as of the date they are made. The Province undertakes no obligation to update any forward-looking statements except as required by law.
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