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British Columbia Financial & Economic Review 2009

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British Columbia Financial & Economic Review 2009 2009 BRITISH COLUMBIA FINANCIAL AND ECONOMIC REVIEW 69th EDITION Visit our website at: www.gov.bc.ca/fin APRIL 2008 TO MARCH 2009 Ministry of Finance 2009 British Columbia Financial and Economic Review 69th Edition (September 2009) Table of Contents Table of Contents i Chapter One — Economic Review ................................................................................................................ 1 2008 Overview ............................................................................................................................................ 3 External Environment .................................................................................................................................. 3 United States Economy ......................................................................................................................... 3 Canadian Economy ............................................................................................................................... 4 International Economy ......................................................................................................................... 4 Financial Markets .................................................................................................................................. 5 British Columbia Economy ......................................................................................................................... 6 Exports .................................................................................................................................................. 7 Population ............................................................................................................................................. 9 Labour and Income Developments ........................................................................................................ 10 Prices and Wages ................................................................................................................................... 11 Consumer Expenditure and Housing .................................................................................................... 12 Industrial Structure and Performance .................................................................................................... 12 Tourism ................................................................................................................................................ 13 Conclusion .................................................................................................................................................. 14 Charts 1.1 Canada and British Columbia economic growth ........................................................................ 3 1.2 External economic growth .......................................................................................................... 5 1.3 Canadian dollar .......................................................................................................................... 6 1.4 British Columbia real GDP by component ................................................................................ 6 1.5 Export shares by market ............................................................................................................. 8 1.6 Lumber and natural gas prices .................................................................................................... 9 1.7 British Columbia population by age and sex, 2008 ..................................................................... 10 1.8 British Columbia building permits by category .......................................................................... 12 1.9 Visitor entries to British Columbia ............................................................................................. 13 1.10 British Columbia tourism industry ............................................................................................. 14 Map 1.1 Net interprovincial and international migration in BC, 2008 ............................................... 9 Tables 1.1 British Columbia Population and Labour Market Statistics ........................................................ 11 1.2 Price and Earnings Indices .......................................................................................................... 11 Chapter Two — Financial Review .................................................................................................................. 15 2008/09 Overview ....................................................................................................................................... 17 Revenue ....................................................................................................................................................... 18 Expense ....................................................................................................................................................... 23 Expense Results by Function ................................................................................................................. 24 Provincial Capital Spending .......................................................................................................................... 26 Provincial Debt ............................................................................................................................................ 29 Taxpayer-supported Debt ...................................................................................................................... 30 Self-supported Debt .............................................................................................................................. 30 Debt Indicators ............................................................................................................................................ 32 Credit Rating ............................................................................................................................................... 33 Statement of Financial Position .................................................................................................................... 33 Unfunded Pension Liabilities ....................................................................................................................... 35 2009 Financial and Economic Review – September 2009 ii Table of Contents Topic Box Review of the Province’s Financial Condition ........................................................................................ 37 Charts 2.1 2008/09 Surplus – major changes from Budget 2008 .................................................................. 17 2.2 Revenue changes from Budget 2008 ............................................................................................ 18 2.3 Federal contributions changes from Budget 2008 ........................................................................ 21 2.4 Expense changes from Budget 2008 ............................................................................................ 24 2.5 Capital spending changes from Budget 2008 .............................................................................. 25 2.6 Capital spending, 2008/09 ......................................................................................................... 28 2.7 Financing taxpayer-supported capital spending .......................................................................... 29 2.8 Debt changes from Budget 2008 ................................................................................................. 29 2.9 Provincial debt components ....................................................................................................... 30 2.10 Taxpayer-supported debt to GDP ratio ....................................................................................... 31 2.11 2008/09 changes in accumulated surplus ................................................................................... 34 Tables 2.1 Operating Statement .................................................................................................................. 17 2.2 Consumption and Other Tax Revenues Change from Budget 2008 ............................................. 19 2.3 Energy and Mineral Revenues Change from Budget 2008 .......................................................... 19 2.4 Forest Revenues Change from Budget 2008 ................................................................................. 20 2.5 Revenue by Source ..................................................................................................................... 22 2.6 Expense by Function .................................................................................................................. 23 2.7 Capital Spending ........................................................................................................................ 27 2.8 Provincial Debt Summary .......................................................................................................... 31 2.9 Key Debt Indicators – 2004/05 to 2008/09 ............................................................................... 32 2.10 Interprovincial Comparison of Credit Ratings, July 2009 ........................................................... 33 2.11 Net Liabilities and Accumulated Surplus .................................................................................... 34 2.12 Pension Plan Balances ...............................................................................................................
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