B.C. Finance Minister Colin Hansen released on Tuesday the last economic snapshot of the provincial economy before the harmonized sales tax took effect on July 1.
The update for the first three months of the fiscal year that started in April shows growth in the B.C. economy is now expected to improve government revenues, compared to budget forecasts last spring.
Here are the highlights:
What is up: Corporate income-tax revenue: $674-million. Harmonized sales-tax revenue: $35-million. Tobacco and fuel tax revenues: $91-million. Firefighting spending: $220-million.
What is down: Personal income-tax revenue: $120-million. Natural-gas royalties: $166-million.
Bottom line: Projected deficit is now $1.4-billion (down from $1.7-billion).
Justine Hunter