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Form 18-K/A United States Securities

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Form 18-K/A United States Securities FORM 18-K/A For Foreign Governments and Political Subdivisions Thereof UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO ANNUAL REPORT of PROVINCE OF BRITISH COLUMBIA (Canada) (Name of Registrant) Date of end of fiscal year to which the Annual Report relates: March 31, 2019 SECURITIES REGISTERED* (As of the close of the fiscal year) Amounts as to Which Names of Exchanges Title of Issue Registration is Effective on Which Registered N/A N/A N/A Names and addresses of persons authorized to receive notices and communications from the Securities and Exchange Commission: Dan Calof Consulate General of Canada 466 Lexington Avenue, 20th Floor New York, New York 10017 Copies to Jason Lehner Ministry of Finance Shearman & Sterling LLP Provincial Treasury 199 Bay Street Debt Management Branch Commerce Court West 620 Superior Street Suite 4405, P.O. Box 247 P.O. Box 9423, Stn Prov Govt Toronto, Ontario Victoria, British Columbia Canada M5L 1E8 Canada V8W 9V1 *The Registrant is filing this amendment to its annual report on a voluntary basis. PROVINCE OF BRITISH COLUMBIA The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Annual Report (the “Annual Report”) for the fiscal year ended March 31, 2019 on Form 18-K as set forth below: The following additional exhibits are added to the Annual Report: Exhibit 99.5 Budget and Fiscal Plan 2020/21 — 2022/23 Exhibit 99.6 Estimates, Fiscal Year Ending March 31, 2021 Exhibit 99.7 Supplement to the Estimates, Fiscal Year Ending March 31, 2021 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized, at Victoria, British Columbia, Canada, on the 18th day of February, 2020. PROVINCE OF BRITISH COLUMBIA (Name of registrant) By: /s/ Sam Myers Name:Sam Myers Title: Executive Director, Debt Management Branch Provincial Treasury Ministry of Finance 3 EXHIBIT INDEX Exhibit 99.5 Budget and Fiscal Plan 2020/21 — 2022/23 Exhibit 99.6 Estimates, Fiscal Year Ending March 31, 2021 Exhibit 99.7 Supplement to the Estimates, Fiscal Year Ending March 31, 2021 4 Exhibit 99.5 BUDGET AND FISCAL PLAN 2020/21 — 2022/23 February 18, 2020 National Library of Canada Cataloguing in Publication Data British Columbia. Budget and fiscal plan. — 2002/03/2004/05- Annual Also available on the Internet. Continues: British Columbia. Ministry of Finance and Corporate Relations. Budget … reports. ISSN 1207-5841 ISSN 1705-6071 = Budget and fiscal plan — British Columbia. 1. Budget — British Columbia — Periodicals. 2. British Columbia — Appropriations and expenditures — Periodicals. I. British Columbia. Ministry of Finance. II. Title. HJ12.B742 352.48’09711’05 C2003-960048-3 BUDGET AND FISCAL PLAN 2020/21 to 2022/23 February 18, 2020 TABLE OF CONTENTS Attestation by the Secretary to Treasury Board Summary 1 Part 1: Three Year Fiscal Plan Introduction 7 Expense 8 Consolidated Revenue Fund Spending 8 Making Life More Affordable 8 Services British Columbians Count On 11 Building a Strong and Sustainable Economy that Works for Everyone 17 BC Public Service 26 Public Sector Compensation - Sustainable Services Negotiating Mandate 26 Protecting Core Programs and Services through Expenditure Management 26 Recovered Expenses 26 Operating Transfers 27 Service Delivery Agency Spending 27 Revenue 30 Major Revenue Sources 32 Capital Spending 38 Taxpayer-Supported Capital Spending 38 Self-Supported Capital Spending 47 Projects Over $50 Million 48 Provincial Debt 53 Risks to the Fiscal Plan 55 Tables: 1.1 Three Year Fiscal Plan 7 1.2.1 BC Child Opportunity Benefit 8 1.2.2 Earnings Exemptions 13 1.2.3 Investments in Support Services for People 14 1.2.4 Justice and Community Safety Investments 16 1.2.5 CleanBC - Operating, Capital and Contingencies Allocations 18 1.3 Revenue by Source 28 1.4 Expense by Ministry, Program and Agency 29 1.5 Comparison of Major Factors Underlying Revenue 31 1.6 Personal Income Tax Revenue 32 1.7 Corporate Income Tax Revenue 33 1.8 Sales Tax Revenue 33 BUDGET AND FISCAL PLAN - 2020/21 to 2022/23 i TABLE OF CONTENTS 1.9 Federal Government Contributions 36 1.10 Capital Spending 38 1.11 Capital Expenditure Projects Greater Tan $50 Million 50 1.12 Provincial Debt Summary 54 1.13 Provincial Debt Changes 55 1.14 Key Fiscal Sensitivities 55 Topic Boxes: Economic Foundation to Support a Sustainable Budget and Fiscal Plan 21 Provincial Transportation Investments 45 Part 2: Tax Measures Tax Measures — Supplementary Information 62 Tables: 2.1 Summary of Tax Measures 61 Part 3: British Columbia Economic Review and Outlook Summary 69 British Columbia Economic Activity and Outlook 69 Labour Market 70 Consumer Spending and Housing 71 Business and Government 74 External Trade and Commodity Markets 74 Demographics 76 Inflation 76 Risks to the Economic Outlook 77 External Outlook 77 United States 78 Canada 80 Asia 82 Europe 83 Financial Markets 83 Interest Rates 83 Exchange Rate 85 A GBA+ Look At B.C.’s Labour Force 89 Introduction 89 Labour Force and Participation Rate 89 Employment 90 Average Hourly Wage Rate 91 Unemployment Rate 92 Labour Market Indicators for Indigenous Peoples 92 BUDGET AND FISCAL PLAN - 2020/21 to 2022/23 ii TABLE OF CONTENTS Tables: 3.1 British Columbia Economic Indicators 70 3.2 U.S. Real GDP Forecast: Consensus versus B.C. Ministry of Finance 80 3.3 Canadian Real GDP Forecast: Consensus versus B.C. Ministry of Finance 82 3.4 Private Sector Canadian Interest Rate Forecasts 84 3.5 Private Sector Exchange Rate Forecasts 85 3.6.1 Gross Domestic Product (GDP): British Columbia 86 3.6.2 Selected Nominal Income and Other Indicators: British Columbia 87 3.6.3 Labour Market Indicators: British Columbia 87 3.6.4 Major Economic Assumptions 88 3.7 B.C. Labour Force Statistics Summary 93 Topic Box: The Economic Forecast Council, Budget 2020 95 Part 4: 2019/20 Updated Financial Forecast (Third Quarterly Report) Introduction 99 Revenue 101 Expense 101 Contingencies 102 Forecast Allowance 102 Government Employment (FTEs) 102 Provincial Capital Spending 103 Provincial Debt 104 Risks to the Fiscal Forecast 105 Supplementary Schedules 105 Tables: 4.1 2019/20 Forecast Update 99 4.2 2019/20 Financial Forecast Changes 100 4.3 2019/20 Capital Spending Update 103 4.4 2019/20 Provincial Debt Update 104 4.5 2019/20 Operating Statement 105 4.6 2019/20 Revenue by Source 106 4.7 2019/20 Expense by Ministry, Program and Agency 107 4.8 2019/20 Expense by Function 108 4.9 2019/20 Capital Spending 109 4.10 2019/20 Provincial Debt 110 4.11 2019/20 Statement of Financial Position 111 Appendix 113 BUDGET AND FISCAL PLAN - 2020/21 to 2022/23 iii February 18, 2020 As required by Section 7(1)(d) of the Budget Transparency and Accountability Act, I confirm that Budget 2020 contains the following elements: x Fiscal forecasts for 2020/21 to 2022/23 (provided in Part 1) and economic forecasts for 2020 to 2024 (provided in Part 3). x A report on the advice received from the Economic Forecast Council (EFC) in November 2019 (updated in January 2020) on the economic growth outlook for British Columbia, including a range of forecasts for 2020 and 2021 (see Part 3, page 95). x Material economic, demographic, fiscal, accounting policy and other assumptions and risks underlying Budget 2020 economic and fiscal forecasts. In particular: x The economic forecast reflects stable economic growth for British Columbia amidst ongoing global economic uncertainty. In recognition of downside risks, the economic projections assumed in Budget 2020 are prudent relative to the average of the forecasts provided by the Economic Forecast Council. x Consistent with past practice, the economic forecast does not incorporate fiscal policy measures announced in the current budget (Budget 2020), due to the timing of decisions. These budget policy measures will be incorporated into the economic outlook in the updated forecast included in the First Quarterly Report. x Personal and corporate income tax revenue forecasts include the preliminary 2018 income tax assessments and the corporate income tax revenue forecast is based on projections for national corporate taxable income provided by the federal government. x Natural gas royalty forecasts continue to adopt a lower natural gas price forecast compared to the private sector average in order to maintain prudence against volatility. x Budget 2020 provides ministry base budget increases over the three-year fiscal plan period to fund all signed collective agreements reached to date under the Sustainable Services Negotiating Mandate. Budget 2020 also includes centralized funding to assist with the anticipated costs of concluding the remaining agreements consistent with the Sustainable Services Negotiating Mandate. x The fiscal plan includes three-year financial projections for school districts, post-secondary institutions and health authorities, based on plans submitted by those entities to the Ministries of Education, Advanced Education, Skills and Training, and Health, respectively, and for the other service delivery agencies and the commercial Crown corporations. x The financial results of the Insurance Corporation of British Columbia are a key risk to government’s fiscal plan. x Fiscal prudence totals $900 million in 2020/21, and $700 million per year in 2021/22 and 2022/23, being the sum of the contingencies allocation and the forecast allowance in each fiscal year. Government’s economic and fiscal prudence measures generally have resulted in government exceeding its budget targets. To the best of my knowledge, the three-year fiscal plan contained in Budget 2020 conforms to the standards and guidelines of generally accepted accounting principles for senior governments as outlined in Note 1 of the 2018/19 Public Accounts.
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