Province Of British Columbia 18-K/A Annual report (foreign governments) (amended)

Exhibit 99.12

 

 

2021

British Columbia

Financial and Economic

Review

81st Edition

(July 2021)

 

 

Table of Contents

2021 Financial and Economic Review – July 2021

 

Table of Contents

Part 1 — Economic Review				1
	2020 Overview			3
	British Columbia Economy			4
		External Trade and Commodity Prices		5
		Population		8
		Labour Market		8
		Inflation and Wages		9
		Consumer Spending and Housing		10
		Tourism		11
	Global Economy			12
		United States		12
		Canada		13
		Asia		14
		Europe		14
		Financial Markets		14
	Charts
		1.1	Provincial Economic Growth	3
		1.2	British Columbia Real GDP Growth by Industry	4
		1.3	Composition of British Columbia GDP by Industry	5
		1.4	International Export Shares by Market	6
		1.5	Lumber and Natural Gas Prices	7
		1.6	Housing Starts	10
		1.7	Home Sales and Price	11
		1.8	Visitor Entries to British Columbia	11
		1.9	Global Economic Growth	12
		1.10	Canadian Dollar	15
	Map
		1.1	Net Interprovincial and International Migration in B.C., 2020	8
	Tables
		1.1	British Columbia Population and Labour Market Statistics	9
		1.2	British Columbia Price and Earnings Indicators	9
	Topic Box
		Historical Data Volatility		16
Part 2 — Financial Review				19
	2020/21 Overview			20
	Revenue			21
	Expense			31
	Provincial Capital Spending			35
	Provincial Debt			42
	Pension Plans			46
	Contractual Rights			47
	Contractual Obligations			48
	Subsequent Events			49
	2020/21 Public Accounts Audit Qualification			49

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Table of Contents

Charts
	2.1	2020/21 Surplus (Deficit) – Major Changes from Budget 2020	21
	2.2	Revenue Changes from Budget 2020	21
	2.3	Expense Changes from Budget 2020	31
	2.4	Components of Total Capital Spending – 2020/21	35
	2.5	Capital Spending Changes from Budget 2020	37
	2.6	Financing Taxpayer-Supported Capital Spending	38
	2.7	Components of Total Provincial Debt – 2020/21	43
	2.8	Changes in Ending Debt Level from Budget 2020	43
	2.9	Reconciliation of Surplus/Deficit to Change in Debt	44
Tables
	2.1	2020/21 Fiscal Summary	20
	2.2.1	Personal Income Tax Revenue Changes from Budget 2020	22
	2.2.2	Corporate Income Tax Revenue Changes from Budget 2020	22
	2.2.3	Consumption and Other Tax Revenue Changes from Budget 2020	23
	2.2.4	Property Tax Revenue Changes from Budget 2020	23
	2.2.5	Energy and Mineral Revenue Changes from Budget 2020	24
	2.2.6	Forest Revenue Changes from Budget 2020	25
	2.2.7	Other Revenue Changes from Budget 2020	25
	2.2.8	Federal Government Transfer Changes from Budget 2020	26
	2.3	Revenue by Source	28
	2.4	Expense by Ministry, Program and Agency	29
	2.5.1	2020/21 Operating Results by Quarter	30
	2.5.2	2020/21 Pandemic and Recovery Contingencies (Vote 52)	32
	2.6	Capital Spending	36
	2.7	Capital Expenditure Projects Greater Than $50 Million	39
	2.8	Provincial Debt Summary	42
	2.9	Key Debt Indicators	45
	2.10	Interprovincial Comparison of Credit Ratings, July 2021	46
	2.11	Pension Plan Balances	47
	2.12	Taxpayer-Supported Contractual Obligations	48
Part 3 — Supplementary Information			51
General Description of the Province			53
Constitutional Framework			54
Provincial Government			55
Annual Financial Cycle			57
Government’s Financial Statements			59
Charts
	3.1	Financial Planning and Reporting Cycle Overview	58
Tables
	3.1	Provincial Taxes (as of July 2021)	61
	3.2	Interprovincial Comparisons of Tax Rates – 2021	67

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Appendix 1 — Economic Review Supplementary Tables			69
Tables
	A1.1A	Aggregate and Labour Market Indicators	70
	A1.1B	Prices, Earnings and Financial Indicators	72
	A1.1C	Other Indicators	74
	A1.1D	Commodity Production Indicators	76
	A1.2	British Columbia Real GDP at Market Prices, Expenditure Based	78
	A1.3	British Columbia GDP at Basic Prices, by Industry	80
	A1.4	British Columbia GDP, Income Based	82
	A1.5	Employment by Industry in British Columbia	84
	A1.6	Capital Investment by Industry	85
	A1.7	British Columbia International Goods Exports by Major Market and Selected Commodities, 2020	86
	A1.8	British Columbia International Goods Exports by Market Area	87
	A1.9	Historical Commodity Prices (in US Dollars)	88
	A1.10	British Columbia Forest Sector Economic Activity Indicators	89
	A1.11	Historical Value of Mineral, Petroleum and Natural Gas Shipments	90
	A1.12	Petroleum and Natural Gas Activity Indicators	91
	A1.13	Supply and Consumption of Electrical Energy in British Columbia	92
	A1.14	Components of British Columbia Population Change	93
Appendix 2 — Financial Review Supplementary Tables			95
Tables
	A2.1	Operating Statement – 2009/10 to 2020/21	97
	A2.2	Statement of Financial Position – 2009/10 to 2020/21	98
	A2.3	Changes in Financial Position – 2009/10 to 2020/21	99
	A2.4	Revenue by Source – 2009/10 to 2020/21	100
	A2.5	Revenue by Source Supplementary Information – 2009/10 to 2020/21	101
	A2.6	Expense by Function – 2009/10 to 2020/21	102
	A2.7	Expense by Function Supplementary Information – 2009/10 to 2020/21	103
	A2.8	Full-Time Equivalents (FTEs) – 2009/10 to 2020/21	104
	A2.9	Capital Spending – 2009/10 to 2020/21	105
	A2.10	Provincial Debt – 2009/10 to 2020/21	106
	A2.11	Provincial Debt Supplementary Information – 2009/10 to 2020/21	107
	A2.12	Key Provincial Debt Indicators – 2009/10 to 2020/21	108
	A2.13	Historical Operating Statement Surplus (Deficit)	109
	A2.14	Historical Provincial Debt Summary	110

2021 Financial and Economic Review – July 2021 iii

Part 1

Economic Review¹

¹ Reflects information available as of July 2, 2021.

2021 Financial and Economic Review – July 2021

 

Part 1 – Economic Review

2020 Overview

British Columbia’s economy declined in 2020, as the negative impacts from the COVID-19 pandemic pushed economies all over the world into deep recessions.

Similar to previous years, Statistics Canada published only real dollar GDP by industry at basic prices in the preliminary release of its 2020 Provincial Economic Accounts in May 2021. As a result, the following analysis refers to these real GDP figures, as opposed to the commonly reported income and expenditure market prices data released late in the year.²

In 2020, B.C.’s real GDP contraction of 3.8 per cent was the fourth smallest among provinces (behind Prince Edward Island, Nova Scotia, and New Brunswick), following growth of 2.5 per cent in 2019.

Chart 1.1 Provincial Economic Growth

Sources: Statistics Canada (Tables 36-10-0402-01 and 36-10-0434-03 – May 2021 Preliminary Industry Accounts)

The decline in B.C.’s real GDP was almost entirely driven by service-producing industries such as arts, entertainment and recreation, accommodation and food services and transportation and warehousing. Goods-producing industries experienced modest declines with decreases in manufacturing and natural resources partially offset by increases in the construction sector.

Employment in B.C. decreased by 6.6 per cent in 2020. However, wages and salaries remained relatively stable compared to 2019 as low-wage workers accounted for the majority of job losses. Consumer spending on services likely declined sharply during the pandemic, while retail sales experienced modest growth of 1.3 per cent in 2020 with mixed results across retailers. While retail trade data offers a clear indication of consumer spending on goods, data on provincial consumer spending on services for 2020 will not be released until late 2021. Meanwhile, consumer prices increased by 0.8 per cent in 2020. Residential construction activity slowed but remained relatively strong, with housing starts declining in 2020 after recording all-time highs in 2019. In contrast, after declining for three consecutive years home sales reached record levels in late 2020 and at the same time the average home sales price had double-digit increases.

² Provincial and national real GDP by industry estimates are based on Statistics Canada’s preliminary industry accounts, released in May 2021. Further information on British Columbia’s economic performance is expected to be available in November 2021, when Statistics Canada releases revised GDP by industry data for 2020 and previous years, together with the full income and expenditure accounts for 2020.

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On the external front, global international trade experienced significant disruptions as the pandemic unfolded. B.C.’s international merchandise exports contracted in 2020 reflecting a combination of weaker global demand and lower commodity prices.

British Columbia Economy

B.C.’s real GDP declined by 3.8 per cent in 2020 following growth of 2.5 per cent in 2019. The decline in 2020 was almost entirely driven by service-producing industries, while goods-producing industries declined modestly.

Service-producing industries declined by 4.9 per cent in 2020. Output in the arts, entertainment and recreation (-39.6 per cent), accommodation and food services (-31.1 per cent), transportation and warehousing (-21.6 per cent), and in the health care and social assistance sector (-8.0 per cent) were the main drivers of the decrease. Output in the real estate and rental and leasing sector and the finance and insurance sector increased by 4.1 per cent and 2.5 per cent, respectively, in 2020.

B.C.’s goods-producing industries declined by 0.3 per cent in 2020, following 2.2 per cent growth in 2019. A notable decrease in the manufacturing sector (-7.1 per cent) was largely offset by a 4.2 per cent increase in the construction sector. The gain in construction was driven by large gains in the engineering construction subsector (+18.8 per cent), mainly related to activity in the oil and gas industry. Output in the residential and non-residential building construction subsectors declined by 1.9 per cent and 2.7 per cent, respectively, in 2020. Meanwhile, smaller changes were observed in the agriculture, forestry, fishing and hunting (-2.7 per cent), utilities (+2.7 per cent) and mining, quarrying, and oil and gas extraction (+0.6 per cent) sectors.

Chart 1.2 British Columbia Real GDP Growth by Industry

Source: Statistics Canada (Table 36-10-0402-01 – May 2021 Preliminary Industry Accounts)

Note: Other includes industries such as transportation and warehousing, educational services, and professional, scientific and technical services

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In 2020, service-producing industries represented 76 per cent of B.C.’s GDP and goods-producing industries accounted for 24 per cent. The real estate and rental and leasing sector formed the largest share of the service-producing industries, followed by wholesale and retail trade. At the same time, the construction sector made up the largest share of the goods-producing industries, followed by the manufacturing sector, and the natural resources sector.

Chart 1.3 Composition of British Columbia GDP by Industry

Source: Statistics Canada (Table 36-10-0400-01 – May 2021 Preliminary Industry Accounts)

(numbers may not add to 100 per cent due to rounding)

External Trade and Commodity Prices

Exports by destination:

The value of B.C.’s nominal international merchandise exports fell by 8.1 per cent in 2020, after decreasing by 6.2 per cent in 2019. Merchandise exports to the U.S. (B.C.’s largest international trading partner) saw a small increase in 2020, while exports to other countries saw large declines.

B.C.’s merchandise exports to the U.S. increased by 0.5 per cent in 2020 compared to 2019, after decreasing by 3.1 per cent in 2019. B.C.’s exports of wood products to the U.S. increased by 26.8 per cent, primarily driven by exports of softwood lumber. Annual declines in exports of pulp and paper products, metallic mineral products, energy products, and machinery and equipment largely offset the gains from wood products and agriculture and food products.

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B.C.’s merchandise exports to Japan declined by 21.2 per cent in 2020. Declines in exports to Japan were concentrated in wood products (-32.5 per cent), mostly due to lower exports of softwood lumber and logs, and exports of coal (-38.1 per cent). B.C.’s exports of metallic mineral products to Japan increased by 27.2 per cent in 2020, primarily copper.

B.C.’s exports to China decreased by 11.2 per cent in 2020, primarily driven by declines in exports of wood products (-34.2 per cent) and pulp and paper products (-10.0 per cent). Meanwhile, B.C.’s merchandise exports to South Korea declined by 19.5 per cent in 2020, largely reflecting lower exports of pulp and paper products (-39.2 per cent) and coal (-37.3 per cent), partly offset by an increase in copper exports (+19.6 per cent).

Appendix Tables A1.7 and A1.8 provide further detail on exports by major market and commodity groups.

Chart 1.4 International Export Shares by Market

The share of B.C.’s international merchandise exports destined to the U.S. averaged 55.3 per cent in 2020, up from 50.6 per cent in 2019. Exports to China accounted for 14.4 per cent, down slightly from 14.9 per cent. Exports to Japan represented 8.9 per cent, down from 10.4 per cent while, exports to South Korea represented 5.3 per cent, down from 6.1 per cent.

Exports by commodity and prices:

Most of the annual decline in total exports was attributable to decreases in exports of energy products (-26.1 per cent), primarily coal, which fell by 39.1 per cent. Exports of pulp and paper products and machinery and equipment also experienced substantial declines of 19.2 per cent and 7.7 per cent, respectively. Increases in exports of wood products (+5.7 per cent), metallic mineral products (+4.7 per cent) and agriculture and food (+7.5 per cent) in 2020 helped offset the decline.

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After forestry product prices fell in 2019, limited supply and resilient Canadian and U.S. housing markets contributed to large increases in lumber prices (+53.3 per cent) in 2020. Meanwhile, most industrial metal prices experienced steep declines, including lead, zinc and molybdenum, while copper increased by 2.8 per cent. In contrast, precious metal prices increased substantially, with gold and silver up 27.1 and 26.7 per cent, respectively.

Falling energy demand due to pandemic-related travel restrictions and excess supply led to lower crude oil prices in 2020, with the West Texas Intermediate (WTI) price averaging $39.23 US/barrel for the year, a decline of 31.2 per cent from 2019. Metallurgical coal prices also declined, while natural gas prices remained low despite increasing by 20.5 per cent.

Manufacturing shipments:

The nominal value of B.C.’s manufacturing shipments declined by 3.3 per cent in 2020 compared to 2019. Declines in manufacturing shipments were relatively broad-based and consistent with the declines seen in merchandise exports. Shipments of durable goods decreased by 3.4 per cent and non-durable goods decreased by 3.3 per cent. Lower shipments of fabricated metal products (-16.3 per cent), transportation equipment (-20.3 per cent) and machinery (-10.4 per cent) were largely responsible for the declines in durable goods. Declining shipments in non-durable goods were largely attributable to paper products (-17.1 per cent). These declines were partially offset by higher food manufacturing shipments (+5.2 per cent), and wood product shipments (+11.2 per cent).

Chart 1.5 Lumber and Natural Gas Prices

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PART 1 – ECONOMIC REVIEW

Population

B.C.’s population on July 1, 2020 was 5.148 million people, an increase of 1.1 per cent from the same date in 2019. In 2020, interprovincial migration contributed a net total of 20,994 persons, significantly more than in 2019. Meanwhile, B.C. lost a net total of 599 persons through international migration, which was significantly impacted by travel restrictions. A natural increase of 1,069 persons (births minus deaths) also added to the province’s population count in 2020.

Map 1.1 Net Interprovincial and International Migration in B.C., 2020

 

Labour Market

Entering 2020, B.C. had one of the strongest labour markets in Canada with unemployment rates near historic lows. In the first two months following the onset of the pandemic employment declined by 410,600 jobs (-15.5 per cent) but recovered 366,100 of those jobs by December 2020. In 2020 as a whole, employment fell by 6.6 per cent losing 175,300 jobs. The employment losses consisted of about 123,200 full-time and 52,100 part-time jobs. The distribution of these losses was heavily weighted in the private sector (-178,800 jobs) and self-employed (-15,300 jobs), while the public sector had a gain of approximately 18,800 jobs. B.C.’s labour force also fell by 2.2 per cent in 2020. The unemployment rate averaged 8.9 per cent in 2020 as a whole after reaching a high of 13.4 per cent in May 2020.

Service-producing industries were heavily impacted by social distancing and travel restrictions accounting for nearly 84 per cent of the job losses (-146,600 jobs) in 2020. Significant losses were seen in accommodation and food service (-32,300 jobs), information, culture and recreation (-24,600 jobs) and wholesale and retail trade (-23,800 jobs). The goods-producing sector recorded a net loss of 28,800 jobs in 2020. Employment losses in the construction (-28,000 jobs) and manufacturing (-4,500 jobs) sectors were partially offset by gains in utilities (+5,800 jobs) and agriculture (+1,600 jobs). Industries less affected by social distancing or more able to adapt through remote work generally experienced less of an impact. Furthermore, pandemic-related employment losses have been uneven, mainly concentrated among lower-wage workers in high-contact services, where women and youth are overrepresented. And many who remained employed experienced reduced hours.

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Appendix Table A1.5 provides more details on employment by sector and subsectors.

Table 1.1 British Columbia Population and Labour Market Statistics

	Units	2016		2017		2018		2019		2020
Population (as of July 1)	(thousands)		4,859		4,929		5,010		5,091		5,148
	(% change)		1.7		1.4		1.6		1.6		1.1
Net Migration
International	(persons)		40,012		55,118		61,311		65,961		(599	)
Interprovincial	(persons)		23,586		15,293		12,723		13,926		20,994
Labour Force	(thousands)		2,612		2,694		2,719		2,798		2,735
	(% change)		3.4		3.1		0.9		2.9		(2.2	)
Employment	(thousands)		2,454		2,554		2,590		2,666		2,491
	(% change)		3.5		4.1		1.4		3.0		(6.6	)
Unemployment Rate	(%)		6.1		5.2		4.7		4.7		8.9

Sources: Statistics Canada (Tables 17-10-0005-01, 17-10-0040-01, 17-10-0020-01, 14-10-0023-01 – accessed May 2021)

Inflation and Wages

B.C.’s annual Consumer Price Index (CPI) inflation rate was 0.8 per cent in 2020, following 2.3 per cent in 2019. The pandemic led to lower inflation with travel restrictions prompting declines in global demand for crude oil and social distancing and stay-at-home orders driving increased demand for goods like groceries but decreasing purchases for clothing and high-contact services. Price increases were led by food (+2.7 per cent), health and personal care (+2.6 per cent) and shelter (+1.4 per cent). The slower rate of inflation observed last year was mainly due to lower energy prices, most notably gasoline prices, which fell by 13.9 per cent in 2020. The annual CPI inflation rate excluding energy was 1.2 per cent in 2020.

Employee compensation (aggregate wages, salaries, and employers’ social contributions) in B.C. was relatively stable, declining 0.7 per cent in 2020, following growth of 5.6 per cent in 2019. The average weekly wage rate increased by 7.9 per cent in 2020 as job losses were dominated by low-wage workers.

Table 1.2 British Columbia Price and Earnings Indicators

	Units	2016		2017		2018		2019			2020
Consumer Price Index	(2002=100)		122.4		125.0		128.4		131.4			132.4
	(% change)		1.8		2.1		2.7		2.3			0.8
Average Weekly Wage Rate	($)		925.5		937.7		974.2		1,000.1			1,079.6
	(% change)		1.0		1.3		3.9		2.7			7.9
Compensation of Employees 1,2	($ millions)		127,866		135,921		144,465		152,588			151,547
	(% change)		3.3		6.3		6.3		5.6			(0.7	)
Primary Household Income 1	($ millions)		187,000		198,265		203,820		216,834			n/a
	(% change)		2.9		6.0		2.8		6.4			n/a
Net Operating Surplus (Corporations) 1	($ millions)		28,372		33,638		34,297		31,882			n/a
	(% change)		19.0		18.6		2.0		(7.0	)		n/a

1	As of November 2020 Provincial Economic Accounts
2	Component of income-based GDP, including wages, salaries and employers’ social contributions earned in B.C. by residents and non-residents of the province. 2020 value for compensation of employees is from Statistics Canada Table 36-10-0205-01.

Sources: Statistics Canada (Tables 18-10-0005-01, 14-10-0064-01, 36-10-0221-01, 36-10-0205-01, 36-10-0224-01 – accessed May 2021)

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Consumer Spending and Housing

Following a sharp contraction in consumer spending in the initial months of the pandemic, spending on goods quickly reversed course and by mid-2020 was above pre-pandemic levels. B.C.’s nominal retail sales increased by 1.3 per cent in 2020 with mixed results across retailers. Increases were led by sales at food and beverage stores (+13.3 per cent), building material, and garden equipment and supplies dealers (+16.4 per cent), and general merchandise stores (+9.4 per cent). Meanwhile, significant declines were observed at clothing and clothing accessories stores (-24.6 per cent), gasoline stations (-13.8 per cent), and motor vehicles and parts dealers (-6.1 per cent).

National and sector-specific data suggests that B.C. consumer spending on services has likely declined sharply during the pandemic. National data shows that nominal Canadian consumer spending on services fell by 9.2 per cent in 2020. Data for sales at food services and drinking places in B.C., which provides a partial picture, showed a decline of 25.4 per cent in 2020 compared to 2019.

Housing starts in B.C. totalled 37,903 units in 2020, declining 15.6 per cent from the all-time annual high of 44,932 units in 2019. Meanwhile, the value of residential building permits (a leading indicator of potential new housing activity) fell by 9.6 per cent in 2020, following a decline of 5.2 per cent in 2019.

Chart 1.6 Housing Starts

 

Resilient higher-wage employment, low interest rates, and increased demand for larger dwellings by remote workers fueled housing demand in 2020. After declining for three consecutive years, home sales reached record levels in late 2020 and were up 21.5 per cent on an annual basis compared to 2019. At the same time, the MLS average home sale price in B.C. increased by 11.6 per cent in 2020, following a slight decrease of 1.5 per cent in 2019.

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Chart 1.7 Home Sales and Price

 

Tourism

B.C.’s tourism sector was severely impacted by COVID-19. The number of international non-resident travellers to B.C. collapsed as travel restrictions were put in place. In 2020, the number of international travelers declined 84.5 per cent in 2020 compared to the previous year. The number of U.S. travellers to B.C. declined by 83.9 per cent and the number of non-U.S. travellers declined by 86.3 per cent in 2020 compared to the previous year.

Chart 1.8 Visitor Entries to British Columbia

 

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Global Economy

Overall, the International Monetary Fund estimates that global real GDP declined by 3.3 per cent in 2020 (the largest annual contraction on record), following 2.8 per cent growth in 2019. Declines were observed across most advanced economies and emerging markets. Apart from China, B.C.’s major trading partners saw declines in GDP in 2020 reflecting the COVID-19 pandemic. The U.S. economy contracted by 3.5 per cent in 2020, while Canadian economic output experienced the largest contraction on record, decreasing 5.3 per cent in 2020. Overseas, China was the only major economy to post positive economic growth of 2.3 per cent in 2020 while Japan’s economy shrank by 4.7 per cent. The euro area declined by 6.7 per cent in 2020, following 1.3 per cent growth in 2019.

Chart 1.9 Global Economic Growth

 

United States

U.S. real GDP shrank by 3.5 per cent in 2020, a more severe contraction than the 2009 Great Recession and the largest contraction since the 1940’s. Relatively less restrictive containment measures and generous government support programs contributed to the smaller contraction compared to other advanced economies. The decline in 2020 was mainly due to lower consumption of services, exports, and business investment while, lower imports, higher consumption of goods, and increased government spending provided some offset.

The U.S. labour market experienced record declines in the spring of 2020, partially recovering through the year. In 2020, employment was 5.8 per cent lower than in 2019 and the unemployment rate averaged 8.1 per cent. The labour force participation rate fell in 2020 with 61.8 per cent of Americans eligible to work participating in the labour market, down from 63.1 per cent in 2019.

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Despite significant declines early in the pandemic, new housing construction activity remained resilient in 2020. The level of housing starts was 1.38 million units in 2020, up 6.9 per cent compared to 2019. Sales of new single-family homes in the U.S. increased by 20.4 per cent in 2020, while the median sale price of new homes increased by 4.8 per cent. Sales of existing single-family homes increased by 6.3 per cent in 2020, while the median sale price increased by 9.7 per cent.

The U.S. current account deficit (the combined balances of trade in goods and services income, and net unilateral current transfers) increased from $US472.1 billion in 2019 to $US616.1 billion in 2020. As a share of nominal U.S. GDP, the current account deficit averaged -2.9 per cent in 2020.

Canada

The Canadian economy declined by 5.3 per cent in 2020, a larger decline than the 2.9 per cent contraction during the Great Recession in 2009, and the largest contraction on record (data available back to 1961). The slowdown in economic activity was driven by large declines in household consumption (primarily services), exports and investment in inventories, while lower imports provided some offset. Meanwhile, construction of residential structures increased in 2020 after two consecutive years of declines.

The Canadian labour market declined sharply at the start of the pandemic, losing nearly 3 million jobs in March and April 2020 before recovering through the rest of the year. On an annual basis, employment decreased by a total of 986,400 jobs (or -5.2 per cent) and the unemployment rate averaged 9.5 per cent in 2020.

The Canadian housing market was strong in 2020, with housing starts increasing by 3.8 per cent in 2020 to around 216,652 units, following a 2.0 per cent drop in 2019. The value of residential building permits increased by 8.1 per cent, following a decrease of 1.2 per cent in 2019. MLS home sales (units) were up annually by 12.3 per cent in 2020, after increasing by 6.6 per cent in 2019. The MLS average home sale price rose by 13.0 per cent to $567,907 in 2020.

Canadian retail sales decreased by 1.7 per cent in 2020, despite a rapid recovery from the initial contractions in March and April. Adjusted for price movements, retail sales volumes decreased by 2.1 per cent in 2020. The Canadian consumer price index rose by 0.7 per cent in 2020. The consumer price index excluding often volatile food and energy prices increased by a slightly higher 1.1 per cent.

Canada’s current account deficit narrowed to $40.1 billion in 2020 from $47.4 billion in 2019. As a share of nominal Canadian GDP, the current account deficit averaged -1.8 per cent in 2020 compared to -2.1 per cent in 2019.

Challenging global trade conditions paired with slumping oil prices led to a decrease (-13.4 per cent) in the value of Canada’s exports of goods and services in 2020. Meanwhile, imports of goods and services decreased by 11.7 per cent. The large decrease in merchandise exports (-12.4 per cent) was primarily driven by a 36.6 per cent decrease in exports of energy products (crude oil and bitumen, natural gas and natural gas liquids, and coal) as well as a 20.3 per cent decrease in exports of motor vehicles and parts. Service exports were down 17.7 per cent in 2020, driven by a significant decline in travel services (-59.4 per cent).

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Asia

China was the only major economy to post positive economic growth in 2020. Effective containment measures and resilient exports, along with accommodative monetary and fiscal measures supported a V-shaped recovery leading to 2.3 per cent annual real GDP growth in 2020, China’s slowest expansion since 1976.

Japan’s real GDP decreased by 4.7 per cent in 2020, the largest contraction since 2009. Household consumption led the declines, followed by exports and private investment. Meanwhile, lower imports and increased government spending partially offset the decline in real GDP.

Europe

Containment measures across the euro zone had severe implications for the economy, particularly for tourist-dependent countries. Real GDP in the euro area fell by 6.7 per cent in 2020 compared to 2019, a more severe contraction than the 2009 recession, and the largest annual contraction since data began in 1995. Declines were broad-based across most sectors with lower imports and higher government spending providing some offset. Germany’s economy shrank 5.1 per cent in 2020, less than the euro area average while other notable declines in France (-8.0 per cent), Italy (-8.9 per cent) and Spain (-10.8 per cent) were larger than the euro area average.

Outside the euro area, the U.K. economy contracted by 9.8 per cent in 2020, the largest annual decline on record. Annual output in services, production (manufacturing, mining and quarrying, energy supply, and water and waste management), construction and agriculture experienced significant annual declines.

Financial Markets

The global economic contraction brought on by the COVID-19 pandemic prompted an array of extraordinary monetary and fiscal policy responses around the world. The US Federal Reserve (Fed) lowered its federal funds rate by 150 basis points in March 2020 to the target range of 0.00 to 0.25 per cent. The Fed also provided forward guidance indicating that its intention is to keep rates at this level until the economy has recovered. Further, the Fed made large-scale asset purchases (i.e. quantitative easing), assisted financial market functioning through several credit facilities, and supported the flow of credit to households and businesses.

Similarly, the Bank of Canada responded to the COVID-19 crisis by cutting its target rate by 150 basis points, in March 2020, to an effective lower bound of 0.25 per cent throughout the rest of 2020. It also provided forward guidance, committing to maintain the current policy rate and quantitative easing program until its inflation target of 2.0 per cent is sustainably achieved and the recovery is well underway.

After averaging 75.4 US cents in 2019, the value of the Canadian dollar depreciated to 74.6 US cents in 2020. The Canadian dollar depreciated to a low of 71.1 US cents in April 2020 following the onset of the pandemic and the collapse in oil prices. From April through the remainder of the year, the Canadian dollar gradually appreciated surpassing pre-pandemic values, supported by recovering oil prices and a weakening U.S. dollar.

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Chart 1.10 Canadian Dollar

 

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PART 1 – ECONOMIC REVIEW

Historical Data Volatility

Individual economic variables have unique characteristics. An important characteristic from a budgeting and planning perspective is the historical data volatility of a variable. Typically, variables that are more volatile over history are more difficult to forecast than variables that are more stable. This topic box summarizes the volatility of historical data from 1981 to 2019. Economic variables were relatively more volatile in 2020, reflecting the impact of the COVID-19 pandemic.

One of the most common measurements of data volatility is the standard deviation, which is frequently reported by agencies such as Statistics Canada and the Bank of Canada. Roughly speaking, the standard deviation of a variable measures how far the individual data points are from the average (mean) of all the data points in the series on an absolute basis (that is, without regard to whether each data point is above or below the average).

If a variable’s data points are generally close to the average, then the standard deviation will be relatively low (meaning that the variable is relatively stable). An example of a relatively stable variable is presented in Chart 1, which displays the annual growth rate of B.C.’s population.

Chart 1 – An Example of Historical Data Stability

 

Conversely, if a variable’s data points are generally spread out from the average, then the variable will have a relatively high standard deviation (meaning that the variable is relatively volatile). The annual growth rate of the natural gas price in Chart 2 is an example of a relatively volatile variable.

Chart 2 – An Example of Historical Data Volatility

 

The standard deviations and averages of selected key economic variables’ growth rates over different time periods are presented in Table 1. For instance, B.C. real GDP growth had a standard deviation of 0.6 percentage points and an average of 2.8 per cent from 2010 to 2019. This means that, on average, real GDP growth rates were 0.6 percentage points away from the average annual real GDP growth rate of 2.8 per cent over this period.

Standard deviations can vary widely across indicators and time. Variables such as the natural gas price and housing starts were relatively volatile from 2010 to 2019, while variables such as population and the consumer price index were relatively stable (see Chart 3). Meanwhile, some variables like the exchange rate have become more volatile over time, whereas other variables like population have become more stable (see Table 1).

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Chart 3 – Recent Data Volatility

 

The Ministry of Finance manages the uncertainty associated with data volatility by incorporating prudence in the Province’s budget and fiscal plan.

PART 1 – ECONOMIC REVIEW

Table 1 – Data Volatility

Standard deviations and averages of growth rates of selected B.C. economic variables and prices

All figures are based on the annual per cent	1982-2019				2000-2019				2010-2019
change of calendar year data1			Standard				Standard				Standard
	Average2		Deviation		Average2		Deviation		Average2		Deviation
			(percentage				(percentage				(percentage
	(%)		points)		(%)		points)		(%)		points)
Real GDP		2.6		2.3		2.7		1.7		2.8		0.6
Nominal GDP		5.1		2.8		4.6		2.8		4.6		1.5
Nominal consumption		5.5		1.9		4.8		1.4		4.5		0.9
Nominal business investment		5.2		9.2		6.7		6.9		6.1		4.0
Nominal residential home sales		11.1		22.6		9.4		19.1		4.8		19.2
Nominal household income		5.2		2.5		4.5		2.1		4.4		1.2
Nominal compensation of employees		4.8		2.6		4.4		2.3		4.3		1.4
Nominal net operating surplus of corporations		10.6		30.7		6.6		17.1		7.1		13.4
Consumer price index		2.5		1.9		1.7		0.7		1.6		0.8
Exchange rate		-0.1		5.5		0.8		6.4		-1.3		6.5
Copper price		5.7		24.3		9.9		27.9		3.2		20.6
Natural gas price		4.1		34.1		4.3		45.2		-6.0		37.1
Pulp price		3.5		20.6		4.5		17.9		5.2		19.3
SPF 2x4 price		3.6		20.1		2.5		21.7		9.4		21.4
Housing starts		3.2		23.5		7.8		22.6		12.4		21.3
Population		1.6		0.7		1.2		0.4		1.4		0.3

1	Calendar and fiscal year data yield similar data volatility results
2	Measured as the mean

Sources: Statistics Canada; Haver Analytics; Ministry of Energy, Mines & Low Carbon Innovation; Ministry of Forests, Lands, Natural Resource Operations & Rural Development; Ministry of Finance calculations

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PART 2

FINANCIAL REVIEW

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PART 2 – FINANCIAL REVIEW

2020/21 Overview

Table 2.1 2020/21 Fiscal Summary

	2020/21									Actual
($ millions)	Budget			Actual			Variance			2019/20 1
Revenue		60,585			62,156			1,571			58,660
Expense		(60,058	)		(59,693	)		365			(58,982	)
Pandemic and Recovery Contingencies		-			(7,931	)		(7,931	)		-
Forecast allowance		(300	)		-			300			-
Surplus (Deficit)		227			(5,468	)		(5,695	)		(322	)
Capital spending:
Taxpayer-supported capital spending		7,126			5,428			(1,698	)		4,772
Self-supported capital spending		3,409			3,475			66			4,386
		10,535			8,903			(1,632	)		9,158
Provincial Debt:
Taxpayer-supported debt		49,202			59,750			10,548			46,229
Self-supported debt		26,890			27,350			460			25,932
Total debt (including forecast allowance)		76,392			87,100			10,708			72,161
Key debt affordability metrics:
Taxpayer-supported debt to GDP ratio		15.5	%		20.2	%		4.7	%		15.1	%
Taxpayer-supported debt to revenue ratio		84.1	%		101.2	%		17.1	%		80.6	%

¹ Figures have been restated to reflect government accounting policies in effect at March 31, 2021, and the impact of Statistics Canada’s historical data revisions of economic growth.

The impacts of the COVID-19 global pandemic and government’s response measures resulted in significant consequences to government’s finances in the 2020/21 fiscal year. The Province ended the fiscal year with a $5.468 billion deficit, a decline of $5.695 billion from the $227 million surplus forecasted in Budget 2020, which was tabled before the pandemic (see Table 2.5.1 for detailed quarterly changes to the forecast).

Revenue was $1.571 billion higher than Budget 2020 as the decline in own-source revenues was offset by increased federal government contributions in support of COVID-19 pandemic measures. (See Revenue section for further details.)

Total government expenses were $7.566 billion higher than Budget 2020, mainly due to pandemic-related spending from contingencies votes that were appropriated through Supplementary Estimates during the year. (See Expense section for further details.)

Taxpayer-supported capital spending on hospitals, schools, post-secondary institutions, transportation infrastructure, social housing and other projects totalled $5.4 billion. This is $1.7 billion less than Budget 2020 due to scheduling delays across the sectors.

Self-supported capital spending of $3.475 billion was $66 million higher than budget. (See Capital section for further details.)

Government’s total debt balance at year end was $10.7 billion higher than forecast in Budget 2020 due to the operating deficit and changes to other operating requirements, including higher cash balances for increased liquidity. (See Debt section for further details.)

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Chart 2.1 2020/21 Surplus (Deficit) - Major Changes from Budget 2020

Decline of $5.695 billion, resulted in a $5.468 billion deficit

 

Financial information in this publication, including this chapter and Appendix 2, is sourced from the government’s 2020/21 Public Accounts.

Revenue

Revenue totalled $62.2 billion in 2020/21, $1,571 million higher than the Budget 2020 projection and up 6.0 per cent from 2019/20. Compared to budget, higher revenues from natural resources, investment earnings, commercial Crown corporation net income and federal government transfers were partly offset by lower revenues from taxation, fees and miscellaneous sources.

Changes of the major revenue components from Budget 2020 are outlined as follows.

Chart 2.2 Revenue Changes from Budget 2020

Total revenue increases by $1.6 billion

 

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PART 2 – FINANCIAL REVIEW

Income Tax Revenue

Personal income tax revenue was down $653 million mainly due to the impacts of the pandemic on employment and incomes, resulting in lower taxes. 2020 household income growth exceeded expectations, however, this mainly reflected various federal and provincial emergency benefit payments. The average tax yield on these benefit payments is expected to be lower, as they primarily benefitted lower to middle income households, who are subject to lower tax rates. During the year, other influencing factors on personal income tax revenue included weaker tax assessments for the 2019 calendar year resulting in a lower tax base.

Table 2.2.1 Personal Income Tax Revenue Changes from Budget 2020

	Revenue
	changes
	($ millions)
Impacts of the pandemic - changes in 2020 household income and weaker average tax yield		(489	)
Prior year adjustment - improvement in 2020 taxes partly offset by weaker 2019 tax results		97
Carry-forward impacts of the lower 2019 tax base		(261	)
		(653	)

				2020/21
		Budget		Public
Indicators (annual percent change)		2020		Accounts
Household income	2020 2021	3.8 3.8	% %	4.9 0.8	% 1 %
B.C. taxable income	2020 2021	3.8 3.7	% %	4.9 0.0	% 1 %

¹ Budget 2021 forecast

Corporate income tax revenue was up $66 million mainly due to increased instalments from the federal government partially offset by lower entitlement in respect of prior years. The $161 million increase in instalments reflects higher federal government forecast of 2020 corporate taxable income and B.C. payment share. The 2019 B.C. corporate income tax returns were weaker than expected resulting in a $95 million decrease to the prior years’ settlement payment. In 2019, B.C. taxable income declined 6.2 per cent annually compared to the 7.0 per cent annual decrease in the net operating surplus of B.C. corporations.

Table 2.2.2 Corporate Income Tax Revenue Changes from Budget 2020

	Revenue
	changes
	($ millions)
Advance instalments		161
Prior years’ settlement payment		(95	)
		66

	Budget			Actual
Indicators ($ billions)	2020			2020/21
Payment Share		14.17	%		14.42	%
2020 national corporate tax base		365.9			376.0
2019 national corporate tax base		349.5			344.4
2019 B.C. corporate tax base		49.5			48.6

Other Tax Revenue

Sales tax revenues were $211 million lower than budget mainly due to lower growth in 2020 retail sales and goods consumption in particular durable and semi-durable goods as well as services. The delay of the Budget 2020 measures to April 1, 2021, as part of the government response to the global pandemic and the temporary PST rebate on select machinery and equipment also contributed to lower sales tax revenue. Net audit assessments and refunds were lower due to reduced audit and compliance activity in 2020 due to the pandemic. It is also likely that measures taken to help limit the spread of the coronavirus outbreak contributed to reduced consumer purchases of taxable items and sales tax revenue.

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Table 2.2.3 Consumption and Other Tax Revenue Changes from Budget 2020

	Revenue
	changes
	($ millions)
Provincial sales		(211	)
Carbon		(271	)
Fuel		(88	)
Tobacco		(44	)
Insurance premium		(8	)
		(622	)

			2020/21
	Budget		Public
Indicators (annual percent change for the 2020 calendar year)	2020		Accounts 1
Nominal consumer expenditures	4.5	%	-4.9	%
Nominal consumer expenditures on durable goods	1.7	%	-2.3	%
Nominal business investment	4.1	%	-9.3	%
Consumer price index	2.2	%	0.8	%
Real GDP	2.0	%	-5.3	%
Nominal GDP	3.9	%	-4.5	%
Retail sales	3.0	%	1.3	%

¹ Budget 2021 forecast for most variables, except retail sales and consumer price index which are actuals.

Property transfer tax revenue was $512 million higher than budget due to higher residential sales values. Compared to 2019/20, revenue increased $488 million (30.3 per cent) as the average tax per residential transaction increased 35.3 per cent, while the number of residential transactions increased by 15.3 per cent. Revenue from the foreign buyers’ tax (included in total property transfer tax revenue) was $101 million compared to the $123 million budget assumption.

Fuel tax revenue was down $88 million from budget mainly due to lower than assumed gasoline, diesel, jet fuel and natural gas purchases. Travel restrictions due to the pandemic also contributed to lower consumption volumes.

Carbon tax revenue was down $271 million from budget mainly due to the delay in Carbon tax rate increase from $40 to $45 per tonne of carbon dioxide equivalent emissions from April 1, 2020 to April 1, 2021 as well as lower consumption of gasoline and diesel fuels.

Tobacco tax revenue was down $44 million from budget reflecting a decline in consumption volumes due in part to consumer lifestyle changes including purchases of alternatives such as vaping products.

Property tax revenue was $713 million lower than budget due to lower revenues from non-residential school taxes, residential school taxes, speculation and vacancy tax and BC Transit property levies. Lower non-residential school tax revenue ($567 million) mainly reflects the reduction in school property tax rates for commercial properties in the 2020 calendar year, announced as part of government’s response to the pandemic. Lower residential school taxes ($41 million) mainly reflect decreased residential property assessment values as well as higher claims relating to homeowner grant. The speculation and vacancy tax revenue was $115 million in 2020/21, $70 million lower than the budget estimate ($185 million), based on declarations by property owners for 2020 as well as reassessments relating to prior tax years.

Table 2.2.4 Property Tax Revenue Changes from Budget 2020

	Revenue
	changes
	($ millions)
Non-residential tax		(567	)
Speculation and vacancy tax		(70	)
Residential tax		(41	)
Other		(35	)
Total changes		(713	)

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Insurance premium tax revenue was $8 million lower than budget mainly due to refunds issued to motor vehicle owners partially offset by increases in home insurance costs.

Employer health tax revenue was $232 million higher than budget mainly due to the pandemic adjustments relating to the prior year’s filing and payment deadlines and partly offset by lower 2020 compensation of employees than assumed at budget.

Natural Resources Revenue

Natural gas royalties were $11 million lower than budget due to lower prices for natural gas byproducts and increased utilization of the royalty and infrastructure credit programs, partly offset by higher natural gas prices. Byproducts include pentane, condensate and butane whose prices are more closely aligned to oil rather than natural gas. Prices for byproducts were lower than expected, ranging from down 33.8 per cent for pentane to down 61.9 per cent for butane. In 2020/21 natural gas prices averaged $1.24 ($Cdn/gigajoule, plant inlet), a 100 per cent increase from budget assumption.

Table 2.2.5 Energy and Mineral Revenue Changes from Budget 2020

	Revenue
	changes
	($ millions)
Natural gas royalties		(11	)
Petroleum royalties		(26	)
Coal, metals and other minerals		(92	)
Electricity sales under the Columbia River Treaty		(36	)
Other sources1		(7	)
		(172	)

¹ Includes Crown land tenures and fees and levies collected by the BC Oil and Gas Commission.

	Budget			Actual
Indicators	2020			2020/21
Natural gas price ($Cdn/GJ, plant inlet)	$	0.62		$	1.24
Natural gas production (annual change)		7.1	%		2.8	%
Pentane price ($C/bbl)	$	65.02		$	43.03
Condensates price ($C/bbl)	$	64.37		$	41.91
Oil price ($US/bbl)	$	61.13		$	46.08
Metallurgical coal price ($US/tonne)	$	155		$	117
Copper price ($US/lb)	$	2.81		$	3.13
Electricity price ($US/Mwh)	$	33.93		$	27.03

Coal, metals and other minerals revenue was $92 million lower than budget mainly due to lower metallurgical coal prices and significant capital spending in coal mine operations partially offset by the impacts of higher copper prices, improved copper grades and more efficient copper extraction process. Metallurgical coal prices averaged $117 (US/tonne) in 2020/21, down 24.5 per cent from the budget assumption ($155). Lower average prices during the year were mainly attributed to reduced demand for metallurgical coal by major steel producing countries during the COVID-19 pandemic combined with global oversupply.

Revenue from other energy sources was $69 million lower than budget mainly due to the effects of lower Mid-Columbia (Mid-C) electricity prices as well as the impacts of lower petroleum prices and production volumes. In 2020/21, petroleum prices averaged $46.08 per barrel, down 24.6 per cent from budget ($61.13) and Mid-C electricity prices averaged $27.03 ($US per mega-watt hour), down 20.3 per cent from the budget assumption ($33.93). Lower Mid-C electricity prices during the year were a result of improved natural gas supply and mild temperatures combined with an abundance of precipitation throughout the Pacific North West in late fall.

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Forests revenue was $437 million higher than budget mainly due to higher than expected stumpage revenue from timber tenures resulting from a higher average stumpage rate and increased Crown harvest volumes. Lumber prices for SPF 2x4 averaged $570 ($US/1000 bf) in 2020, up 50 per cent from the budget assumption ($380). The total Crown harvest volumes for 2020/21 were 47.1 million cubic metres, 2.4 per cent above budget. Logging tax revenue was higher than budget due to increased lumber prices and the depletion of companies’ loss carry-forwards.

Table 2.2.6 Forest Revenue Changes from Budget 2020

	Revenue
	changes
	($ millions)
Stumpage from timber tenures		291
BC Timber Sales		106
Logging Tax		26
Other receipts		14
		437

	Budget		Actual
Indicators	2020		2020/21
SPF 2x4 ($US/1000 bf, calendar year)	$	380	$	570
Total stumpage rate ($/m3)	$	16.83	$	24.97
Harvest volumes (million m3)		46.0		47.1

Other natural resource revenues, comprised of revenue from water rentals and hunting and fishing licenses, were $11 million lower than budget mainly due to lower water rentals revenue.

Other Taxpayer-Supported Sources

Revenue from fees, investment earnings and other miscellaneous sources totalled $8.7 billion, down $983 million from budget.

Fee revenue totalled $4.3 billion, down $338 million from budget mainly due to lower revenues from post-secondary institutions, K-12 school districts, health authorities and motor vehicle fees.

Miscellaneous revenue totalled $3.1 billion, $662 million below budget mainly due to lower revenues from taxpayer-supported Crown corporations and SUCH sector agencies. These decreases were partially offset by higher vote recoveries related to the PharmaCare and other health spending programs. The higher vote recovery funding had an equal and offsetting expense increase.

Revenue from investment earnings was $1.3 billion, up $17 million from budget due to prudence adopted at budget, partly offset by decreases in vote recoveries related to Fiscal Agency Loans and lower investment returns for taxpayer-supported Crown corporations and agencies.

Table 2.2.7 Other Revenue Changes from Budget 2020

	Revenue changes
	($ millions)
Fees		(338	)
Miscellaneous sources		(662	)
Investment earnings		17
		(983	)

Lower revenues from motor vehicle fees and taxpayer supported SUCH sector agencies

Lower revenues in taxpayer-supported SUCH sector agencies and Crown corporations, partly offset by higher PharmaCare and other vote recoveries

Prudence adopted at budget partly offset by lower fiscal agency loan recoveries

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Federal Government Transfers

Contributions from the federal government totaled $13 billion, $3 billion above budget.

Canada Health Transfer and Canada Social Transfer entitlements were $60 million higher as a result of a greater than assumed B.C. share of the national population (13.54 per cent compared to 13.50 per cent forecast at budget) and net refunds of deductions for violations relating to prior years under the Canada Health Act.

COVID-19 pandemic related funding contributions supporting the Safe Restart Agreement, COVID-19 Essential Workers Support Fund, Safe Return to Class Fund and the Financial Assistance Agreement to Support Closure and Restoration of Oil and Gas Sites in British Columbia, were $2.6 billion.

Table 2.2.8 Federal Government Transfer Changes from Budget 2020

	Revenue
	changes
	($ millions)
B.C. health and social transfers revenue		60
COVID-19 related funding		2,603
SUCH sector		92
Crown corporations and agencies		53
Vote recoveries		38
Other receipts		85
		2,931

Higher B.C. population share of the national total and net refunds of Canada Health Act violation deductions related to prior years

Funding supporting the Safe Restart Agreement, COVID-19 Essential Workers Support Fund, Safe Return to Class Fund and the Financial Assistance Agreement to Support Closure and Restoration of Oils and Gas Sites in British Columbia

Higher transfers to taxpayer-supported SUCH sector agencies (mainly post-secondary institutions)

Mainly higher transfers to BC Transit

Higher funding in support of local government services and transfers, labour market and skills training and other program spending

Mainly higher funding in support of Disaster Financial Assistance Arrangements, Forest Enhancement Society of BC and indigenous student education

Other federal government contributions were up $268 million from budget. SUCH¹ sector entities received $92 million higher contributions, mainly by post-secondary institutions. Taxpayer-supported Crown corporations received $53 million higher contributions, mainly by BC Transit. Ministries received $38 million higher vote recovery funding in support of labour market and skills training as well as local government services and transfers. The increased vote recovery funding had an equal and offsetting expense increase. Other ministry receipts were $85 million higher than budget mainly due to higher funding in support of Disaster Financial Assistance Arrangements, the Forest Enhancement Society of BC and indigenous student education.

¹  SUCH: School districts, universities, colleges and institutes, and health organizations.

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Commercial Crown Corporations

The net income of commercial Crown corporations (government business enterprises) was nearly $4 billion in 2020/21, $547 million higher than Budget 2020, and $1 billion higher than 2019/20. The variance from budget in overall earnings is mainly due to higher ICBC operating results partially offset by lower net income from BC Lottery Corporation.

British Columbia Hydro and Power Authority

BC Hydro’s net income of $688 million was $24 million lower than the forecast in Budget 2020. The lower net income was mainly due to variances in certain operating costs that were above planned amounts, and which were not subject to deferral.

British Columbia Liquor Distribution Branch

BC Liquor Distribution Branch (LDB) net income of $1.2 billion was $27 million higher than the forecast in Budget 2020, and $54 million higher than 2019/20. The increase in net income was mainly due to higher revenue from liquor operations, and lower amortization and other administrative expenses.

British Columbia Lottery Corporation

BC Lottery Corporation’s net income of $420 million (net of payments to the federal government) was $943 million lower than Budget 2020, and a decrease of $916 million over the prior year. The 2020/21 change was mainly due to the closure of all gaming facilities for the entire fiscal year in compliance with provincial health orders related to the COVID-19 pandemic.

Insurance Corporation of British Columbia

The Insurance Corporation of British Columbia’s (ICBC) net income of $1.5 billion was $1.4 billion higher than the $86 million projected in Budget 2020, and a $1.9 billion improvement from the 2019/20 loss. The significant improvement in 2020/21 was primarily due to a continuing trend of a lower number of crashes and claims frequency observed even before the favourable impacts of the COVID-19 pandemic, as well as higher than expected investment income. Although ICBC also experienced a significant net favourable impact (lower claims partially offset by lower premiums) from reduced driving during the provincial COVID-19 lockdown period in 2020/21, this benefit was returned to customers in the form of COVID-19 rebates.

More information about commercial Crown corporations’ financial results and performance measures is provided in each corporation’s Annual Service Plan Report available at its respective website.

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PART 2 – FINANCIAL REVIEW

Table 2.3 Revenue by Source

	Budget		Actual			Actual
($ millions)	2020		2020/21			2019/20
Taxation
Personal income		11,771		11,118			10,657
Corporate income		4,739		4,805			5,011
Employer health		1,924		2,156			1,897
Sales 1		7,905		7,694			7,374
Fuel		1,024		936			1,008
Carbon		1,954		1,683			1,682
Tobacco		755		711			729
Property		3,026		2,313			2,608
Property transfer		1,586		2,098			1,609
Insurance premium		660		652			691
		35,344		34,166			33,266
Natural resources
Natural gas royalties		207		196			118
Forests		867		1,304			988
Other natural resources 2		1,075		903			1,162
		2,149		2,403			2,268
Other revenue
Medical Services Plan premiums		-		(4	)		1,063
Other fees and licences 3		4,667		4,333			4,509
Investment earnings		1,247		1,264			1,263
Miscellaneous 4		3,798		3,136			3,838
		9,712		8,729			10,673
Contributions from the federal government
Health and social transfers		7,683		7,743			7,430
COVID-19 related funding		-		2,603			64
Other federal contributions 5		2,280		2,548			2,041
		9,963		12,894			9,535
Commercial Crown corporation net income
BC Hydro		712		688			705
Liquor Distribution Branch		1,134		1,161			1,107
BC Lottery Corporation (net of payments to the federal government)		1,363		420			1,336
ICBC		86		1,528			(376	)
Other 6		122		167			146
		3,417		3,964			2,918
Total revenue		60,585		62,156			58,660

1	Includes provincial sales tax, HST/PST housing transition tax and harmonized sales tax related to prior years.
2	Columbia River Treaty, Crown land tenures, other energy and minerals, water rental and other resources.
3	Post-secondary, healthcare-related, motor vehicle, and other fees.
4	Includes reimbursements for health care and other services provided to external agencies, and other recoveries.
5	Includes contributions for health, education, community development, housing and social service programs, and transportation projects.
6	Includes Columbia Power Corporation, BC Railway Company, Columbia Basin power projects, and post-secondary institutions’ self-supported subsidiaries.

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Table 2.4 Expense by Ministry, Program and Agency ¹

				Contin-			Pandemic &		Statutory		Total
	Budget			gencies			Recovery		author-		author-			Actual			Actual
($ millions)		2020 2			allocation			Contingencies		ization 3		izations			2020/21			2019/20 2
Office of the Premier		11			-			-		-		11			11			12
Advanced Education and Skills Training		2,366			-			46		-		2,412			2,412			2,331
Agriculture, Food and Fisheries		95			32			23		-		150			150			112
Attorney General		1,154			40			310		-		1,504			1,495			1,192
Children and Family Development		2,229			41			175		-		2,445			2,445			2,148
Citizens’ Services		552			13			98		-		663			663			598
Education		6,695			16			45		1		6,757			6,756			6,627
Energy, Mines and Low Carbon Innovation		114			61			77		-		252			252			251
Environment and Climate Change Strategy		245			52			402		12		711			708			244
Finance		839			61			16		883		1,799			1,781			1,368
Forests, Lands, Natural Resource Operations and Rural Development		844			22			100		111		1,077			1,077			958
Health		22,190			41			1,924		-		24,155			24,155			20,825
Indigenous Relations and Reconciliation		97			184			33		-		314			314			353
Jobs, Economic Recovery and Innovation		78			2			171		-		251			251			82
Labour		17			-			18		-		35			35			16
Mental Health and Addictions		10			-			29		-		39			39			23
Municipal Affairs		147			37			341		-		525			524			717
Public Safety and Solicitor General		871			54			31		102		1,058			1,057			989
Social Development and Poverty Reduction		3,682			46			755		-		4,483			4,483			3,568
Tourism, Arts, Culture and Sport		159			11			183		-		353			352			182
Transportation and Infrastructure		929			-			303		-		1,232			1,232			920
Total ministries and Office of the Premier		43,324			713			5,080		1,109		50,226			50,192			43,516
Management of public funds and debt		1,197			-			-		49		1,246			1,246			1,234
Contingencies		1,066			(713	)		-		-		353			-			-
Pandemic and Recovery Contingencies - Vote 52 4		-			-			2,730		-		2,730			2,041			-
Pandemic and Recovery Contingencies - Vote 53 5		-			-			190		-		190			-			-
Funding for capital expenditures		2,789			-			-		-		2,789			1,974			1,653
Refundable tax credit transfers		1,686			-			-		672		2,358			2,358			1,413
Legislative Assembly and other appropriations		166			-			-		50		216			209			150
Total appropriations		50,228			-			8,000		1,880		60,108			58,020			47,966
Elimination of transactions between appropriations 6		(20	)		-			-		-		(20	)		(15	)		(20	)
Prior year liability adjustments		-			-			-		-		-			(123	)		(126	)
Consolidated revenue fund expense		50,208			-			8,000		1,880		60,088			57,882			47,820
Expenses recovered from external entities 5		3,335			-			-		-		3,335			4,557			3,850
Funding provided to service delivery agencies		(30,813	)		-			-		-		(30,813	)		(34,096	)		(28,928	)
Total direct program spending		22,730			-			8,000		1,880		32,610			28,343			22,742
Service delivery agency expense
School districts		7,080			-			-		-		7,080			7,083			6,995
Universities		5,457			-			-		-		5,457			5,272			5,252
Colleges and institutes		1,464			-			-		-		1,464			1,431			1,465
Health authorities and hospital societies		17,425			-			-		-		17,425			19,252			17,038
Other service delivery agencies		5,902			-			-		-		5,902			6,243			5,489
Total service delivery agency expense		37,328			-			-		-		37,328			39,281			36,239
Total expense		60,058			-			8,000		1,880		69,938			67,624			58,981

1	Amounts may not add due to rounding.
2	Amounts have been restated to reflect government accounting policies and organization in effect at March 31, 2021.
3	Statutory authorizations are appropriations permitted by an Act other than a Supply Act.
4	On March 23, 2020, the Legislative Assembly passed Supplementary Estimates of $5 billion to establish a new Vote 52 - Contingencies (All Ministries): Pandemic Response and Economic Recovery. An additional $2 billion in appropriation was authorized on December 17, 2020 to fund further COVID-19 measures.
5	On August 14, 2020, the Legislative Assembly passed Supplementary Estimates No. 2 of $1 billion to establish a new Vote 53 - Contingencies (All Ministries): Federal and Provincial Pandemic Support. The provincial portion of the actual spending is shown as part of ministries expenses; the federal matching spending is included in “Expenses recovered from external entities”.
6	Reflects payments made under an agreement where an expense from a voted appropriation is recorded as revenue by a special account (Housing Endowment Fund and British Columbia Training and Education Savings Program).

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  29

PART 2 – FINANCIAL REVIEW

Table 2.5.1 2020/21 Operating Results by Quarter

	($ millions)
2020/21 surplus at Budget 2020 (February 18, 2020)		227							227
2020/21 deficit at the First Quarterly Report (September 10, 2020)			(12,792	)
2020/21 deficit at the Fall 2020 Economic & Fiscal Update (December 17, 2020)					(13,643	)
2020/21 surplus at the Third Quarterly Report (April 20, 2021)							(8,144	)

	Q1			Fall 2020			Q3			Q4			Total
	Update			Update			Update			Update			Changes
Revenue changes:
Personal income tax – mainly expected changes in 2020 household income and weaker tax yield		(978	)		171			154			-			(653	)
Corporate income tax – changes in instalments, mainly reflecting federal government outlook for 2020 national corporate taxable income partly offset by weaker 2019 tax assessments results		(1,144	)		78			1,134			(2	)		66
Provincial sales tax – lower retail sales and consumer expenditures and impacts of tax measures		(1,024	)		(135	)		700			248			(211	)
Property taxes – mainly reflecting tax relief provided to commercial property owners, lower speculation and vacancy tax and updated 2021 assessment values and tax rates		(694	)		7			(15	)		(11	)		(713	)
Property transfer tax – changes in year-to-date sales activity in the housing sector		(315	)		479			250			98			512
Fuel and carbon taxes – year-to-date sales activity and delay of the carbon tax rate increase from April 1, 2020 to April 1, 2021		(469	)		(15	)		79			46			(359	)
Employer health tax – mainly expected changes in employee compensation and higher taxes relating to prior years		(148	)		47			17			316			232
Other taxation sources – impacts of 2019/20 Public Accounts and year-to-date results		20			10			(20	)		(62	)		(52	)
Mining – changes in coal and copper prices, changes in coal production and mining costs		(84	)		(18	)		2			8			(92	)
Forests – higher stumpage rates as well as changes in logging tax revenue and harvest volumes		30			96			128			183			437
Other natural resources – commodity prices and production volumes, utilization of royalty infrastructure programs/credits and changes in water rentals revenue		(190	)		78			24			(3	)		(91	)
Fees, licences, investment earnings and miscellaneous sources:
Post-secondary institutions		(673	)		67			145			(8	)		(469	)
K-12 school districts		(137	)		(25	)		78			(182	)		(266	)
Taxpayer-supported Crowns		(111	)		(94	)		(45	)		43			(207	)
Other sources – lower fees from Health Authorities and motor vehicle fees/fines partly offset by higher ministry program vote recoveries and investment earnings		(76	)		4			(47	)		78			(41	)
Canada health and social transfers – mainly due to changes in B.C. population share of national total. Additional pandemic relief one-time funding supporting recovery of health care systems was included in Q3 but will be recognized in 2021/22 instead		(2	)		52			552			(542	)		60
COVID-19 related federal government funding		2,376			242			(2	)		(13	)		2,603
Other federal government transfers – mainly higher transfers under the Disaster Financial Assistance Arrangements and higher funding in support of ministry program spending, taxpayer-supported Crowns and SUCH sector agencies		(20	)		69			130			89			268
Commercial Crown corporation net income – ICBC, BC Lottery Corp and the LDB		(933	)		298			279			903			547
Total revenue changes		(4,572	)		1,411			3,543			1,189			1,571
Less: expense increases (decreases):
Consolidated Revenue Fund changes:
Pandemic and Recovery Contingencies (Vote 52)		5,000			2,000			(300	)		(389	)		6,311
Change in Contingencies (Vote 45) spending allocation		-			-			(330	)		(23	)		(353	)
Ministry and Legislative Assembly savings		-			-			-			(40	)		(40	)
Federal-Provincial cost-shared investments under the Safe Restart Agreement: Provincial portion (Pandemic and Recovery Contingencies - Vote 53)		810												810
Federal portion		810			-			-			-			810
Statutory spending:
Fire management costs		76			2			2			(23	)		57
Emergency Program Act		94			26			1			(19	)		102
Signed agreements under the Sustainable Services Negotiating Mandate		310			37			2			9			358
COVID-19 temporary pandemic pay		425			(41	)		-			(51	)		333
Housing Priority Initiatives Special Account – purchase of hotels to house decamped homeless populations		111			-			85			-			196
Other statutory spending		14			71			3			25			113
Refundable tax credits:
One-time enhancement of the Climate Action Tax Credit		500			-			-			(20	)		480
Other refundable tax credits		(86	)		31			236			11			192
Other expense changes – mainly favourable impacts of prior year liability		88			(15	)		(97	)		(45	)		(69	)
Spending funded by third party recoveries – mainly Safe Return to Class funding from the federal government		(30	)		310			(90	)		222			412
Changes in spending profile of service delivery agencies:
School districts		152			214			89			(452	)		3
Universities		(61	)		(14	)		(14	)		(96	)		(185	)
Colleges		(23	)		2			13			(25	)		(33	)
Health authorities and hospital societies		229			1,137			580			(119	)		1,827
Other service delivery agencies		609			(165	)		(75	)		(28	)		341
(Increase) decrease in transfers to service delivery agencies - accounting elimination		(1,281	)		(1,333	)		(1,061	)		(424	)		(4,099	)
Total expense changes		7,747			2,262			(956	)		(1,487	)		7,566
Subtotal		(12,319	)		(851	)		4,499			2,676			(5,995	)
Forecast allowance - (increase) decrease		(700	)		-			1,000			-			300
Total changes		(13,019	)		(851	)		5,499			2,676			(5,695	)
2020/21 deficit at the First Quarterly Report		(12,792	)
2020/21 deficit at the Fall 2020 Economic & Fiscal Update					(13,643	)
2020/21 deficit at the Third Quarterly Report								(8,144	)
2020/21 deficit at the Public Accounts											(5,468	)		(5,468	)

¹ Includes BC Transportation Financing Authority, BC Transit, BC Housing Management Commission, Community Living BC, and other entities.

30 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Part 2 – Financial Review

Expense

In 2020/21, government expenses totalled $67.6 billion, $7.6 billion higher than Budget 2020 and $8.6 billion (14.7 per cent) higher than the previous year.

Chart 2.3 Expense Changes from Budget 2020

Total expense increased by $7.6 billion

$ millions

 

*Net agency spending reflects changes to spending of SUCH sector and other agencies, net of changes to government funding. For details, see table 2.5.1

Consolidated Revenue Fund

Consolidated Revenue Fund (CRF) direct program spending² (expenses other than grants paid to government agencies) was $5.6 billion higher than Budget 2020. This was mainly due to higher spending related to the COVID-19 pandemic, higher statutory spending and higher spending funded by third parties, partially offset by lower ministry spending and favourable prior year liability adjustments.

Since Budget 2020, the government tabled two Supplementary Estimates to authorize an additional $7 billion to fund COVID-19 pandemic measures, under the new Vote 52 - Contingencies (All Ministries): Pandemic Response and Economic Recovery. During the year, spending in this vote totalled $6.3 billion as shown in the Table 2.5.2.

Government also tabled Supplementary Estimates of $1 billion under the new Vote 53 - Contingencies (All Ministries): Federal and Provincial Pandemic Support to fund the provincial contribution to the following pandemic measures that were cost-shared with the federal government, under the Safe Restart Agreement:

· $540 million in grants to BC Transit, TransLink and BC Ferries for transit services; and

· $270 million in restart funding to local governments.

The federal government equally matched the provincial contribution for these pandemic measures, bringing total spending for the year to $1.62 billion.

² See Table 2.4 – Total direct program spending.

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Part 2 – Financial Review

Table 2.5.2 2020/21 Pandemic and Recovery Contingencies (Vote 52)

	Actual
($ millions)	2020/21
Critical Services
Health and mental health		1,722
Child care services		56
Temporary housing, meals and supports for vulnerable populations		162
Essential Services for adults with developmental disabilities, vulnerable children and youth, courts, family justice and victim services, public health communications, Urban Indigenous Service Providers, food security and agriculture worker accommodations		130
Total Critical Services		2,070
Financial Supports
B.C. Recovery Benefit		1,297
B.C. Emergency Benefit for Workers		643
Temporary monthly increases and other supports for people in receipt of income and disability assistance including the Crisis Supplement and Recovery Supplement		712
Temporary Rental Supplement		129
Canada Emergency Commercial Rent Assistance Program		79
Emergency financial relief for organizations providing animal care, park operators and community tourism organizations, Domestic Motion Picture providers, local sports organizations, Royal BC Museum and the B.C. Pavilion Corporation		57
Total Financial Supports		2,917
Economic Recovery
Recovery for People - Jobs and Training		348
Recovery for People - Supports		51
Recovery for Businesses		218
Recovery for Communities - Community Infrastructure		355
Recovery for Communities - Social Supports		134
Building for a Better Future - Food Security and Farming		30
Building for a Better Future - Self-Resilience		188
Total Economic Recovery		1,324
Total Pandemic Contingencies Spending Measures		6,311

Statutory spending by government during the year totalled $1.83 billion in the following areas:

· $672 million for refundable tax credits, including $480 million for the one-time enhancement of the Climate Action Tax Credit;

· $358 million for the signed agreements under the Sustainable Services Negotiating Mandate (Ministry of Finance);

· $333 million for the COVID-19 temporary pandemic pay, a federal-provincial cost-shared initiative (Ministry of Finance);

· $196 million to fund the purchases of hotels to house decamped homeless populations under the Housing Priority Initiatives Special Account (Ministry of Finance);

· $102 million in emergency response, recovery, prevention, and preparedness costs, including $51 million for COVID-19 related expenses, under the Emergency Program Act (Ministry of Public Safety and Solicitor General);

32 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Part 2 – Financial Review

· $57 million in fire management costs (Ministry of Forests, Lands, Natural Resource Operations and Rural Development); and

· $113 million in other areas, including $50 million for Elections BC.

Other CRF spending was $475 million lower than Budget 2020 mainly due to unused portion of the Contingencies Vote ($353 million), ministry and other savings ($40 million), and other expense changes ($82 million, including prior period adjustments and interest costs).

Government used the Contingencies Vote as a prudent budgeting tool to fund priority initiatives and manage budget pressures. In 2020/21, $713 million of the $1.066 billion Contingencies Vote was spent on a number of priority initiatives and pressures, including:

· $184 million for various treaty and non-treaty agreements with First Nations, including costs under the Indigenous Funding Envelope and the LNG benefits agreement (Ministry of Indigenous Relations and Reconciliation);

· $61 million mainly to support CleanBC initiatives (Ministry of Energy, Mines and Low Carbon Innovation);

· $54 million to fund various public safety program operating pressures and initiatives including corrections, policing and security, Road Safety Initiative, intersection safety cameras and cannabis licensing (Ministry of Public Safety and Solicitor General);

· $52 million mainly to fund CleanBC Program for Industry (Ministry of Environment and Climate Change Strategy);

· $45 million mainly to fund income and disability assistance caseload pressures and provide grants to Community Living BC to support ongoing programs (Ministry of Social Development and Poverty Reduction);

· $41 million to support ongoing operations of various family, children, and youth services (Ministry of Children and Family Development);

· $40 million to support various justice sector program and initiatives including access to justice initiatives, court related costs and the Civil Resolution Tribunal (Ministry of Attorney General);

· $37 million in grants to support local governments for various infrastructure projects (Ministry of Municipal Affairs);

· $32 million to support various initiatives including the BC Salmon Restoration and Innovation Fund and the Greenhouse Carbon Tax Relief Grant program (Ministry of Agriculture, Food, and Fisheries);

· $22 million to support various programs and initiatives including the contaminated site liability, the Big Bar landslide and softwood lumber litigation costs (Ministry of Forests, Lands, Natural Resource Operations and Rural Development); and

· $145 million in other areas.

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Part 2 – Financial Review

Third party recovered spending relates to program spending funded or co-funded by parties outside of government. In addition to the $810 million contribution from the federal government for pandemic measures as part of Vote 53 discussed earlier, other cost-recovered spending was $412 million higher than Budget 2020 due to:

· $242 million higher recoveries from the federal government for the Safe Return to School during the pandemic;

· $160 million higher recoverable health care costs mainly due to PharmaCare costs;

· $119 million net increases in other program areas; offset by

· $109 million lower recoveries from gaming grants due to the closure of gambling facilities during the pandemic.

The recovered spending changes are offset by an equal net increase in revenue and as a result have no net impact on government’s financial results.

Operating transfers paid to service delivery agencies may change during the fiscal year as ministries make budget allocations, Contingencies Vote access is approved, and government invokes statutory authority. In 2020/21, operating grants to agencies increased by $4.1 billion compared to Budget 2020 primarily due to higher grants to health authorities ($2.8 billion), school districts ($477 million), BC Housing ($490 million) and various other service delivery agencies ($331 million) to support pandemic related services.

Service Delivery Agency Spending

Service delivery agency spending was $1.953 billion higher than Budget 2020, made up of the following:

· School districts’ spending was $3 million higher than Budget 2020 due to increased spending for health and safety measures for safe return to class during the pandemic partially offset by savings in operating costs as a result of provincial health orders to close schools.

· Post-secondary institutions spending was $218 million lower than Budget 2020 due to lower operating costs during the pandemic as a result of provincial health orders to move classes online. The lower spending is partly offset by lower student-related tuition and auxiliary revenues.

· Health authority and hospital society spending was $1.827 billion higher than Budget 2020 mainly due to increased staffing, operating, and supply costs associated with the ongoing pandemic. These costs included the addition of contract tracing staff, overtime for existing staff, costs associated with the rollout of the COVID-19 vaccination, costs associated with health authority staff that had to self-isolate and higher input costs for supplies such as personal protective equipment.

· Spending in other service delivery agencies was $341 million higher than Budget 2020 mainly due to increased spending by the BC Housing Management Commission ($307 million) to provide temporary housing, meal and health supports for vulnerable populations and the Temporary Rental Supplement program during the pandemic, and a net increase in spending by other service delivery agencies ($34 million).

A detailed review of the above changes by quarter is available in Table 2.5.1. Further information on 2020/21 spending by function is provided in Appendix Table A2.6.

34 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Part 2 – Financial Review

Provincial Capital Spending

In 2020/21, capital spending totalled $8.9 billion, which was comprised of $5.4 billion for taxpayer-supported infrastructure and $3.5 billion for the self-supported infrastructure of commercial Crown corporations and agencies.

Direct spending on health and education facilities, social housing, and government capital projects (i.e. government ministry infrastructure, including IT systems, courthouses and correctional institutions) represented 45 per cent of total capital spending in 2020/21.

Spending on highways and public transportation is also taxpayer-supported and reflects government’s transportation and transit investment plans. Transportation investments comprised approximately 16 per cent of total capital spending in 2020/21. While this spending is predominantly taxpayer financed, a portion is funded from the federal government and other external sources.

Spending on power generation and transmission projects is the largest single category of capital spending and is entirely self-supported. The spending primarily reflects BC Hydro’s refurbishment and expansion of its generating and transmission assets.

Chart 2.4 Components of Total Capital Spending – 2020/21

Per Cent of Total

 

Taxpayer-Supported Capital Spending

In 2020/21, government spending on taxpayer-supported infrastructure was $1.7 billion lower than forecast in Budget 2020.

Education facilities spending, which includes both the K-12 and Post-Secondary sector, was $123 million lower than budget, largely due to timing changes for site acquisitions in the K-12 sector and COVID-19 impacts on projects in the Post-Secondary sector.

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Part 2 – Financial Review

Health facilities spending was $700 million lower than budget primarily due to timing changes associated with major projects including the new Surrey Hospital and Cancer Centre, St. Paul’s Hospital and Royal Columbian Hospital projects. Decreased spending due to unforeseen project delays was partially offset by increased spending for health sector equipment and renovations in response to the COVID-19 pandemic.

Highways and public transit spending was $662 million less than budget, primarily due to schedule changes with the Broadway Subway, Pattullo Bridge replacement and Highway 1 to Chase Creek Road projects, as well as spring freshet damage to the West Fraser Road realignment project.

Social Housing, Ministry and Other spending was $213 million lower than budget, largely reflecting an extended procurement process related to the Nanaimo Correctional Centre, pausing of a core government IT refresh and timing of maintenance and acquisition of core government assets.

The above scheduling and cash flow changes do not represent a reduction in capital spending; rather the spending has been shifted to future years within the provincial capital plan.

Table 2.6 Capital Spending

	Budget		Actual		Actual
($ millions)	2020		2020/21		2019/20
Taxpayer-supported
Education facilities		1,971		1,848		1,813
Health facilities		1,862		1,162		1,009
Highways and public transit		2,054		1,392		1,028
Social Housing		578		572		355
Government direct (ministries)		569		389		520
Other		92		65		47
Total taxpayer-supported		7,126		5,428		4,772
Self-supported commercial
Power generation and transmission		3,106		3,214		4,076
Other		303		261		310
Total self-supported		3,409		3,475		4,386
Total capital spending		10,535		8,903		9,158

Self-Supported Capital Spending

Self-supported commercial Crown corporation and agency spending on capital projects in 2020/21 was $66 million higher than the Budget 2020 primarily due to $108 million increase by BC Hydro.

Further details on capital spending are provided in Appendix Table A2.9.

36 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Part 2 – Financial Review

Chart 2.5 Capital Spending Changes from Budget 2020

Total spending lower by $1,632 million

$ millions

 

Major Capital Projects

Significant capital projects (those with multi-year budgets totaling $50 million or more) are shown in Table 2.7. Investments in these larger projects will provide long-term social and economic benefits for the province.

As projects are completed, or new ones receive approval, the projects are removed from or added to the $50 million table.

During the 2020/21 fiscal year, the following projects were removed:

· Kitsilano Secondary;

· R.E. Mountain Secondary (Willoughby Slope);

· University of British Columbia – Undergraduate Life Science Teaching Laboratories Redevelopment project;

· North Island Hospitals project;

· Queen Charlotte/Haida Gwaii Hospital;

· Vancouver General Hospital – Joseph and Rosalie Segal Family Health Centre project;

· Highway 1 Admirals Road/McKenzie Avenue Interchange project;

· Highway 7 Corridor Improvements project;

· Highway 97 Stone Creek to Williams Road project;

· Highway 97 Williams Lake Indian Reserve to Lexington Road project;

· BC Liquor Distribution Branch warehouse project; and

· BC Hydro projects, including: Cheakamus unit 1 and 2 generator replacement; Kamloops substation; and Ruskin Dam safety and powerhouse upgrade.

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Part 2 – Financial Review

The following projects were added to the $50 million table during the fiscal year:

· British Columbia Institute of Technology – Student Housing ($114 million);

· Okanagan College – Student Housing ($68 million);

· Cowichan District Hospital ($887 million);

· Dawson Creek and District Hospital ($378 million);

· New Surrey Hospital and Cancer Centre ($1.66 billion);

· Richmond Hospital ($861 million);

· Royal BC Museum – Collections and Research Building ($224 million);

· Highway 4 Kennedy Hill Safety Improvements ($54 million); and

· BC Hydro projects, including: 5L063 Telkwa relocation project ($66 million) and Mica modernize controls project ($56 million).

Financing Capital Spending

Provincial capital infrastructure spending is financed through a combination of sources:

· borrowing (debt financing);

· operating cash flows (i.e. cash derived from the operating surplus and management of operating accounts);

· partnerships with the private sector (public-private partnerships or P3s); and

· cost-sharing with partners.

Chart 2.6 shows that 88 per cent of 2020/21 taxpayer-supported capital spending was financed from direct net borrowing and 5 per cent from federal contributions. Other contributions accounted for 7 per cent of the financing.

Self-supported commercial Crown and agency capital spending of $3.5 billion was financed 40 per cent from direct net borrowing ($1.4 billion), and 60 per cent from operating cash flows ($2.1 billion).

Chart 2.6 Financing Taxpayer-Supported Capital Spending

Total taxpayer-supported capital spending: $5,428 million

$ millions

 

38 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Part 2 – Financial Review

Table 2.7 Capital Expenditure Projects Greater Than $50 million ¹

			Project		Estimated		Anticipated		Project Financing
	Year of		Cost to		Cost to		Total		Internal/		P3		Federal		Other
($ millions)	Completion		Mar. 31, 2021		Complete		Cost		Borrowing		Liability		Gov’t		Contrib’ns
			Taxpayer-supported
Schools
Centennial Secondary 2		2017		58		3		61		61		-		-		-
Argyle Secondary2		2021		62		-		62		50		-		-		12
Grandview Heights Secondary		2021		65		18		83		63		-		-		20
New Westminster Secondary		2021		89		18		107		107		-		-		-
Burnaby North Secondary		2022		24		84		108		99		-		-		9
Handsworth Secondary		2022		42		27		69		69		-		-		-
Pexsisen Elementary and
Centre Mountain Lellum Middle		2022		25		64		89		89		-		-		-
Quesnel Junior School		2022		8		44		52		52		-		-		-
Sheffield Elementary		2022		6		46		52		47		-		-		5
Stitó:s Lá:lém totí:lt Elementary Middle School3		2022		25		29		54		49						5
Eric Hamber Secondary		2023		14		92		106		94		-		-		12
Victoria High School		2023		16		64		80		77		-		-		3
Cowichan Secondary		2024		3		79		82		80						2
Seismic mitigation program 4		2030		763		1,263		2,026		2,026		-		-		-
Total schools				1,200		1,831		3,031		2,963		-		-		68
Post-secondary institutions
Simon Fraser University – Energy Systems Engineering Building 2,5		2019		124		2		126		45		-		45		36
British Columbia Institute of Technology – Health Sciences Centre for Advanced Simulation		2022		44		44		88		66		-		-		22
Simon Fraser University – Student Housing		2022		25		79		104		73		-		-		31
Okanagan College – Student Housing		2023		-		68		68		67		-		-		1
University of Victoria – Student Housing		2023		60		172		232		128		-		-		104
British Columbia Institute of Technology – Student Housing		2024		-		114		114		108		-		-		6
Total post-secondary institutions				253		479		732		487		-		45		200
Health facilities
Royal Inland Hospital Patient Care Tower
– Direct procurement		2025		20		109		129		39		-		-		90
– P3 contract		2022		233		55		288		-		164		-		124
Vancouver General Hospital – Operating Rooms Renewal – Phase 16		2021		93		9		102		35		-		-		67
Interior Heart and Surgical Centre2 – Direct procurement		2018		176		-		176		152		-		-		24
– P3 contract		2015		133		-		133		4		79		-		50
Children’s and Women’s Hospital 2 – Direct procurement		2020		289		9		298		168		-		-		130
– P3 contract		2018		368		-		368		167		187		-		14
Penticton Regional Hospital - Patient Care Tower
– Direct procurement		2022		51		25		76		18		-		-		58
– P3 contract		2019		232		-		232		-		139		-		93
Royal Columbian Hospital – Phase 12		2020		245		6		251		242		-		-		9
Royal Columbian Hospital – Phases 2 & 3		2026		100		1,144		1,244		1,182		-		-		62
Peace Arch Hospital Renewal		2022		59		32		91		8		-		-		83
Red Fish Healing Centre for Mental Health and Addiction – θəqiʔ ɫəwʔənəq leləm		2021		117		14		131		131		-		-		-
Dogwood Complex Residential Care		2022		11		47		58		-		-		-		58
Lions Gate Hospital – New Acute Care Facility		2024		4		306		310		144		-		-		166
St Paul’s Hospital		2027		13		2,161		2,174		1,327		-		-		847
Health facilities continued on the next page

Þ

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  39

Part 2 – Financial Review

Table 2.7 Capital Expenditure Projects Greater Than $50 million ¹ (continued)

			Project		Estimated		Anticipated		Project Financing
	Year of		Cost to		Cost to		Total		Internal/		P3		Federal		Other
($ millions)	Completion		Mar. 31, 2021		Complete		Cost		Borrowing		Liability		Gov’t		Contrib’ns
Health facilities continued
Mills Memorial Hospital		2026		28		595		623		513		-		-		110
Burnaby Hospital Redevelopment - Phase 1 7		2027		5		607		612		578		-		-		34
Cariboo Memorial Hospital		2026		2		216		218		131		-		-		87
Stuart Lake Hospital		2024		3		113		116		98		-		-		18
Cowichan District Hospital		2026		10		877		887		605		-		-		282
Dawson Creek & District Hospital		2026		1		377		378		247		-		-		131
New Surrey Hospital and Cancer Centre		2027		-		1,660		1,660		1,660		-		-		-
Richmond Hospital		2031		-		861		861		791		-		-		70
Clinical and Systems Transformation		2025		528		175		703		702		-		-		1
iHealth Project – Vancouver Island Health Authority		2025		105		50		155		55		-		-		100
Total health facilities				2,826		9,448		12,274		8,997		569		-		2,708
Transportation
Highway 91 Alex Fraser Bridge Capacity Improvements 2		2019		66		4		70		37		-		33		-
Highway 1 widening and 216th Street Interchange 2		2020		60		2		62		28		-		22		12
Highway 1 Illecillewaet Four-Laning and Brake Check improvements		2021		41		44		85		69		-		16		-
Highway 1 Lower Lynn Corridor improvements		2021		164		34		198		77		-		66		55
Highway 99 10-Mile Slide		2021		53		31		84		84		-		-		-
Highway 4 Kennedy Hill Safety Improvements		2022		32		22		54		40		-		14		-
Highway 14 Corridor improvements		2022		22		55		77		48		-		29		-
Highway 1 Chase Four-Laning		2023		40		180		220		208		-		12		-
Highway 1 Quartz Creek Bridge Replacement		2023		11		110		121		71		-		50		-
Highway 1 RW Bruhn Bridge		2023		25		200		225		134		-		91		-
Highway 1 Salmon Arm West		2023		50		105		155		124		-		31		-
Highway 91 to Highway 17 and Deltaport Way Corridor improvements		2023		115		145		260		87		-		82		91
Kootenay Lake ferry service upgrade		2023		15		70		85		68		-		17		-
West Fraser Road Realignment		2023		9		94		103		103		-		-		-
Highway 1 216th - 264th Street widening		2024		16		219		235		99		-		109		27
Highway 1 Kicking Horse Canyon Phase 4 8		2024		131		470		601		386		-		215		-
Pattullo Bridge Replacement 9		2024		295		1,082		1,377		1,076		301		-		-
Broadway Subway10		2025		419		2,408		2,827		1,380		450		897		100
Total transportation				1,564		5,275		6,839		4,119		751		1,684		285
Other taxpayer-supported
Abbotsford courthouse2
– Direct procurement		2020		16		-		16		16		-		-		-
– P3 contract		2020		134		-		134		48		80		-		6
Nanaimo Correctional Centre Replacement		2024		15		152		167		167		-		-		-
6585 Sussex Ave (Affordable Rental Housing)		2022		35		40		75		43		-		-		32
Stanley New Fountain Hotel (Affordable Rental Housing)		2022		31		38		69		19		-		-		50
Clark & 1st Ave (Affordable Rental Housing)		2024		5		104		109		75		-		-		34
Royal BC Museum – Collections and Research Building		2025		12		212		224		224		-		-		-
Total other				248		546		794		592		80		-		122
Total taxpayer-supported				6,091		17,579		23,670		17,158		1,400		1,729		3,383
																Þ

40 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Part 2 – Financial Review

Table 2.7 Capital Expenditure Projects Greater Than $50 million ¹ (continued)

			Project		Estimated		Anticipated				Project Financing
	Year of		Cost to		Cost to		Total		Internal/		P3		Federal		Other
($ millions)	Completion		Mar. 31, 2021		Complete		Cost		Borrowing		Liability		Gov’t		Contrib’ns
Power generation and transmission
BC Hydro
–Horne Payne substation upgrade project 2		2019		72		-		72		72		-		-		-
–John Hart generating station replacement 2		2019		978		1		979		979		-		-		-
–Bridge River 2 units 5 and 6 upgrade project 2		2019		73		1		74		74		-		-		-
–South Fraser transmission relocation project  11		TBD		30		46		76		76		-		-		-
–Supply Chain Applications project 2		2020		68		1		69		69		-		-		-
–Fort St. John and Taylor Electric Supply 2		2020		51		1		52		52		-		-		-
–UBC load increase stage 2 project 2		2020		50		5		55		55		-		-		-
– Downtown Vancouver Electricity Supply: West End strategic property purchase		2021		68		13		81		81		-		-		-
–Peace Region Electricity Supply (PRES) project 12		2021		202		83		285		285		-		TBD		-
– LNG Canada load interconnection project		2021		69		13		82		58		-		-		24
– Bridge River 2 upgrade units 7 and 8 project		2021		63		22		85		85		-		-		-
– Wahleach refurbish generator project		2022		28		23		51		51		-		-		-
– Mica replace units 1 to 4 generator transformers project		2022		48		32		80		80		-		-		-
– G.M. Shrum G1 to 10 control system upgrade		2022		53		22		75		75		-		-		-
– Mount Lehman substation upgrade project		2023		27		32		59		59		-		-		-
– Street light replacement program		2023		8		67		75		75		-		-		-
– 5L063 Telkwa relocation project		2023		16		50		66		66		-		-		-
– Mica modernize controls project		2023		30		26		56		56		-		-		-
– Capilano substation upgrade project		2024		14		73		87		87		-		-		-
– Sperling substation (SPG) metalclad switchgear replacement project		2024		6		48		54		54		-		-		-
–Site C project 13		2025		6,867		9,133		16,000		16,000		-		-		-
Total power generation and transmission				8,821		9,692		18,513		18,489		-		-		24
Other self-supported
Enhanced Care Coverage Program (ICBC)		2022		77		22		99		99		-		-		-
Total self-supported				8,898		9,714		18,612		18,588		-		-		24
Total $50 million projects				14,989		27,293		42,282		35,746		1,400		1,729		3,407

1	Only projects that receive provincial funding and have been approved by Treasury Board and/or Crown corporation boards are included in this table. Ministry service plans may highlight projects that still require final approval. Capital costs reflect current government accounting policy.
2	Assets have been put into service and only trailing costs remain.
3	Formerly reported as Stitos Elementary Middle
4	The Seismic Mitigation Program consists of all spending to date on Phase 2 of the program and may include spending on projects greater than $50 million included in the table above.
5	Simon Fraser University and private donors contributed $26 million toward the project, and the university also contributed land valued at $10 million.
6	Formerly reported as Vancouver General Hospital – Jim Pattison Pavilion Operating Rooms
7	The concept plan for Phase 2 of the Burnaby Hospital Redevelopment has been approved. Financial information will be added to the table upon business case approval.
8	Kicking Horse Canyon Project costs exclude $11 million of past planning costs which are expensed.
9	Pattullo Bridge forecasted to open to the public in 2024 with old bridge decommissioning to follow. Forecasted amount reflects total expenditures including capitalized and expensed items.
10	The Broadway Subway Project forecast and value of costs incurred to date include the City of Vancouver in-kind contribution of land rights, in keeping with the approved project budget. Under current government accounting, purchased intangible assets are given accounting recognition, and contributed intangible assets, such as land use rights or licenses are not.
11	Construction work on the South Fraser transmission relocation project is currently suspended pending the government's review of the George Massey Tunnel replacement.
12	The total cost represents the gross cost of the project and has not been netted for Federal Government contributions. The Federal Government's contribution amount is dependent on the final actual project costs and what costs are eligible under the agreement.
13	As announced on February 26, 2021, the cost of the Site C project is estimated at $16 billion, with a one year delay to 2025 for the project in-service date. BC Hydro continues to review the updated cost estimate, along with risks, further to recommendations in the Milburn Report. Site C project total anticipated cost and project cost to date include capital costs, charges subject to regulatory deferral and certain operating expenditures.

2021 Financial and Economic Review – July 2021  41

Part 2 – Financial Review

Provincial Debt

As at March 31, 2021, total provincial debt was $87.1 billion — 29.5 per cent of B.C.’s nominal GDP. This is an increase of $14.9 billion over the year, out of which $6.2 billion relates to capital spending and $8.7 billion to finance government’s operating deficit and other operating requirements. About 31 per cent of the total debt is self-supported through the activities of commercial Crown corporations.

The taxpayer-supported debt-to-GDP ratio, a measure often used by investors and credit rating agencies to analyze a government’s ability to manage its debt load, stood at 20.2 per cent. This is higher by 5.2 percentage points from 2019/20 and is 4.7 percentage points higher than forecast in Budget 2020. The debt-to-revenue ratio was 101.2 per cent, 17.1 percentage points higher than Budget 2020 and an increase of 20.6 percentage points from 2019/20.

Table 2.8 Provincial Debt Summary ¹

				Opening			Updated
	Budget			Balance			Budget		Actual			Actual
($ millions)	2020			Adjustment 2			2020		2020/21			2019/20
Taxpayer-supported debt
Provincial government direct operating										8,746
Education facilities		15,135			882			16,017		16,861			15,445
Health facilities		8,750			374			9,124		9,359			8,507
Highways and public transit		19,069			478			19,547		18,782			17,659
Other		6,248			(74	)		6,174		6,002			4,618
Total taxpayer-supported debt		49,202			1,660			50,862		59,750			46,229
Self-supported debt
Power generation and transmission		25,996			16			26,012		26,270			24,901
Other		894			147			1,041		1,080			1,031
Total self-supported debt		26,890			163			27,053		27,350			25,932
Forecast allowance		300			-			300		-			-
Total provincial debt		76,392			1,823			78,215		87,100			72,161
Debt to GDP
Taxpayer-supported		15.5	%					16.0% 3		20.2	%		15.1	%
Total		24.0	%					24.6% 3		29.5	%		23.6	%

¹ Provincial debt is prepared in accordance with Generally Accepted Accounting Principles and presented consistent with the Debt Summary Report included in the Public Accounts . Debt is shown net of sinking funds and unamortized discounts, excludes accrued interest, and includes non-guaranteed debt directly incurred by commercial Crown corporations and debt guaranteed by the Province.

² The opening balance adjustment reflects actual balances at March 31, 2020 (the Budget 2020 projection was based on a forecast for 2019/20).

³ Revised to reflect Statistics Canada’s Provincial Economic Accounts update released on November 7, 2019.

Debt for schools, post-secondary institutions and health facilities was largely incurred by government to issue capital grants to SUCH sector organizations for funding their infrastructure. Highways and public transit debt primarily reflects direct borrowing by government-controlled agencies, such as the BC Transportation Financing Authority. Power generation and transmission debt is entirely commercial in nature and is predominantly the debt of BC Hydro. A portion of this debt reflects borrowing for the Columbia Basin power projects managed by Columbia Power Corporation and Columbia Basin Trust.

42 2021 Financial and Economic Review – July 2021

Part 2 – Financial Review

Chart 2.7 Components of Total Provincial Debt - 2020/21 

Other debt includes taxpayer-supported borrowing to finance social housing and other government borrowing for direct capital projects such as courthouses. Other debt also includes the self-supported borrowing of the BC Lottery Corporation for gaming equipment and gaming management software, the debt of post-secondary institutions’ commercial subsidiaries, and lease liabilities related to right-of-use³ assets.

Chart 2.8 Change in Ending Debt Level from Budget 2020

³ In 2019/20 all commercial Crown corporations implemented IFRS 16 Leases. Due to the change in accounting standards, lease liabilities related to right-of-use assets are included as debt.

2021 Financial and Economic Review – July 2021  43

Part 2 – Financial Review

Total debt was higher by $10.7 billion at year-end compared to the Budget 2020 forecast (see Chart 2.8).

This variance consists of:

· $10.5 billion higher taxpayer-supported debt, primarily due to lower operating results of $5.995 billion (excluding the forecast allowance), changes in cash and other working capital balances of $5.9 billion, and $1.3 billion lower net capital spending;

· $460 million increase in self-supported debt due to lower operating cash flows and higher capital spending; and

· $300 million forecast allowance.

Surplus/Deficit Versus Change In Debt

For the 2020/21 fiscal year, government posted a deficit of $5.468 billion, which included net non-cash items of $52 million (primarily amortization and an adjustment for commercial Crown corporations net income and dividends). Working capital balances increased by $2.573 billion, including higher cash balances at year end to ensure liquidity during the COVID-19 pandemic. Taxpayer-supported capital spending was $5.428 billion. As a result, taxpayer-supported debt increased by $13.5 billion during the fiscal year.

The $1.418 billion increase in self-supported debt primarily reflects $3.48 billion of capital spending mainly for BC Hydro and BCLC, offset by $2.057 billion in net operating cash flows.

Chart 2.9 Reconciliation of Surplus/Deficit to Change In Debt

Year over year increase in debt: $14,939 million

44 2021 Financial and Economic Review – July 2021

Part 2 – Financial Review

Debt Indicators

Table 2.9 provides a summary of financial indicators depicting the province’s debt position, recent borrowing trends and related interest cost burden.

Further details on provincial debt are provided in Appendix Tables A2.10 to A2.12.

Table 2.9 Key Debt Indicators¹

	Budget		Actual		Actual
	2020		2020/21		2019/20
Debt to revenue (per cent)
Total provincial		98.8		115.1		95.9
Taxpayer-supported		84.1		101.2		80.6
Debt per capita ($) 2
Total provincial		14,850		16,919		14,175
Taxpayer-supported		9,564		11,606		9,081
Debt to GDP (per cent) 3
Total provincial		24.0		29.5		23.3
Taxpayer-supported		15.5		20.2		15.0
Interest bite (cents per dollar of revenue) 4
Total provincial		3.7		3.7		3.8
Taxpayer-supported		3.1		3.1		3.1
Interest costs ($ millions)
Total provincial		2,828		2,817		2,872
Taxpayer-supported		1,819		1,832		1,807
Interest rate (per cent) 5
Taxpayer-supported		3.9		3.5		4.1
Revenue Factor for Key Indicators ($ millions)
Total provincial 6		77,319		75,691		75,283
Taxpayer-supported 7		58,515		59,033		57,386
Total debt ($ millions)
Total provincial		76,392		87,100		72,161
Taxpayer-supported 8		49,202		59,750		46,229
Provincial GDP ($ millions) 9		318,068		295,282		309,059
Population (thousands at July 1) 10		5,144		5,148		5,091

1	Figures for prior year have been restated to conform with the presentation used for 2020/21 and to include the effects of changes in underlying data and statistics.
2	The ratio of debt to population (e.g. debt at March 31, 2021 divided by population at July 1, 2020).
3	The ratio of debt outstanding at fiscal year end to provincial nominal gross domestic product (GDP) for the calendar year ending in the fiscal year (e.g. debt at March 31, 2021 divided by 2020 GDP).
4	The ratio of interest costs (less sinking fund interest) to revenue. Figures include capitalized interest expense in order to provide a more comparable measure to outstanding debt.
5	Weighted average of all outstanding debt issues.
6	Includes revenue less earnings related to enterprises (sinking fund earnings, loan interest and net earnings), plus revenue of all enterprises.
7	Excludes revenues of commercial Crown corporations, but includes dividends paid to the Consolidated Revenue Fund.
8	Excludes debt of commercial Crown corporations.
9	Nominal GDP for the calendar year ending in the fiscal year (e.g. GDP for 2020 is used for the fiscal year ended March 31, 2021). As nominal GDP for the calendar year ending in 2020 is not available, the 2020 GDP projected in the April 2021 budget has been used for the fiscal year ended March 31, 2021 for demonstration purposes.
10	Population at July 1st within the fiscal year (e.g. population at July 1, 2020 is used for the fiscal year ended March 31, 2021).

2021 Financial and Economic Review – July 2021  45

Part 2 - Financial Review

Credit Rating

A credit rating is an evaluation of the credit risk of a prospective borrower, predicting their ability to pay interest and to repay the debt principal. It impacts the borrower’s debt servicing costs and the investor’s rate of return since an investor will demand a higher interest rate on a higher-risk, lower-rated security. Table 2.10 provides an interprovincial comparison of credit ratings.

Table 2.10 Interprovincial Comparison of Credit Ratings, July 2021

	Rating Agency1
	Moody’s Investors
Province	Service	Standard & Poor’s	DBRS
British Columbia	Aaa	AA+	AA(High)
Alberta	Aa3	A	AA (Low)
Saskatchewan	Aa1	AA	AA (Low)
Manitoba	Aa2	A+	A (High)
Ontario	Aa3	A+	AA (Low)
Quebec	Aa2	AA-	AA (Low)
New Brunswick	Aa2	A+	A (High)
Nova Scotia	Aa2	AA-	A (High)
Prince Edward Island	Aa2	A	A
Newfoundland/Labrador	A1	A	A (Low)

¹ The rating agencies assign letter ratings to borrowers. The major categories, in descending order of credit quality are: AAA/Aaa; AA/Aa; A; BBB/Baa; BB/Ba; and B. The “1”, “2”, “3”, “high”, “low”, “+”, and “-” modifiers show relative standing within the major categories. For example, AA+ exceeds AA and Aa2 exceeds Aa3.

B.C.’s record in recent years for presenting surplus fiscal outlooks and for meeting annual budget targets has resulted in ratings of Aaa and AA+ from Moody’s and Standard & Poor’s respectively, while DBRS rates the province at AA (high) as of July 2021.

Pension Plans

The province contributes to four defined benefit pension plans (Public Service, Municipal, Teachers’ and College) for many of its employees. These pension plans are managed under joint trusteeship arrangements with the plan members. Under joint trusteeship, the provincial government has no formal claim on plan surpluses or assets; however, government is responsible for 50 per cent of any unfunded liabilities in the Public Service, Teachers’ and College plans, and 35 per cent of any unfunded liability in the Municipal plan since the province’s interest in that plan is only 70 per cent.

As a result, government’s balance sheet only includes its share of any unfunded pension liabilities incurred by the four pension plans under the joint trusteeship arrangements, as well as the entire liability for the MLA Superannuation Account, which is not part of a joint trusteeship arrangement. As at March 31, 2021, all pension plans under joint trusteeship were fully funded.

In the event that a plan is determined to be in a deficit position, the pension boards, by agreement, are required to address the deficit through contribution adjustments or other measures. As a result, it is expected that any unfunded pension liability in the future would be short-term in nature.

46 2021 Financial and Economic Review – July 2021

Part 2 - Financial Review

The pension valuations do not include future indexing of pensions, as this is a non-guaranteed supplemental benefit to the plans that is determined by the amount of available assets in separate inflation accounts. The estimated financial positions of each plan (based on extrapolations of the most recent actuarial valuations) as at March 31, 2021 are shown in Table 2.11.

Table 2.11 Pension Plan Balances

	Pension Plan															Total
($ millions)	Public Service			Municipal			Teachers			College			Other 1			2020/21			2019/20
Accrued benefit obligation		(22,664	)		(31,003	)		(22,429	)		(4,231	)		(841	)		(81,168	)		(76,436	)
Pension fund assets		26,113			35,334			24,065			4,723			988			91,223			84,748
Subtotal		3,449			4,331			1,636			492			147			10,055			8,312
Unamortized actuarial (gain) loss		(1,037	)		(2,089	)		(1,326	)		(273	)		(36	)		(4,761	)		(4,160	)
Accrued net asset (obligation)		2,412			2,242			310			219			111			5,294			4,152

¹ Represents other defined benefit plans, outside of the four main pension plans, which are funded by entities within the government reporting entity. Includes the Retirement Plan for Non-Teaching Employees of the Board of School Trustees of School District No. 43 (Coquitlam), the University of Victoria’s pension plan for employees other than faculty and professional staff, Simon Fraser University’s Academic Pension Plan and Administrative/Union Pension Plan, and the province’s 14.67% interest in the Canadian Blood Services pension plan.

Actuarial valuations are performed on the pension plans every three years with the resulting reports released nine months after the valuation date. The pension plans and the dates of their last actuarial valuation are:

· Public Service Pension Plan, March 31, 2020;

· Municipal Pension Plan, December 31, 2018;

· Teachers’ Pension Plan, December 31, 2017; and

· College Pension Plan, August 31, 2018.

Key actuarial assumptions used for valuation purposes include a long-term annual rate of return on fund assets (currently 6.00 per cent for the Public Service Pension Plan and Teachers’ Pension Plan, and 6.25 per cent for the Municipal Pension Plan and the College Pension Plan) and the rate of annual salary increases (currently 3.25 per cent).

The pension plans are administered by the BC Pension Corporation in accordance with direction received from the various pension boards. The audited financial statements of each pension plan, along with full descriptions, benefit formulas, inflation assumptions and funding polices may be found on the corporation’s website at www.pensionsbc.ca.

Contractual Rights

Contractual rights represent the annual nominal future cash receipts for multi-year contracts. As at March 31, 2021, taxpayer-supported entities have $9.9 billion in contractual rights, and self-supported Crown corporations and subsidiaries have $6.0 billion in contractual rights, for a total of $15.9 billion in contract receipts over the future years, depending on the terms of the contract.

Contractual rights represent future receipts where the projected revenue has been quantified in an agreement. They are not off-balance sheet assets, nor are they deferred revenues.

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  47

Part 2 - Financial Review

Contractual Obligations

Contractual obligations represent the annual nominal future cash payments for multi-year contracts for the delivery of services and construction of assets — except in the case of P3 contracts, where the obligations related to construction of assets are recognized as liabilities as the assets are constructed.

As at March 31, 2021, taxpayer-supported entities have incurred $46.1 billion in contractual obligations, and self-supported Crown corporations and subsidiaries have incurred $49.3 billion in contractual obligations, for a total of $95.4 billion in contract payments that will be made over the future years, depending on the terms of the contract.

Contractual obligations represent ongoing program costs where the projected expense has been quantified in an agreement. They are not off-balance sheet debt, nor are they unfunded costs. Rather, these annual costs have been incorporated into the overall program budgets of the contracting ministries and other entities similar to other future-oriented government program costs such as legislated entitlements and capital asset amortization. In the case of self-supported Crown corporations and subsidiaries, the payments will be made from future revenue streams.

The 2020/21 Public Accounts Contractual Obligations schedule presents a detailed listing of obligations by function. Taxpayer-supported contractual obligations can also be grouped into eight categories (see Table 2.12) as follows:

· Coastal ferry services agreement – annual operating subsidy provided by the Ministry of Transportation and Infrastructure to BC Ferry Services Inc. in support of its smaller routes.

· Capital construction and maintenance P3s – reflect the annual service payments that will be made to maintain the asset and retire the liabilities.

· Provincial policing contracts – annual operating cost of the policing contract with the RCMP (aside from major cities such as Vancouver, which have their own police forces, policing in British Columbia is provided by the RCMP under contract).

· Housing subsidy agreements – annual operating cost of the subsidy agreements between BC Housing Management Commission and cooperative subsidized housing associations.

Table 2.12 Taxpayer-Supported Contractual Obligations

($ millions)	2021/22	2022/23	2023/24	2024/25	2025/26	2026/27+	Total
Coastal ferry services agreement	231	231	231	231	231	8,551	9,706
Capital construction and maintenance P3s	1,337	617	689	620	451	3,718	7,432
Provincial policing contracts	400	398	398	398	398	2,388	4,380
Housing subsidy agreements	455	356	256	185	168	4,276	5,696
Program delivery agreements	2,100	332	274	233	225	1,584	4,748
Operating and maintenance agreements	849	622	545	503	237	1,068	3,824
Service delivery agreements	673	615	528	465	466	1,976	4,723
Capital and economic development agreements	2,564	1,471	786	225	128	409	5,583
	8,609	4,642	3,707	2,860	2,304	23,970	46,092

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· Program delivery agreements – annual operating cost of agreements with third-party entities that provide services to the public on behalf of government, such as care homes. Some agreements are for one year only.

· Operating and maintenance agreements – annual operating cost of agreements with third-party entities that operate and maintain government infrastructure on behalf of government. A majority of these agreements relate to health sector facilities.

· Service delivery agreements – annual operating cost of agreements with third-party entities that provide services directly to government, such as the Telecommunications Service Master Agreement with Telus.

· Capital and economic development agreements – annual cost of agreements to build infrastructure, such as school district, universities, and British Columbia Transportation Financing Authority’s commitments for future projects.

Almost all (93 per cent or $45.7 billion) of the contractual obligations for self-supported Crown corporations and subsidiaries are for BC Hydro power purchase agreements with independent power producers (IPPs). This ongoing cost of energy is factored into BC Hydro’s financial statement projections in the fiscal plan, although any contractual increases to the tariffs paid to the IPPs will have to be recovered from future electricity rate increases.

The remaining contractual obligations for self-supported Crown corporations and subsidiaries relate to maintenance and service agreements, whose costs also are factored into government fiscal plan projections.

Subsequent Events

COVID-19 Global Pandemic

On March 18, 2020, the Government of British Columbia declared a state of emergency in response to the COVID-19 global pandemic that continued to be in force until June 30, 2021. To minimize the transmission of the virus, the Provincial Health Officer issued orders directed to all British Columbians and organizations operating in the province. Some actions taken will have an impact on future financial statements.

2020/21 Public Accounts Audit Qualification

The Audit Opinion on the 2020/21 Public Accounts includes one qualification on the longstanding issue on the recognition of restricted contributions.

Deferral of Revenues

The Auditor General recommends reporting restricted contributions as revenue in the period the transfers are received, unless the transfer establishes a financial liability on the part of the recipient. The government has maintained its longstanding recognition of deferring restricted contributions and recognizing revenue in the same period that programs and services are provided to the public. The impact of the recommendation in the current year would be to increase revenue and surplus/(deficit) by $5.98 billion and decrease liabilities by $5.98 billion.

The full text of the Auditor General’s opinion and the comments of the Comptroller General of British Columbia can be found in the 2020/21 Public Accounts.

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Part 3

Supplementary Information

— General Description of the Province

— Constitutional Framework

— Provincial Government

— Annual Financial Cycle

— Government’s Financial Statements

— Provincial Taxes

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

 

Part 3 – Supplementary Information

General Description of the Province

British Columbia is located on Canada’s Pacific coast, and has a land and freshwater area of 95 million hectares. It is Canada’s third largest province and comprises 9.5 per cent of the country’s total land area.

Geography

The province is nearly four times the size of Great Britain, 2.5 times larger than Japan and larger than any American state except Alaska. B.C.’s 7,022-kilometre coastline supports a large shipping industry through ice-free, deep-water ports. The province has about 8.5 million hectares of grazing land, 1.8 million hectares of lakes and rivers, and 950,000 hectares of agricultural land that is capable of supporting a wide range of crops.

Physiography

B.C. is characterized by mountainous topography, but also has substantial areas of lowland and plateau country. The province has four basic regions, a northwesterly trending mountain system on the coast, a similar mountain system on the east, and an extensive area of plateau country between the two. The northeastern corner of the province is lowland, a segment of the continent’s Great Plains.

The western system of mountains averages about 300 kilometres in width and extends along the entire B.C. coast and the Alaska panhandle. The Coast Mountains contain some of the tallest peaks in the province. The western system includes the Insular Mountains that form the basis of Vancouver Island and Haida Gwaii (previously known as the Queen Charlotte Islands). These islands help to shelter the waters off the mainland coast of B.C., which form an important transportation route for people and products.

The Interior of the province is a plateau of rolling forest and grassland, 600 to 1,200 metres in average elevation, incised deeply by rivers. North of Prince George the interior becomes mountainous, but plateau terrain returns just south of the Yukon boundary in the area drained by the Liard River. The southern Interior’s water system is dominated by the Fraser River, which has a drainage area covering about one-quarter of the province. The Rocky Mountains, in the eastern mountain system, rise abruptly on the southern B.C.-Alberta boundary and are cut by passes that provide dramatic overland transportation routes into the province. The Rocky Mountain Trench lies immediately to the west of the Rockies. This extensive valley, the longest in North America, is a geological fault zone separating different earth plates. It is the source of many of B.C.’s major rivers, including the Peace, Columbia and Fraser.

Climate and Vegetation

Coastal B.C. has abundant rainfall and mild temperatures associated with a maritime climate. The Pacific coast has an average annual rainfall of between 155 and 440 centimetres, while the more sheltered coasts of eastern Vancouver Island and the mainland along the Strait of Georgia average between 65 and 150 centimetres. Canada’s longest frost-free periods of over 180 days per year are enjoyed along the edges of the coastal zone and inland along the Fraser River valley. Temperatures fall quickly up the steep slopes of the Coast Mountains. The predominant trees in this coastal region are the western hemlock, western red cedar and balsam in the wetter parts, and Douglas fir and grand fir in the drier areas.

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B.C.’s Interior region has a mainly continental type of climate, although not as severe as that of the Canadian Prairies. Considerable variation in climate occurs, especially in winter and across the Coast Mountains, as mild Pacific storms bring relief from cold spells. The southern Interior has the driest and warmest climate of the province. In the valleys, annual precipitation ranges from less than 30 centimetres to 50 centimetres, while daily temperatures can average over 20°C in July and just under freezing in January. The climate becomes more extreme further north and precipitation increases. The frost-free period in the North is short and variable. Spruce and lodgepole pine are the dominant trees of commercial value in the Interior.

The northeast region of the province is an extension of the western prairie region of Alberta. It has a continental climate that is more extreme than that of the northern interior region. However, it does have long hot summers and a frost-free period long enough to grow grain, forage and other crops.

Population

B.C. is the third largest province in terms of population, which was estimated at 5.148 million people, accounting for 13.5 per cent of Canada’s population on July 1, 2020. B.C.’s population grew at an average annual rate of 1.4 per cent between 2010 and 2020, slightly higher than the growth rate of the overall Canadian population for the same period.

The Vancouver census metropolitan area, a major Canadian shipping, manufacturing and services centre, had the largest urban population in B.C. with 2.738 million people in 2020. Meanwhile, the census metropolitan area for Victoria, the provincial capital, had a population of 0.409 million people in 2020.

Constitutional Framework

The structure of the British Columbia government is based on British parliamentary tradition and precedent. Prior to 1866, B.C. was composed of two British-controlled colonies — the Colony of Vancouver Island was established in 1849, and the Colony of British Columbia was established in 1858 on the mainland. In the Union Proclamation of 1866, the two colonies were joined to form the single united Crown Colony of British Columbia. On July 20, 1871, B.C. entered into Confederation with Canada. Although the Colony of Vancouver Island had a parliamentary form of government as far back as 1856, the first fully elected government was not instituted in B.C. until the autumn after Confederation with Canada. Responsible government was achieved in late 1872, when the lieutenant governor acquiesced to an executive council that was responsible to the legislative assembly.

Upon entering Confederation, B.C. came under the authority of the British North America Act, 1867 (BNA Act), a statute of the British parliament. Until 1982, the BNA Act defined the major national institutions and established the division of authority between the federal and provincial governments. In 1982, the British Parliament ended its legal right to legislate for Canada with the passage of the Canada Act, 1982 and its companion legislation, the Constitution Act, 1982, which also includes the Canadian Charter of Rights and Freedoms. The BNA Act was renamed the Constitution Act, 1867, which continues to be the foundation for the division of legislative powers between Canada, as a federal state, and provincial governments.

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Indigenous Peoples

British Columbia is home to more than 270,000 Indigenous¹ people, representing one in six Indigenous people in Canada. There are 203 First Nations in B.C. (of 600 in Canada), and they represent 34 distinct languages. At more than 89,000, the Métis population in B.C. is the fourth-largest in Canada.

Each Indigenous community has a unique history and experience and different ways of life, social organization, governance systems, and approaches to economic development.

As the original occupants of the land, Indigenous peoples have a special constitutional relationship with the Crown. This relationship, including existing Aboriginal² and treaty rights, is recognized and affirmed in section 35 of the Constitution Act, 1982, and includes recognizing that Indigenous self-government is part of Canada’s evolving system of cooperative federalism and distinct orders of government.

Provincial Government

B.C.’s government is modeled after the British system. Functionally there are three main branches: the legislature, the executive and the judiciary.

Legislature

Legislative powers in British Columbia are exercised by a single legislative chamber, which is elected for a term of four years. B.C. was the first jurisdiction in Canada to establish set general election dates, in 2001. Provincial general elections are scheduled to take place on the third Saturday in October every four years.

The legislature consists of the lieutenant governor and 87 elected members of the legislative assembly. The legislative assembly represents the people of B.C. in the conduct of the province’s affairs. The assembly is required by law to meet at least once a year with a normal session lasting several months. However, special sessions can last just a few days or many months, depending on the nature of the government’s business.

The legislature operates on a fixed schedule — the second Tuesday in February each year is usually reserved for the Throne Speech and the fourth Tuesday in February each year is reserved for the Budget Speech.

Executive

The executive is composed of the lieutenant governor and the executive council.

The executive council, or cabinet, is headed by the premier and is composed of selected members of the ruling party. The lieutenant governor, the Queen’s representative in British Columbia, holds a largely ceremonial place in the modern provincial government. By constitutional custom, the lieutenant governor is appointed by the Governor General of Canada for a term usually lasting five years.

Following a general election, the lieutenant governor calls upon the leader of the political party with the majority of elected members to serve as premier and to form the provincial government.

¹ The term ‘Indigenous’ includes all people of Indigenous ancestry, including First Nations (status and non-status), Métis and Inuit.

² The federal Constitution Act recognizes the Aboriginal peoples of Canada as the Indian, Inuit and Métis peoples of Canada; however, First Nations is the generally preferred term for Indian peoples of Canada, and Indigenous is preferred to Aboriginal.

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Where the general election does not result in a single political party having the majority of elected members, a minority government may be formed by the party that is able to form a coalition or enter into a confidence and supply agreement with another party, to ensure it has the majority required for all confidence motions and budgetary legislation.

The lieutenant governor, on the advice of the premier, appoints members of the executive council and is guided by the executive council’s advice as long as it holds the confidence of the legislative assembly.

The lieutenant governor, on recommendation of the premier, convenes, prorogues and dissolves the legislative assembly and gives Royal Assent to all measures and bills passed by the assembly before they become law.

Ministers are the executives responsible for government ministries, and are usually members of cabinet. Cabinet determines government policy and is held responsible by the legislative assembly for the operation of the provincial government.

Deputy ministers are the senior civil servants in their ministries and have responsibility for all operational matters including budget, human resources and program development. Deputy ministers are required to manage a complex set of multiple accountabilities which arise out of various powers, authorities and responsibilities attached to the position. The deputy minister is the principal source of support for a minister in fulfilling his or her collective and individual responsibilities and respecting his or her accountability. In providing this support, the deputy minister is responsible for:

· sound public service advice on policy development and implementation, both within the minister’s portfolio and with respect to the government’s overall policy and legislative agenda;

· effective ministry management, as well as advice on management of the minister’s entire portfolio; and

· fulfillment of authorities that have been assigned to the deputy minister or other officials either by the minister directly or by virtue of legislation.

Judiciary

The judiciary performs functions that are central to the orderly operation of society. Judges hear and give judgment in criminal prosecutions and in actions arising from disputes between private citizens or between the government and private citizens. Judges apply both judge-made law, known as ‘‘common law,’’ and laws made by the Parliament of Canada and provincial legislatures. The judiciary is sometimes called on to determine whether laws passed by governments conform to the values expressed in the Canadian Charter of Rights and Freedoms.

B.C.’s judicial system is made up of the Provincial Court of British Columbia, the Supreme Court of British Columbia and the Court of Appeal of British Columbia. The Provincial Court hears cases that fall into five main categories: criminal cases, family cases, youth court cases, small claims, and traffic & bylaw cases. The provincial government appoints Provincial Court judges, and the federal government appoints Court of Appeal and Supreme Court judges.

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The federal judicial system includes the Tax Court of Canada, the Federal Court of Canada (Appeals division and Trial division) and the Supreme Court of Canada. The Federal Court of Canada hears cases in limited areas of exclusively federal jurisdiction — for example, reviewing decisions made by federal tribunals such as the Canada Labour Relations Board. The Supreme Court of Canada is the court of final resort and hears selected appeals from the Federal Court of Appeal and provincial Courts of Appeal.

Provincial Government Jurisdiction

Under Canada’s constitutional framework, B.C. has ownership and jurisdiction over natural resources and is responsible for education, health and social services, municipal institutions, property and civil rights, the administration of justice and other matters of purely provincial or local concern.

Annual Financial Cycle

British Columbia’s Budget Transparency and Accountability Act (BTAA) outlines the Province’s reporting requirements during the financial cycle and imposes specific reporting deadlines or release dates for these publications. In particular, fixed dates for presentation of the budget, as well as dates for quarterly and annual reports, are set by law.

Under the BTAA, the provincial government focuses its budgeting and reporting on a summary accounts basis. The BTAA requirements include reporting on the advice of the Economic Forecast Council; presentation of the annual Estimates, Budget and Fiscal Plan, Quarterly Reports, and Public Accounts; publication of Quarterly Reports with revised forecasts; annual three-year service plans and service plan reports for each ministry and government organization; and an annual three-year government strategic plan and report.

Chart 3.1 summarizes the annual financial process of the Province. This process consists of four main stages.

Planning and Budget Preparation

Treasury Board, a committee of the executive council, reviews longer-term estimates of revenue, expense, capital and debt, and establishes a preliminary fiscal plan within the framework of the government’s overall strategic plan. Ministries, service delivery agencies, and Crown corporations prepare three-year service plans, including performance measures and targets, and operating and capital budgets, for review by government. Treasury Board makes recommendations to Cabinet on budget allocations for ministries and agencies, and assesses commercial Crown corporation net income benchmarks, within the context of the fiscal plan. Included as inputs into this process are a consultation paper published by September 15^th that invites public comment on issues for consideration as government develops its fiscal and service plans, and provincewide public hearings held by a committee of the legislature. A report outlining the results of the budget consultation process is made public by November 15^th of each year.

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Chart 3.1 Financial Planning and Reporting Cycle Overview

 

*In an election year the budget day may be delayed, in accordance with the Budget Transparency and Accountability Act.

Implementation and Reporting

The government’s revenue, expense and capital plans for the next three fiscal years, as well as other information on the government’s finances, are presented to the legislative assembly by the Minister of Finance in a budget document called the Budget and Fiscal Plan. The financial plan for the next fiscal year is also included in the document called the Estimates, which describes the individual appropriations to be voted on by the legislative assembly. Government’s strategic plan, service plans, and a report on major capital projects (those where government contribution exceeds $50 million) must also be tabled in the legislature. Throughout the year, the authorized funding as specified in the Estimates and ministry service plans is spent on programs and services. Crown corporations follow approved service plans under the direction of their own boards of directors. Quarterly Reports, including full-year forecasts, are published by legislated dates, thereby providing regular updates to the public on the government’s finances.

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Evaluation

At the end of the fiscal year, the Public Accounts are prepared by the Office of the Comptroller General and examined by the Auditor General to ensure that the financial statements fairly present the government’s financial position. The Public Accounts are augmented by the British Columbia Financial and Economic Review, which provides an overview of annual and historical financial and economic results. In addition, annual service plan reports are made public that compare actual results with ministry and Crown corporation performance targets.

Accountability

The Public Accounts are presented to the legislative assembly and are reviewed by two committees of the legislative assembly (the Select Standing Committee on Public Accounts, and the Select Standing Committee on Crown Corporations). At the same time, the Ministerial Accountability Report is published detailing the individual and collective financial performance of cabinet ministers, and the performance achieved by the Ministers of State on non-financial targets.

Government’s Financial Statements

Government Reporting Entity

The provincial government conducts its activities through:

· ministries;

· the SUCH sector (school districts, universities, colleges, institutes, and health organizations);

· other taxpayer-supported service delivery agencies; and

· commercial Crown corporations.

The accounts relating to the ministries and other direct activities of government are contained in the Consolidated Revenue Fund (CRF), whose financial results are reported as a separate entity in the Public Accounts. The CRF comprises all money over which the legislature has direct power of appropriation. The operations of public sector organizations, including the SUCH sector entities, service delivery agencies, and Crown corporations, are recorded in their own financial statements, which are subject to audit by the Auditor General or by private-sector auditors.

The relationships between the legislature and government’s public sector organizations are guided by legislation, governance agreements, and/or mandate letters to ensure effective oversight, alignment with government’s priorities, and preservation of public confidence in the management of public-sector programs and services for the citizens of British Columbia.

The Province consolidates the financial results of all these entities into a single set of financial statements, published annually in the Public Accounts.

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Compliance with GAAP

British Columbia’s Budget Transparency and Accountability Act (BTAA) requires government’s financial statements to conform to generally accepted accounting principles (GAAP) for senior governments in Canada. In practice this means compliance with the Public Sector Accounting Standards (PSAS), which are set by the Canadian Public Sector Accounting Board (PSAB).

Under PSAS, service delivery agencies are consolidated with the CRF on a line-by-line basis. Commercial Crown corporations³ (government business enterprises) and commercial subsidiaries owned by service delivery agencies are consolidated on a modified equity basis — i.e. their net income is reported as revenue of the Province and their retained earnings as an investment.

Where the accounting policies of service delivery agencies differ from those used by the central government, the service delivery agency financial statements are adjusted to conform to government’s accounting policies. No adjustments for accounting differences are made for commercial Crown corporations, which prepare their statements in accordance with International Financial Reporting Standards (IFRS).

The BTAA authorizes Treasury Board to adopt different standards than those promoted by PSAB in order to ensure that British Columbia’s financial reporting reflects the policy framework within which the Crown corporations and agencies operate. Any alternative standard adopted by Treasury Board must come from other areas of Canadian GAAP or from a recognized standard setting body in another jurisdiction (e.g. the US Financial Accounting Standards Board). Treasury Board has issued one such regulation, mandating BC Hydro to follow the US FASB standard for rate-regulated accounting.

The full text of government’s significant accounting policies can be found in Note 1 to the Consolidated Summary Financial Statements in the 2020/21 Public Accounts.

³ Crown corporations are considered commercial if the majority of their operating revenue comes from non-government sources, and their operating revenue is sufficient to cover operating and debt service costs without the need for government grants or other forms of assistance. Otherwise they are included with the service delivery agencies.

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Table 3.1 Provincial Taxes (as of July 2021)

Type and Statute Reference	Tax Base	Tax Rate	Characteristics and Exemptions
Income — Income Tax Act	Taxable Income: ·  Corporate ·  Personal	General rate: 12%  Small business rate: 2%. Tax rates of 5.06%, 7.7%, 10.5%, 12.29%, 14.7%, 16.8% and 20.5% corresponding to the following tax brackets: up to $42,184, $42,184.01 to $84,369, $84,369.01 to $96,866, $96,866.01 to $117,623, $117,623.01 to $159,483, $159,483.01 to $222,420, and over $222,420.	The Canada Revenue Agency administers B.C.’s personal and corporate income taxes under the Tax Collection Agreement between the province and the federal government. Corporate tax credits include the scientific research and experimental development tax credit, the book publishing tax credit, the interactive digital media tax credit and the film tax credits. In addition, the farmers’ food donation tax credit, mining exploration tax credit, logging tax credit, training tax credits and venture capital tax credits are available to both individuals and corporations. B.C. provides a set of non-refundable credits similar to most federal non-refundable credits. Refundible personal tax credits include the B.C. climate action tax credit, B.C. sales tax credit, the B.C. Child Opportunity Benefit and other credits available to individuals who meet specific eligibility criteria.
Payroll — Employer Health Tax Act	B.C. remuneration	1.95%. Rate is reduced if annual B.C. remuneration is between $500,000 and $1.5 million. Tax does not apply if B.C. remuneration is less than $500,000.	Employers with annual B.C. remuneration less than $500,000 are exempt from the tax. The exemption amount is shared by all associated employers. The tax rate is phased in for employers with annual B.C. remuneration between $500,000 and $1.5 million. Special rules exist for charities and non-profits. Charities and non-profits receive an exemption of $1.5 million per qualifying location, and charities with B.C. remuneration between $1.5 million and $4.5 million per qualifying location pay a reduced rate. Employers associated with charities do not have to share the exemption with the charity.
Real property transfers — Property Transfer Tax Act	Fair market value of property based on the percentage of interest in the property.	1% on the first $200,000 of the fair market value transferred, 2% of the fair market value that exceeds $200,000 but does not exceed $2,000,000 and 3% of the fair market value that exceeds $2,000,000. For residential class property and farm land associated with a farmers’ dwelling, the 3% rate becomes 5% for the fair market value above $3,000,000. Foreign nationals and foreign corporations purchasing residential class property in certain areas pay an additional 20% of fair market value. These areas are Metro Vancouver Regional District except Tsawwassen Lands, and Capital, Central Okanagan, Fraser Valley and Nanaimo Regional Districts.	Eligible first time home-buyers are fully exempt from tax on transfers of eligible properties up to $500,000. Similarly, eligible purchasers of newly constructed homes are fully exempt if the fair market value is $750,000 or less. Other exemptions include: some intergenerational transfers or transfers to a spouse of principal residences, recreational residences and family farms; transfers of property between spouses pursuant to written separation agreements or court orders; transfers of property to local governments, registered charities and educational institutions; transfers of property to veterans under the Veterans’ Land Act (Canada); transfers of land to be protected, preserved, conserved or kept in a natural state; and transfers of leases 30 years or less in duration. A number of technical exemptions are also provided. Foreign nationals who become citizens or permanent residents of Canada within a year of purchase may be eligible for a refund of the additional 20% tax. Foreign nationals who are in the Provincial Nominee Program process for immigration to Canada may be exempt from the additional 20% tax.

 

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Table 3.1 Provincial Taxes (as of July 2021) – Continued

Type and Statute Reference	Tax Base	Tax Rate	Characteristics and Exemptions
Retail sales tax — Provincial Sales Tax Act	Purchase and lease of tangible personal property. Purchase of software, accommodation, related services, telecommunication services and legal services. Gifts of vehicles, boats and aircraft.	General rate: 7% Liquor: 10% Vapour products: 20% Accommodation: 8% Vehicles: 7% to 20% Boats and aircraft: 7% or 12% Manufactured buildings: reduced rate of tax.	Paid by purchasers and lessees and primarily collected through businesses required to be registered under the Act. Major consumer exemptions include, but are not limited to: ·     food for human consumption (including prepared food, but not including soda beverages),  ·     residential energy,  ·     children’s clothing and footwear (child-sized clothing and adult-sized clothing for children under 15 years of age),  ·     basic cable and residential land-line telephone services, and  ·     vitamins, drugs and household medical aids. Major business exemptions include, but are not limited to:  ·     goods acquired solely for re-sale or re-lease, ·     goods purchased to be incorporated into goods for sale or lease, ·     certain production machinery and equipment purchased by major industries (manufacturers, logging, mining, oil and gas) for qualifying activities at qualifying locations, and ·     electricity.
Tobacco — Tobacco Tax Act	By cigarette, heated tobacco product, cigar retail price, and weight on other tobacco products.	32.5 cents per cigarette, tobacco stick or heated tobacco product unit, and 65 cents per gram of loose tobacco; 90.5% of taxable price on cigars to a maximum tax of $7 per cigar.	Tax is payable on tobacco by purchasers at the time of retail purchase. Tobacco is subject to a security scheme. Security is payable by wholesale dealers registered under the Act when tobacco is delivered to them.

Carbon dioxide equivalent emissions from combustion of fuels and combustibles — Carbon Tax Act Purchase, use, or, in certain circumstances, transfer or importation of: ·   Aviation Fuel ·   Gasoline ·   Heavy Fuel Oil ·   Jet Fuel ·   Kerosene ·   Light Fuel Oil ·   Methanol (not produced from biomass) ·   Naphtha ·  Butane ·  Coke Oven Gas ·   Ethane ·   Propane ·   Natural Gas ·   Refinery Gas ·   High Heat Value Coal ·   Low Heat Value Coal ·   Coke ·   Petroleum Coke ·   Gas Liquids ·   Pentanes Plus   Combustion (to produce heat or energy) of: ·   Peat ·   Combustible Waste   Tax rates vary by type of fuel or combustible based on carbon dioxide equivalent emitted by each fuel or combustible.   Tax rates are equivalent to $45 per tonne of carbon dioxide equivalent. Tax is payable on fuels by purchasers at the time of retail purchase. Fuels, other than natural gas, are subject to a security scheme similar to the security scheme under the Motor Fuel Tax Act. Security is payable by collectors registered under the Act when fuel is sold in British Columbia for the first time after manufacture or importation.   Tax on the purchase of natural gas is collected and remitted at the retail level.   Tax on use, transfer and import is self-assessed.   Tax on the burning of combustibles is self-assessed.   Exemptions include: ·  fuels which are exported for use outside of British Columbia, ·  fuel used for certain non-energy purposes, ·  fuel used for eligible inter-jurisdictional transportation, ·  coloured gasoline and coloured diesel purchased by farmers solely for listed farm purposes, and ·  minor exemptions similar to exemptions in other consumption tax acts for administrative and technical reasons.

 

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Table 3.1 Provincial Taxes (as of July 2021) – Continued

Type and Statute Reference	Tax Base	Tax Rate	Characteristics and Exemptions
Motor fuel — Motor Fuel Tax Act	Purchase, use, or in certain circumstances, transfer or importation of fuels:		Tax generally applies to all fuels purchased for use, or used in internal combustion engines. Tax is payable on fuels by purchasers at the time of retail purchase. Most fuels are subject to a security scheme similar to the security scheme under the Carbon Tax Act. Security is payable by collectors registered under the Act when fuel is sold in British Columbia for the first time after manufacture or importation. The additional tax collected in the South Coast BC Transportation Service Region, on behalf of TransLink, helps fund regional transportation costs. The additional tax collected in the Victoria Regional Transit Service Area, on behalf of BC Transit, helps fund the public transit system.
	·   Clear gasoline	General rate: 14.5 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority). South Coast BC Transportation Service Region: 27 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority and 18.5 cents per litre collected on behalf of TransLink). Victoria Regional Transit Service Area: 20 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority and 5.5 cents per litre collected on behalf of BC Transit).
	·   Motive fuel	General rate: 15 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority). South Coast BC Transportation Service Region: 27.5 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority and 18.5 cents per litre collected on behalf of TransLink). Victoria Regional Transit Service Area: 20.5 cents per litre (includes 6.75 cents per litre collected on behalf of the BC Transportation Financing Authority and 5.5 cents per litre collected on behalf of BC Transit).	Tax applies to diesel fuel but does not include alternative motor fuels or coloured fuels.
	·    Alternative motor fuels (natural gas, hydrogen and methanol (M85+))	Exempt.	Natural gas, when used as a motor fuel, is exempt from tax. Certain hydrogen is exempt from tax. Fuels comprised of at least 85% methanol are also exempt from tax.

 

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021 63

Part 3 – Supplementary Information

Table 3.1 Provincial Taxes (as of July 2021) — Continued

Type and Statute Reference	Tax Base	Tax Rate	Characteristics and Exemptions
Motor fuel — Motor Fuel Tax Act (continued)	·      Coloured fuel, marine diesel fuel ·      Locomotive fuel ·      Propane ·      Aviation fuel ·      Jet fuel ·      Natural gas used in stationary engines, other than listed below. ·      Natural gas used in pipeline compressors to transmit marketable gas. ·      Natural gas used in pipeline compressors to extract and transmit raw gas from wells to processing plants. ·      Natural gas used in compressors to re-inject sour gas into depleted wells. ·      Marine bunker fuel ·      Marine gas oil	3 cents per litre. 3 cents per litre. 2.7 cents per litre. 2 cents per litre. 2 cents per litre. 1.1 cents per 810.32 litres. 1.9 cents per 810.32 litres. Exempt. Exempt. Exempt. Exempt.	Coloured fuel may be used in all vehicles not licensed to operate on a highway and in specific industrial vehicles. Farmers are exempt from paying the tax when fuel is used solely for listed farm purposes. Farm trucks are allowed to use tax-exempt coloured fuel for farming purposes on a highway. Marine diesel fuel used in interjurisdictional cruise ships and ships prohibited from coasting trade under the Coasting Trade Act is exempt from tax. Tax applies to fuel specifically for use in locomotives. Propane tax applies to all uses of propane. There are exemptions for propane used as residential energy in a residential dwelling, for propane used by qualifying farmers solely for a farm purpose, and for small containers of propane.  Aviation fuel tax applies to fuel produced specifically for use in a non-turbine aircraft engine. Jet fuel tax applies to fuel produced specifically for use in a turbine aircraft engine. Jet fuel used for international flights is exempt. Exemption applies to bunker fuel used as fuel in a ship. Exemption applies to marine gas oil when used in primary gas turbine engines to propel passenger and cargo vessels.
Natural resources — Logging Tax Act	Net income from logging in B.C.	10% (fully recoverable against federal and provincial corporation and personal income tax).	Tax is calculated as net income from logging after deducting a processing allowance.
— Mineral Land Tax Act	Assessed value of freehold mineral land and production areas.	Undesignated mineral land — $1.25 to $4.94 per hectare. Designated production areas — $4.94 per hectare.	Rates of tax set on sliding scale, dependent on size and designation of land. No tax is payable if the mineral land is less than 16.2 hectares, owned by a registered charity or if the administrator has classified the mineral lands as agricultural.
— Mineral Tax Act	Cash flow from individual metal and coal mines (other than placer gold mines).	2% of net current proceeds (NCP). 13% of net revenue (NR).	Tax calculated for each operator on a mine-by-mine basis. NCP tax paid on current operating cash flow until all current and capital costs, plus any investment allowance, are recovered. Then NR tax paid on cumulative cash flow. NCP tax creditable against NR tax.
	Volume of production of limestone, dolomite, marble, shale, clay, volcanic ash, diatomaceous earth, sandstone, quartzite and dimension stone.	$0.15 per tonne removed from all quarries operated.	An operator may deduct 25,000 tonnes from the total number of tonnes removed from all quarries operated by that operator. However, the amount deducted from any one quarry by all operators of that quarry must not exceed 25,000 tonnes.
	Value of minerals sold by placer gold mines.

 

64 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Part 3 – Supplementary Information

Table 3.1 Provincial Taxes (as of July 2021) – Continued

Type and Statute Reference	Tax Base	Tax Rate		Characteristics and Exemptions
Insurance — Insurance Premium Tax Act	B.C. premiums.	4.4% for vehicle and property insurance, 2% for life, sickness, personal accident and loss of salary and wages insurance, 4% for other insurance and 7% for all contracts with unlicensed insurers.		Exemptions: fraternal benefit societies; mutual corporations with 50% of income from farm or 100% from religious, educational or charitable institutions; marine, except pleasure craft; approved medical or hospitalization plans; professional liability insurance from the Law Society of B.C.; liability insurance with the Real Estate Errors and Omissions Insurance Corporation; and assessments for the Real Estate Special Compensation Fund.
Real property — Taxation (Rural Area) Act	Assessed value of land and improvements in rural areas (outside municipalities). Assessment determined under the Assessment Act.	Rates are set annually expressed as $/$1000 of taxable assessed value. For residential properties the rates are set to increase average residential rural taxes by the rate of inflation. For non-residential property classes, the rates are set so that total non-residential rural tax revenues increase by inflation plus tax on new construction.		Some exemptions apply under various statutes.
		Class 1 residential: 2 utilities: 3 supportive housing: 4 major industry: 5 light industry: 6 business and other: 7 managed forest land: 8 recreation/non-profit: 9 farm land:	Rate $/$1000 0.45 3.80 0.10 6.92 2.79 2.79 0.46 0.88 0.54
		In Peace River Regional District, tax rates are the same as above except
		2 utilities: 4 major industry: 5 light industry:	4.17 7.29 3.16
Basic residential class school property tax — School Act section 119	Assessed value of class 1 residential land and improvements. Assessment determined under the Assessment Act.	Rates are set annually to increase average residential taxes by the rate of inflation. The rates vary by school district. For 2020, rates range from about $0.84/$1000 to $4.5/$1000.		Basic rates are calculated using a formula to moderate effects of varying average assessments on school district taxes. Amendments to the School Act in 2002 allow the Minister of Finance to apply different tax rates within a school district. Tofino is the only municipality with a rate that differs from the rest of the school district. School districts may levy additional tax on residential class property if authorized by local referendum. None do. The Home Owner Grant Program and the Land Tax Deferment Program can reduce or postpone the tax liability for Canadian citizens and permanent residents of Canada who live in their own home as a principal residence.
Additional school tax on homes over $3 million. — School Act section 120.1	Assessed value of “dwelling property”. Tax began in 2019.	Tax is 0.2% on the value of the dwelling property between $3,000,000 and $4,000,000 and 0.4% on the value above $4,000,000.		Dwelling property for the additional school tax is most residential class property where there is between one and three dwelling units. Properties with four or more units, such as apartment buildings, are not taxed. Vacant land in residential class is taxed unless it is in the Agricultural Land Reserve.

 

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021 65

Part 3 – Supplementary Information

Table 3.1 Provincial Taxes (as of July 2021) – Continued

Type and Statute Reference	Tax Base	Tax Rate		Characteristics and Exemptions
Non-residential class school property tax — School Act section 119	Assessed value of non-residential land and improvements. Assessment determined under the Assessment Act.	Rates are set annually and expressed as $/$1000 of taxable assessed value.		Some exemptions apply under various statutes. Tax rates for 2021 were set according to the usual policy, so that revenues would grow from 2019 by inflation and by the tax on new building since 2019. For 2020 only, tax rates were reduced for classes 4-8 as a response to the onset of the pandemic.
		For 2021 the rates are:
		Class 2 utilities: 3 supportive housing: 4 major industry: 5 light industry: 6 business and other: 7 managed forest land: 8 recreation/non-profit: 9 farm land:	Rate $/$1000 12.86  0.10  3.86  3.86  3.86  1.90  2.33  6.91	An industrial property tax credit reduces provincial school property tax by 60% on major industrial (class 4) properties. A 50% provincial farm land property tax credit reduces the provincial school property tax on farm land (class 9).
Police tax — Police Act	Assessed value of land and improvements in municipalities under 5,000 population and in rural areas. Assessment determined under the Assessment Act.	Rates are set annually to raise up to 50% of the provincial cost of rural and small community policing. Rates are set for each of the nine property classes in each municipality under 5,000 population, in each electoral area of the province and in the area of the province outside a regional district.		Basic rates are calculated using a formula that includes assessed value and population. Tax rate reductions are embedded in the rates to reflect the contribution taxpayers in the rural areas make to policing costs through the provincial rural area property tax and payments of grants in lieu of police tax by exempt taxpayers. Rates are further reduced to deliver traffic fine revenue sharing amounts to taxpayers: in municipalities over 5,000 where police tax does not apply the traffic fine revenue sharing amounts are paid to municipalities.
Speculation and Vacancy tax — Speculation and Vacancy Tax Act	Tax is based on the assessed value of the residential property. Assessment determined under the Assessment Act.	Beginning in the 2019 tax year, the tax rate is 2% for foreign owners and untaxed worldwide earners (satellite families). The tax rate for other owners is 0.5%.		The tax is intended to capture foreign and domestic speculators who own residential property in designated taxable areas. Different exemptions and credits are available depending on owner type. The principal residence of a resident of British Columbia is exempt from tax. Residential property that is rented out is exempt. Property that is under construction or development is exempt. There are also a variety of hardship exemptions available. Residents of B.C. are entitled to an up to $2,000 tax credit. Other categories of owners are entitled to a tax credit based on reported B.C. income and the use of the property.

66 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Part 3 – Supplementary Information

Table 3.2 Interprovincial Comparisons of Tax Rates - 2021 (Rates known and in effect as of July 1, 2021)

																	Prince		Newfound-
	British				Saskat-								New		Nova		Edward		land and
Tax	Columbia		Alberta		chewan		Manitoba		Ontario		Quebec		Brunswick		Scotia		Island		Labrador
Corporate income tax (per cent of taxable income)
General rate		12		8		12		12		11.5		11.5		14		14		16		15
Manufacturing rate 1		12		8		10		12		10		11.5		14		14		16		15
Small business rate		2		2		2		0		3.2		3.2		2.5		2.5		2		3
Small business threshold ($000s)		500		500		600		500		500		500		500		500		500		500
Corporation capital tax (per cent) Financial 2		Nil		Nil		0.7/4		6		Nil		1.25		4/5		4		5		6
Health care premiums/month ($) Individual/family 3		Nil		Nil		Nil		Nil		Nil		Nil		Nil		Nil		Nil		Nil
Payroll tax (per cent) 4		1.95		Nil		Nil		2.15		1.95		4.26		Nil		Nil		Nil		2
Insurance premium tax (per cent) 5		2-7		3/4		3/4		2-4.25		2-3.5		3.48		2/3		3/4		3.75/4		5
Fuel tax (cents per litre) 6
Gasoline		24.46		21.84		23.84		22.84		32.81		30.91		30.96		26.62		26.39		35.85
Diesel		26.71		23.73		25.73		24.73		33.78		30.91		37.43		25.73		33.36		39.40
Sales tax (per cent) 7
General rate		7		Nil		6		7		8		9.975		10		10		10		10
Tobacco tax ($ per carton of 200 cigarettes) 8		65		55		61.95		69.69		46.18		29.80		63.99		72.79		68.39		79.34

1	In British Columbia (and some other provinces), the general rate applies to income from manufacturing and processing.
2	In Saskatchewan, small financial corporations pay the rate of 0.7 per cent on their capital. A small financial corporation has less than $1.5 billion in taxable capital. Large financial corporations are subject to the 4 per cent rate. Manitoba’s tax only applies to large financial corporations with taxable paid-up capital of at least $4 billion on taxable capital exceeding $10 million. Quebec’s tax only applies to life insurance companies. In New Brunswick, trust and loan companies are subject to the rate of 4 per cent, while banks are subject to the rate of 5 per cent. Financial institutions in Prince Edward Island pay tax on their paid-up capital exceeding $2 million.
3	British Columbia Medical Services Plan premiums were eliminated effective January 1, 2020. Ontario levies a health premium, as part of its provincial personal income tax system, of up to $900 per year per person.
4	Provinces with payroll taxes provide payroll tax relief for small businesses. Quebec also levies a compensation tax of up to 4.29 per cent on salaries and wages paid by financial institutions.
5	Lower rates apply to premiums for life, sickness and accident insurance; higher rates apply to premiums for property insurance including automobile insurance. In British Columbia, the highest rate applies to unlicensed insurance. In Manitoba, Ontario, Quebec and Newfoundland and Labrador, sales taxes also apply to certain insurance premiums except, generally, those related to individual life and health.
6	Tax rates are for regular fuel used on highways and include all provincial taxes payable by consumers at the pump. The British Columbia rates include 6.75 cents per litre dedicated to the BC Transportation Financing Authority and the carbon tax rates of 9.96 cents per litre for gasoline and 11.71 cents per litre for diesel. The British Columbia rates do not include regional taxes that increase the gasoline and diesel rates by 12.5 cents per litre in the South Coast British Columbia Transportation Authority service region and by 5.5 cents per litre in the Capital Regional District. The rates for Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador include provincial sales tax based on average pump prices as of June 21st, 2021. The rates for Alberta, Saskatchewan, Manitoba and Ontario include federal carbon pricing backstop rates of 8.84 cents per litre for gasoline and 10.73 cents per litre for diesel. The rates for New Brunswick and Newfoundland and Labrador include a provincial carbon tax rate of 8.84 cents per litre for gasoline and 10.73 cents per litre for diesel. The rates for Prince Edward Island include provincial carbon tax rates of 6.63 cents per litre for gasoline and 8.05 cents per litre for diesel. Quebec’s rates do not include increased or reduced regional tax rates, such as an additional 3 cents per litre on gasoline in the Montreal area.
7	Tax rates shown are statutory rates. Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador have harmonized their sales taxes with the federal GST. Alberta imposes a 4 per cent tax on short-term rental accommodation.
8	Includes estimated provincial sales tax in all provinces except British Columbia, Alberta and Quebec.

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  67

 

Appendix 1

Economic review

Supplementary tables

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.1A Aggregate and Labour Market Indicators

					Real GDP		Primary		Gross fixed		Business						Unemployment
	Population1		Nominal GDP		(chained)		household income		capital formation		incorporations		Labour force		Employment		rate
	(thousands)		($ millions)		($2012 millions)		($ millions)		($ millions)		(number)		(thousands)		(thousands)		(per cent)
1981		2,827		46,596		104,634		33,035		13,256		-		1,416		1,320		6.8
1982		2,877		46,600		97,936		34,966		11,061		-		1,427		1,253		12.1
1983		2,908		49,329		98,655		35,263		10,903		-		1,446		1,245		13.9
1984		2,947		51,788		99,550		36,944		10,722		-		1,465		1,245		15.0
1985		2,975		55,788		106,567		39,668		11,573		-		1,493		1,280		14.3
1986		3,004		58,954		107,559		41,991		11,012		-		1,526		1,332		12.7
1987		3,049		65,147		114,142		45,787		12,607		-		1,567		1,378		12.1
1988		3,115		72,095		120,448		50,643		15,210		-		1,599		1,435		10.3
1989		3,197		78,443		124,256		56,796		18,748		-		1,659		1,508		9.1
1990		3,292		82,374		126,129		62,770		19,391		19,550		1,703		1,560		8.4
1991		3,374		84,975		126,535		65,226		19,283		18,528		1,751		1,578		9.9
1992		3,469		90,515		130,049		68,047		20,546		20,406		1,800		1,617		10.1
1993		3,568		97,221		136,155		70,589		21,435		22,955		1,848		1,668		9.7
1994		3,676		103,598		139,733		74,124		24,400		25,774		1,918		1,743		9.1
1995		3,777		109,203		143,402		78,040		23,076		23,846		1,951		1,786		8.5
1996		3,874		112,540		147,052		80,322		22,787		23,237		1,986		1,813		8.7
1997		3,949		118,585		151,968		83,387		24,819		22,958		2,032		1,860		8.5
1998		3,983		119,775		153,811		85,832		23,173		20,759		2,038		1,858		8.8
1999		4,011		125,658		159,162		89,551		23,281		21,009		2,064		1,894		8.3
2000		4,039		136,411		166,405		94,462		24,152		21,388		2,080		1,931		7.2
2001		4,077		138,815		167,541		97,235		26,197		19,474		2,082		1,921		7.7
2002		4,101		143,993		174,214		101,152		26,819		20,987		2,135		1,952		8.5
2003		4,124		151,958		178,240		104,469		29,096		22,531		2,172		1,998		8.0
2004		4,156		164,600		185,250		111,064		34,336		24,703		2,186		2,028		7.2
2005		4,196		177,197		194,460		118,263		39,429		30,937		2,220		2,090		5.9
2006		4,242		190,479		203,053		128,744		45,658		33,273		2,244		2,138		4.7
2007		4,291		200,440		209,419		137,373		49,568		34,036		2,303		2,204		4.3
2008		4,349		206,427		210,903		142,034		52,692		30,085		2,347		2,239		4.6
2009		4,411		198,179		205,878		140,482		46,303		26,431		2,371		2,187		7.8
2010		4,466		206,990		211,749		144,734		49,423		30,305		2,399		2,215		7.7
2011		4,502		218,771		218,203		152,291		50,911		30,853		2,404		2,220		7.7
2012		4,567		223,328		223,329		158,221		54,486		31,066		2,443		2,275		6.9
2013		4,630		230,981		228,310		166,281		53,814		32,225		2,454		2,291		6.6
2014		4,707		243,872		236,696		172,841		59,031		34,951		2,483		2,332		6.1
2015		4,776		250,784		241,509		181,683		59,392		37,934		2,527		2,371		6.2
2016		4,859		263,912		248,262		187,000		64,897		43,556		2,612		2,454		6.1
2017		4,929		282,283		257,724		198,265		69,871		46,247		2,694		2,554		5.2
2018		5,010		296,135		264,765		203,820		72,737		46,245		2,719		2,590		4.7
2019		5,091		309,059		271,789		216,834		79,858		44,657		2,798		2,666		4.7
2020		5,148		-		-		-		-		47,789		2,735		2,491		8.9

¹ As at July 1. Data take into account adjustments made for net census undercount in 1996, 2001, 2006, 2011, 2016, non-permanent residents and incompletely enumerated Indian reserves.

 

70 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.1A Aggregate and Labour Market Indicators (continued) 

						Real GDP			Primary			Gross fixed			Business									Unemployment
	Population1		Nominal GDP			(chained)			household income			capital formation			incorporations			Labour force			Employment			rate
	(annual percentage change)2
1982		1.8		0.0			(6.4	)		5.8			(16.6	)		-			0.8			(5.0	)		5.3
1983		1.1		5.9			0.7			0.8			(1.4	)		-			1.3			(0.7	)		1.8
1984		1.4		5.0			0.9			4.8			(1.7	)		-			1.3			0.0			1.1
1985		0.9		7.7			7.0			7.4			7.9			-			1.9			2.8			(0.7	)
1986		1.0		5.7			0.9			5.9			(4.8	)		-			2.2			4.1			(1.6	)
1987		1.5		10.5			6.1			9.0			14.5			-			2.7			3.4			(0.6	)
1988		2.2		10.7			5.5			10.6			20.6			-			2.0			4.1			(1.8	)
1989		2.6		8.8			3.2			12.1			23.3			-			3.8			5.1			(1.2	)
1990		3.0		5.0			1.5			10.5			3.4			-			2.6			3.4			(0.7	)
1991		2.5		3.2			0.3			3.9			(0.6	)		(5.2	)		2.8			1.1			1.5
1992		2.8		6.5			2.8			4.3			6.5			10.1			2.8			2.5			0.2
1993		2.9		7.4			4.7			3.7			4.3			12.5			2.7			3.1			(0.4	)
1994		3.0		6.6			2.6			5.0			13.8			12.3			3.8			4.5			(0.6	)
1995		2.8		5.4			2.6			5.3			(5.4	)		(7.5	)		1.7			2.4			(0.6	)
1996		2.6		3.1			2.5			2.9			(1.3	)		(2.6	)		1.8			1.6			0.2
1997		1.9		5.4			3.3			3.8			8.9			(1.2	)		2.3			2.6			(0.2	)
1998		0.9		1.0			1.2			2.9			(6.6	)		(9.6	)		0.3			(0.1	)		0.3
1999		0.7		4.9			3.5			4.3			0.5			1.2			1.3			1.9			(0.5	)
2000		0.7		8.6			4.6			5.5			3.7			1.8			0.8			2.0			(1.1	)
2001		0.9		1.8			0.7			2.9			8.5			(8.9	)		0.1			(0.5	)		0.5
2002		0.6		3.7			4.0			4.0			2.4			7.8			2.5			1.6			0.8
2003		0.6		5.5			2.3			3.3			8.5			7.4			1.7			2.3			(0.5	)
2004		0.8		8.3			3.9			6.3			18.0			9.6			0.7			1.5			(0.8	)
2005		1.0		7.7			5.0			6.5			14.8			25.2			1.5			3.0			(1.3	)
2006		1.1		7.5			4.4			8.9			15.8			7.6			1.1			2.3			(1.2	)
2007		1.2		5.2			3.1			6.7			8.6			2.3			2.6			3.1			(0.4	)
2008		1.4		3.0			0.7			3.4			6.3			(11.6	)		1.9			1.6			0.3
2009		1.4		(4.0	)		(2.4	)		(1.1	)		(12.1	)		(12.1	)		1.0			(2.3	)		3.2
2010		1.2		4.4			2.9			3.0			6.7			14.7			1.2			1.3			(0.1	)
2011		0.8		5.7			3.0			5.2			3.0			1.8			0.2			0.2			0.0
2012		1.4		2.1			2.3			3.9			7.0			0.7			1.6			2.5			(0.8	)
2013		1.4		3.4			2.2			5.1			(1.2	)		3.7			0.5			0.7			(0.3	)
2014		1.7		5.6			3.7			3.9			9.7			8.5			1.2			1.8			(0.5	)
2015		1.5		2.8			2.0			5.1			0.6			8.5			1.8			1.7			0.1
2016		1.7		5.2			2.8			2.9			9.3			14.8			3.4			3.5			(0.1	)
2017		1.4		7.0			3.8			6.0			7.7			6.2			3.1			4.1			(0.9	)
2018		1.6		4.9			2.7			2.8			4.1			(0.0	)		0.9			1.4			(0.5	)
2019		1.6		4.4			2.7			6.4			9.8			(3.4	)		2.9			3.0			0.0
2020		1.1		-			-			-			-			7.0			(2.2	)		(6.6	)		4.2

1	As at July 1. Data take into account adjustments made for net census undercount in 1996, 2001, 2006, 2011, 2016, non-permanent residents and incompletely enumerated Indian reserves.
2	Annual unemployment rate expressed as percentage point difference.

Sources: Statistics Canada (Tables: 17-10-0005-01, 36-10-0222-01, 36-10-0224-01, 14-10-0327-01 - accessed May 2021) and BC Stats.

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  71

Appendix 1 – Economic Review Supplementary Tables

Table A1.1B Prices, Earnings and Financial Indicators  

									Primary		Household
					Average		Compensation		household		disposable						Conventional
	B.C.		Vancouver		weekly		of		income		income		Prime		Can/US		(5 year)
	CPI		CPI		wage rate1		employees2		per capita		per capita		rate		exchange rate		mortgage rate
	(2002=100)		(2002=100)		($)		($ millions)		(current $)		(current $)		(per cent)		(US cents)		(per cent)3
1981		51.8		51.2		-		25,554		11,687		9,535		19.4		83.4		18.4
1982		57.3		56.6		-		26,380		12,156		10,085		16.0		81.1		18.1
1983		60.4		59.7		-		26,834		12,128		10,139		11.2		81.1		13.3
1984		62.8		62.1		-		27,748		12,535		10,611		12.1		77.2		13.6
1985		64.8		64.0		-		29,303		13,333		11,377		10.6		73.2		12.2
1986		66.7		66.2		-		30,408		13,980		11,863		10.6		72.0		11.2
1987		68.7		68.2		-		33,177		15,019		12,695		9.6		75.4		11.2
1988		71.2		70.6		-		36,537		16,259		13,587		10.7		81.3		11.6
1989		74.4		73.8		-		40,711		17,767		14,843		13.3		84.5		12.1
1990		78.4		77.8		-		44,656		19,067		15,528		14.1		85.7		13.3
1991		82.6		81.9		-		46,772		19,333		15,887		10.1		87.3		11.2
1992		84.8		84.3		-		49,430		19,617		16,272		7.5		82.7		9.5
1993		87.8		87.3		-		51,782		19,785		16,575		6.0		77.5		8.8
1994		89.5		89.1		-		54,492		20,164		16,744		6.8		73.2		9.4
1995		91.6		91.3		-		57,214		20,660		16,934		8.6		72.9		9.2
1996		92.4		92.1		-		58,685		20,732		16,884		6.2		73.3		8.0
1997		93.1		92.6		612.55		60,816		21,118		17,198		4.9		72.2		7.1
1998		93.4		93.0		620.99		62,340		21,549		17,491		6.7		67.4		6.9
1999		94.4		93.9		628.12		64,358		22,324		18,318		6.4		67.3		7.5
2000		96.1		96.0		639.18		68,975		23,386		18,872		7.2		67.3		8.3
2001		97.7		97.8		648.27		70,663		23,850		19,826		6.0		64.6		7.4
2002		100.0		100.0		668.48		73,752		24,668		20,996		4.2		63.7		7.0
2003		102.2		102.0		683.79		76,134		25,329		21,447		4.7		71.4		6.4
2004		104.2		104.0		687.32		81,017		26,726		22,427		4.0		76.8		6.3
2005		106.3		106.0		704.05		86,189		28,184		23,216		4.4		82.5		6.0
2006		108.1		108.0		725.61		94,384		30,351		25,108		5.8		88.2		6.6
2007		110.0		110.2		747.84		99,719		32,014		26,428		6.1		93.1		7.0
2008		112.3		112.8		780.23		103,735		32,656		27,179		4.8		93.7		7.1
2009		112.3		112.9		801.47		101,368		31,852		27,274		2.4		87.6		5.7
2010		113.8		114.9		821.24		103,864		32,411		28,225		2.6		97.1		5.6
2011		116.5		117.5		837.57		108,841		33,827		28,969		3.0		101.1		5.4
2012		117.8		119.0		852.43		112,543		34,646		29,722		3.0		100.1		5.3
2013		117.7		119.2		881.95		117,735		35,913		30,982		3.0		97.1		5.2
2014		118.9		120.5		884.22		122,520		36,719		31,512		3.0		90.5		4.9
2015		120.2		121.9		916.43		127,754		38,038		32,610		2.8		78.2		4.7
2016		122.4		124.6		925.54		130,955		38,483		33,038		2.7		75.4		4.7
2017		125.0		127.3		937.70		138,027		40,221		34,782		2.9		77.0		4.8
2018		128.4		131.0		974.18		145,349		40,679		34,888		3.6		77.2		5.3
2019		131.4		134.1		1,000.11		153,325		42,592		36,450		4.0		75.4		5.3
2020		132.4		134.9		1,079.58		-		-		-		2.8		74.6		4.9

1	Data prior to 1997 are not available.
2	Component of household income account. This amount includes the wages, salaries and employers' social contributions earned by BC residents, regardless of where they are employed.
3	The most typical of those offered by the major chartered banks.

 

72 2021 Financial and Economic Review – July 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.1B Prices, Earnings and Financial Indicators (continued)

											Primary			Household
						Average		Compensation			household			disposable									Conventional
	B.C.			Vancouver		weekly		of			income			income			Prime			Can/US			(5 year)
	CPI			CPI		wage rate1		employees2			per capita			per capita			rate			exchange rate			mortgage rate3
	(annual percentage change)4
1982		10.6			10.5		-		3.2			4.0			5.8			(3.4	)		(2.4	)		(0.2	)
1983		5.4			5.5		-		1.7			(0.2	)		0.5			(4.8	)		0.1			(4.9	)
1984		4.0			4.0		-		3.4			3.4			4.7			0.9			(3.9	)		0.3
1985		3.2			3.1		-		5.6			6.4			7.2			(1.5	)		(4.0	)		(1.4	)
1986		2.9			3.4		-		3.8			4.9			4.3			(0.1	)		(1.3	)		(1.0	)
1987		3.0			3.0		-		9.1			7.4			7.0			(1.0	)		3.4			(0.1	)
1988		3.6			3.5		-		10.1			8.3			7.0			1.2			5.8			0.5
1989		4.5			4.5		-		11.4			9.3			9.2			2.5			3.2			0.4
1990		5.4			5.4		-		9.7			7.3			4.6			0.9			1.2			1.3
1991		5.4			5.3		-		4.7			1.4			2.3			(4.0	)		1.6			(2.1	)
1992		2.7			2.9		-		5.7			1.5			2.4			(2.6	)		(4.5	)		(1.7	)
1993		3.5			3.6		-		4.8			0.9			1.9			(1.6	)		(5.2	)		(0.8	)
1994		1.9			2.1		-		5.2			1.9			1.0			0.8			(4.3	)		0.6
1995		2.3			2.5		-		5.0			2.5			1.1			1.9			(0.4	)		(0.2	)
1996		0.9			0.9		-		2.6			0.3			(0.3	)		(2.4	)		0.5			(1.2	)
1997		0.8			0.5		-		3.6			1.9			1.9			(1.3	)		(1.1	)		(0.9	)
1998		0.3			0.4		1.4		2.5			2.0			1.7			1.7			(4.8	)		(0.1	)
1999		1.1			1.0		1.1		3.2			3.6			4.7			(0.2	)		(0.1	)		0.6
2000		1.8			2.2		1.8		7.2			4.8			3.0			0.8			0.0			0.8
2001		1.7			1.9		1.4		2.4			2.0			5.1			(1.3	)		(2.8	)		(0.9	)
2002		2.4			2.2		3.1		4.4			3.4			5.9			(1.8	)		(0.9	)		(0.4	)
2003		2.2			2.0		2.3		3.2			2.7			2.2			0.5			7.7			(0.6	)
2004		2.0			2.0		0.5		6.4			5.5			4.6			(0.7	)		5.5			(0.2	)
2005		2.0			1.9		2.4		6.4			5.5			3.5			0.4			5.7			(0.3	)
2006		1.7			1.9		3.1		9.5			7.7			8.1			1.4			5.6			0.7
2007		1.8			2.0		3.1		5.7			5.5			5.3			0.3			5.0			0.4
2008		2.1			2.4		4.3		4.0			2.0			2.8			(1.3	)		0.6			0.1
2009		0.0			0.1		2.7		(2.3	)		(2.5	)		0.4			(2.4	)		(6.1	)		(1.4	)
2010		1.3			1.8		2.5		2.5			1.8			3.5			0.2			9.5			(0.1	)
2011		2.4			2.3		2.0		4.8			4.4			2.6			0.4			4.0			(0.2	)
2012		1.1			1.3		1.8		3.4			2.4			2.6			0.0			(1.0	)		(0.1	)
2013		(0.1	)		0.2		3.5		4.6			3.7			4.2			0.0			(3.0	)		(0.0	)
2014		1.0			1.1		0.3		4.1			2.2			1.7			0.0			(6.6	)		(0.3	)
2015		1.1			1.2		3.6		4.3			3.6			3.5			(0.2	)		(12.3	)		(0.2	)
2016		1.8			2.2		1.0		2.5			1.2			1.3			(0.1	)		(2.8	)		(0.0	)
2017		2.1			2.2		1.3		5.4			4.5			5.3			0.2			1.6			0.1
2018		2.7			2.9		3.9		5.3			1.1			0.3			0.7			0.1			0.5
2019		2.3			2.4		2.7		5.5			4.7			4.5			0.4			(1.8	)		0.0
2020		0.8			0.6		7.9		-			-			-			(1.2	)		(0.8	)		(0.3	)

1	Data prior to 1997 are not available.
2	Component of household income account. This amount includes the wages, salaries and employers’ social contributions earned by BC residents, regardless of where they are employed.
3	The most typical of those offered by the major chartered banks.
4	Prime rate, exchange rate and conventional (5 year) mortgage rates expressed as percentage point difference.

Sources: Statistics Canada (Tables: 18-10-0005-01, 14-10-0064-01, 36-10-0224-01, 10-10-0122-01, 10-10-0145-01 - accessed May 2021), Haver Analytics and BC Stats.

2021 Financial and Economic Review – July 2021 73

Appendix 1 – Economic Review Supplementary Tables

Table A1.1C Other Indicators              

	Manufacturing				Housing		Non-residential		MLS home		MLS average		Tourism		High-tech		B.C. international
	shipments		Retail sales		starts		building permits		sales		home sale price		GDP1		GDP2		goods exports
	($ millions)		($ millions)		(units)		($ millions)		(units)		($)		($ millions)		($ millions)		($ millions)
1981		-		-		41,585		1,335		19,161		117,534		-		-		8,877
1982		-		-		19,807		1,026		25,040		93,951		-		-		9,925
1983		-		-		22,607		775		32,131		95,620		-		-		11,659
1984		-		-		16,169		827		30,955		90,923		-		-		12,315
1985		-		-		17,969		812		43,530		87,957		-		-		12,715
1986		-		-		20,687		912		46,145		92,852		-		-		15,690
1987		-		-		28,944		999		56,376		101,916		-		-		15,883
1988		-		-		30,487		1,647		67,460		121,040		-		-		17,405
1989		-		-		38,894		1,812		83,652		151,400		-		-		17,775
1990		-		-		36,720		1,833		58,027		157,616		-		-		16,607
1991		-		25,022		31,875		1,803		84,554		168,235		-		-		15,253
1992		24,398		26,194		40,621		2,082		93,564		189,999		-		-		16,336
1993		26,583		28,463		42,807		1,944		80,919		211,992		-		-		19,034
1994		30,333		31,770		39,408		1,772		75,315		228,154		-		-		22,856
1995		34,207		34,219		27,057		1,966		58,082		221,860		-		-		26,874
1996		32,932		34,775		27,641		1,957		72,037		218,943		-		-		25,717
1997		33,496		36,591		29,351		1,960		68,154		220,503		-		6,282		26,699
1998		31,757		35,762		19,931		2,022		52,889		212,056		-		6,498		25,942
1999		36,679		36,373		16,309		2,104		58,093		215,252		-		6,506		29,044
2000		40,699		38,435		14,418		2,089		54,431		220,763		-		7,309		33,640
2001		38,303		40,719		17,234		2,125		69,813		222,259		-		7,380		31,680
2002		38,610		43,265		21,625		1,771		82,941		238,325		-		7,584		28,828
2003		39,772		44,421		26,174		1,880		93,611		259,250		-		8,507		28,265
2004		41,607		47,219		32,925		2,070		96,975		288,140		-		8,968		31,008
2005		42,883		49,380		34,667		3,212		106,888		331,379		-		9,767		34,167
2006		44,480		53,136		36,443		3,921		97,420		389,881		-		10,513		33,466
2007		42,418		56,936		39,195		3,933		103,179		438,718		5,837		11,440		31,524
2008		39,435		57,794		34,321		3,678		69,244		453,361		5,858		11,714		33,124
2009		32,951		55,288		16,077		3,139		85,191		465,321		5,790		11,685		25,240
2010		35,575		58,251		26,479		3,018		74,927		504,678		6,154		12,079		28,646
2011		37,998		60,090		26,400		3,136		76,990		560,662		6,346		12,906		32,671
2012		38,491		61,217		27,465		4,048		67,756		514,218		6,535		13,564		31,484
2013		40,199		62,944		27,054		3,108		73,048		536,966		6,835		13,752		33,421
2014		43,888		66,916		28,356		3,729		84,153		568,100		7,159		14,595		35,832
2015		45,157		71,609		31,446		3,680		102,684		635,870		7,668		15,192		35,497
2016		47,089		77,109		41,843		3,392		112,425		690,348		8,260		16,158		38,423
2017		51,320		84,291		43,664		4,212		103,957		708,857		8,993		17,064		43,241
2018		55,115		85,933		40,857		5,691		78,524		711,379		9,624		18,060		46,280
2019		53,311		86,428		44,932		6,121		77,349		700,376		10,184		19,248		43,432
2020		51,529		87,513		37,903		5,216		94,008		781,770		-		-		39,925

1	Data prior to 2007 are not available.
2	Data prior to 1997 are not available.

74 2021 Financial and Economic Review – July 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.1C Other Indicators (continued)            

	Manufacturing						Housing			Non-residential			MLS Home			MLS Average			Tourism			High-tech			B.C. international
	shipments			Retail sales			starts			building permits			Sales			Home Sale Price			GDP1			GDP2			goods exports
	(annual percentage change)
1982		-			-			(52.4	)		(0.2	)		30.7			(20.1	)		-			-			11.8
1983		-			-			14.1			(24.5	)		28.3			1.8			-			-			17.5
1984		-			-			(28.5	)		6.7			(3.7	)		(4.9	)		-			-			5.6
1985		-			-			11.1			(1.7	)		40.6			(3.3	)		-			-			3.3
1986		-			-			15.1			12.3			6.0			5.6			-			-			23.4
1987		-			-			39.9			9.6			22.2			9.8			-			-			1.2
1988		-			-			5.3			64.9			19.7			18.8			-			-			9.6
1989		-			-			27.6			10.0			24.0			25.1			-			-			2.1
1990		-			-			(5.6	)		1.2			(30.6	)		4.1			-			-			(6.6	)
1991		-			-			(13.2	)		(1.6	)		45.7			6.7			-			-			(8.2	)
1992		-			4.7			27.4			15.5			10.7			12.9			-			-			7.1
1993		9.0			8.7			5.4			(6.7	)		(13.5	)		11.6			-			-			16.5
1994		14.1			11.6			(7.9	)		(8.9	)		(6.9	)		7.6			-			-			20.1
1995		12.8			7.7			(31.3	)		11.0			(22.9	)		(2.8	)		-			-			17.6
1996		(3.7	)		1.6			2.2			(0.4	)		24.0			(1.3	)		-			-			(4.3	)
1997		1.7			5.2			6.2			0.1			(5.4	)		0.7			-			-			3.8
1998		(5.2	)		(2.3	)		(32.1	)		3.2			(22.4	)		(3.8	)		-			3.4			(2.8	)
1999		15.5			1.7			(18.2	)		4.0			9.8			1.5			-			0.1			12.0
2000		11.0			5.7			(11.6	)		(0.7	)		(6.3	)		2.6			-			12.3			15.8
2001		(5.9	)		5.9			19.5			1.7			28.3			0.7			-			1.0			(5.8	)
2002		0.8			6.3			25.5			(16.6	)		18.8			7.2			-			2.8			(9.0	)
2003		3.0			2.7			21.0			6.1			12.9			8.8			-			12.2			(2.0	)
2004		4.6			6.3			25.8			10.1			3.6			11.1			-			5.4			9.7
2005		3.1			4.6			5.3			55.2			10.2			15.0			-			8.9			10.2
2006		3.7			7.6			5.1			22.1			(8.9	)		17.7			-			7.6			(2.1	)
2007		(4.6	)		7.2			7.6			0.3			5.9			12.5			-			8.8			(5.8	)
2008		(7.0	)		1.5			(12.4	)		(6.5	)		(32.9	)		3.3			0.4			2.4			5.1
2009		(16.4	)		(4.3	)		(53.2	)		(14.7	)		23.0			2.6			(1.2	)		(0.2	)		(23.8	)
2010		8.0			5.4			64.7			(3.9	)		(12.0	)		8.5			6.3			3.4			13.5
2011		6.8			3.2			(0.3	)		3.9			2.8			11.1			3.1			6.8			14.1
2012		1.3			1.9			4.0			29.1			(12.0	)		(8.3	)		3.0			5.1			(3.6	)
2013		4.4			2.8			(1.5	)		(23.2	)		7.8			4.4			4.6			1.4			6.2
2014		9.2			6.3			4.8			20.0			15.2			5.8			4.7			6.1			7.2
2015		2.9			7.0			10.9			(1.3	)		22.0			11.9			7.1			4.1			(0.9	)
2016		4.3			7.7			33.1			(7.8	)		9.5			8.6			7.7			6.4			8.2
2017		9.0			9.3			4.4			24.2			(7.5	)		2.7			8.9			5.6			12.5
2018		7.4			1.9			(6.4	)		35.1			(24.5	)		0.4			7.0			5.8			7.0
2019		(3.3	)		0.6			10.0			7.5			(1.5	)		(1.5	)		5.8			6.6			(6.2	)
2020		(3.3	)		1.3			(15.6	)		(14.8	)		21.5			11.6			-			-			(8.1	)

1	Data prior to 2007 are not available.
2	Data prior to 1997 are not available.

Sources: Statistics Canada (Tables: 16-10-0048-01, 20-10-0008-01, 34-10-0135-01, 34-10-0066-01, 34-10-0003-01 - accessed May 2021); Canadian Real Estate Association; Haver Analytics and BC Stats.

2021 Financial and Economic Review – July 2021 75

Appendix 1 – Economic Review Supplementary Tables

Table A1.1D Commodity Production Indicators  

	Lumber1		Timber scale		Pulp		Newsprint, etc		Oil & natural		Coal			Solid mineral		Electric pwr		Farm cash		Landed value of
	production		data		production		production		gas production		production			shipments		generated		receipts		seafood products
	(thousand m3)		(thousand m3)		(000 tonnes)		(000 tonnes)		($ millions)		(000 tonnes)			($ millions)		(GW.h)		($ millions)		($ millions)
1981		24,598		-		-		-		-		11,782			-		51,008		877		-
1982		23,855		-		2,823		1,872		-		11,769			2,769		48,238		962		241
1983		30,773		-		3,267		2,148		-		11,717			2,903		47,213		917		210
1984		30,884		-		3,051		2,084		-		20,771			3,346		52,369		1,005		243
1985		32,994		76,869		3,442		2,470		-		22,993			3,541		59,126		1,061		378
1986		31,468		77,503		3,727		2,628		-		20,361			3,160		50,759		1,106		405
1987		37,336		90,592		4,291		2,759		-		21,990			3,615		63,066		1,122		455
1988		36,736		86,808		4,354		2,878		-		24,942			3,943		60,943		1,206		573
1989		35,952		86,793		4,281		2,862		585		24,800			4,123		57,655		1,255		513
1990		33,514		78,045		3,709		3,002		902		24,557			3,954		60,662		1,299		559
1991		31,406		73,449		3,957		2,721		858		24,965			3,840		62,981		1,342		492
1992		33,396		73,937		3,954		2,692		890		17,173			3,500		64,058		1,404		533
1993		33,935		79,232		3,981		3,067		1,089		20,633			3,538		58,774		1,446		605
1994		33,671		75,639		4,670		2,947		1,270		22,583			4,066		61,015		1,538		728
1995		32,611		75,430		4,773		2,836		1,040		24,350			4,501		58,006		1,586		604
1996		32,671		73,099		4,473		2,842		1,333		25,420			4,340		71,765		1,706		590
1997		31,562		69,155		4,532		2,260		1,588		27,830			4,681		66,961		1,738		604
1998		30,238		65,451		4,296		2,781		1,574		24,800			4,466		67,710		1,780		547
1999		32,397		75,878		4,921		3,047		2,091		24,845			4,536		68,045		1,885		613
2000		34,346		76,009		5,324		3,106		4,783		25,681			7,901		68,241		2,024		667
2001		32,606		69,796		4,525		2,900		5,666		27,006			8,623		57,332		2,201		647
2002		35,501		75,208		4,465		2,905		4,251		24,397			2,864		64,945		2,174		664
2003		36,052		74,899		4,785		2,916		6,230		23,073			2,887		63,051		2,248		645
2004		39,951		81,679		4,777		3,046		6,784		27,314			3,740		60,496		2,360		635
2005		41,129		83,590		4,937		2,982		8,967		26,715			5,384		67,774		2,389		706
2006		41,198		80,350		4,742		3,010		7,148		23,057			5,991		61,598		2,346		788
2007		36,811		72,684		4,742		2,764		6,934		25,725			5,611		71,830		2,381		727
2008		28,263		61,137		4,115		2,521		9,264		26,163			7,403		66,072		2,522		718
2009		22,935		48,822		3,547		2,094		4,120		21,193			5,622		65,057		2,525		700
2010		26,831		63,336		4,262		1,621		4,528		26,040			7,166		64,224		2,547		873
2011		28,414		69,580		4,502		1,553		4,945		27,431			8,982		69,257		2,688		813
2012		29,164		68,133		4,444		1,445		3,415		28,777			7,826		73,584		2,845		713
2013		30,023		71,053		4,296		1,420		4,676		31,132			7,112		67,851		2,883		775
2014		29,635		66,382		4,294		1,435		6,996		29,392			6,815		67,008		3,037		862
2015		30,612		68,711		4,320		1,252		3,536		25,551			6,186		71,771		3,188		885
2016		31,448		66,253		4,223		1,143		3,077		26,027			6,704		69,703		3,119		1,180
2017		30,337		64,525		4,215		1,126		3,963			x		9,178		74,476		3,243		1,187
2018		29,200		67,928		4,089		1,042		4,750			x		9,783		69,924		3,453		1,274
2019		22,839		54,299		4,097		986		4,268			x		8,800		65,013		3,942		1,106
2020		21,051		51,601		3,926		581		4,015		-			-		-		4,026		-

1	Total lumber production is total softwood production.
x	Suppressed to meet the confidentiality requirements of the Statistics Act.

76 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.1D Commodity Production Indicators (continued)  

	Lumber1			Timber scale			Pulp			Newsprint, etc			Oil & natural			Coal			Solid mineral			Electric pwr			Farm cash			Landed value of
	production			data			production			production			gas production			production			shipments			generated			receipts			seafood products
	(annual percentage change)
1982		(3.0	)		-			-			-			-			(0.1	)		-			(5.4	)		9.7			-
1983		29.0			-			15.7			14.7			-			(0.4	)		4.8			(2.1	)		(4.7	)		(12.9	)
1984		0.4			-			(6.6	)		(3.0	)		-			77.3			15.3			10.9			9.6			15.7
1985		6.8			-			12.8			18.5			-			10.7			5.8			12.9			5.7			55.6
1986		(4.6	)		0.8			8.3			6.4			-			(11.4	)		(10.8	)		(14.2	)		4.2			7.1
1987		18.6			16.9			15.1			5.0			-			8.0			14.4			24.2			1.4			12.3
1988		(1.6	)		(4.2	)		1.5			4.3			-			13.4			9.1			(3.4	)		7.6			25.9
1989		(2.1	)		(0.0	)		(1.7	)		(0.6	)		-			(0.6	)		4.6			(5.4	)		4.0			(10.5	)
1990		(6.8	)		(10.1	)		(13.4	)		4.9			54.0			(1.0	)		(4.1	)		5.2			3.5			9.0
1991		(6.3	)		(5.9	)		6.7			(9.4	)		(4.8	)		1.7			(2.9	)		3.8			3.3			(12.0	)
1992		6.3			0.7			(0.1	)		(1.1	)		3.7			(31.2	)		(8.9	)		1.7			4.7			8.3
1993		1.6			7.2			0.7			13.9			22.4			20.1			1.1			(8.2	)		3.0			13.5
1994		(0.8	)		(4.5	)		17.3			(3.9	)		16.6			9.5			14.9			3.8			6.4			20.3
1995		(3.1	)		(0.3	)		2.2			(3.8	)		(18.1	)		7.8			10.7			(4.9	)		3.1			(17.0	)
1996		0.2			(3.1	)		(6.3	)		0.2			28.2			4.4			(3.6	)		23.7			7.6			(2.3	)
1997		(3.4	)		(5.4	)		1.3			(20.5	)		19.1			9.5			7.9			(6.7	)		1.9			2.4
1998		(4.2	)		(5.4	)		(5.2	)		23.1			(0.9	)		(10.9	)		(4.6	)		1.1			2.4			(9.4	)
1999		7.1			15.9			14.5			9.6			32.8			0.2			1.6			0.5			5.9			12.1
2000		6.0			0.2			8.2			1.9			128.7			3.4			74.2			0.3			7.4			8.8
2001		(5.1	)		(8.2	)		(15.0	)		(6.6	)		18.5			5.2			9.1			(16.0	)		8.7			(3.0	)
2002		8.9			7.8			(1.3	)		0.2			(25.0	)		(9.7	)		(66.8	)		13.3			(1.2	)		2.6
2003		1.6			(0.4	)		7.2			0.4			46.6			(5.4	)		0.8			(2.9	)		3.4			(2.9	)
2004		10.8			9.1			(0.2	)		4.5			8.9			18.4			29.5			(4.1	)		5.0			(1.6	)
2005		2.9			2.3			3.3			(2.1	)		32.2			(2.2	)		44.0			12.0			1.3			11.2
2006		0.2			(3.9	)		(3.9	)		0.9			(20.3	)		(13.7	)		11.3			(9.1	)		(1.8	)		11.6
2007		(10.6	)		(9.5	)		0.0			(8.2	)		(3.0	)		11.6			(6.3	)		16.6			1.5			(7.7	)
2008		(23.2	)		(15.9	)		(13.2	)		(8.8	)		33.6			1.7			31.9			(8.0	)		5.9			(1.2	)
2009		(18.9	)		(20.1	)		(13.8	)		(16.9	)		(55.5	)		(19.0	)		(24.1	)		(1.5	)		0.1			(2.5	)
2010		17.0			29.7			20.2			(22.6	)		9.9			22.9			27.5			(1.3	)		0.9			24.8
2011		5.9			9.9			5.6			(4.2	)		9.2			5.3			25.3			7.8			5.5			(7.0	)
2012		2.6			(2.1	)		(1.3	)		(7.0	)		(30.9	)		4.9			(12.9	)		6.2			5.8			(12.3	)
2013		2.9			4.3			(3.3	)		(1.7	)		36.9			8.2			(9.1	)		(7.8	)		1.3			8.8
2014		(1.3	)		(6.6	)		(0.0	)		1.1			49.6			(5.6	)		(4.2	)		(1.2	)		5.4			11.2
2015		3.3			3.5			0.6			(12.8	)		(49.5	)		(13.1	)		(9.2	)		7.1			5.0			2.7
2016		2.7			(3.6	)		(2.2	)		(8.7	)		(13.0	)		1.9			8.4			(2.9	)		(2.2	)		33.3
2017		(3.5	)		(2.6	)		(0.2	)		(1.5	)		28.8			-			36.9			6.8			4.0			0.5
2018		(3.7	)		5.3			(3.0	)		(7.5	)		19.9			-			6.6			(6.1	)		6.5			7.3
2019		(21.8	)		(20.1	)		0.2			(5.4	)		(10.1	)		-			(10.1	)		(7.0	)		14.2			(13.2	)
2020		(7.8	)		(5.0	)		(4.2	)		(41.1	)		(5.9	)		-			-			-			2.1			-

¹ Total lumber production is total softwood production.

Sources: Statistics Canada (Table: 16-10-0017-01, 16-10-0045-01, 25-10-0046-01, 25-10-0021-01, 32-10-0046-01 - accessed May 2021);

Ministry of Agriculture; Ministry of Forests, Lands, Natural Resource Operations and Rural Development; Ministry of Energy, Mines and Low Carbon Innovation; Natural Resources Canada and BC Stats.

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  77

Appendix 1 – Economic Review Supplementary Tables

Table A1.2 British Columbia Real GDP at Market Prices, Expenditure Based

			General												General
	Household		Governments										Business		Governments
	Final		Final				Non-		Machinery		Intellectual		Gross Fixed		Gross Fixed
	Consumption		Consumption		Residential		residential		and		Property		Capital		Capital
	Expenditure		Expenditure		Structures		Structures		Equipment		Products		Formation		Formation		Exports		Imports		Real GDP
	(millions of 2012 $, chained)
1981		57,254		25,432		8,426		9,830		2,233		623		19,304		2,914		30,775		32,148		104,634
1982		54,284		25,819		6,252		8,136		1,816		477		15,312		2,623		29,217		28,134		97,936
1983		54,543		25,571		6,633		8,661		1,353		509		14,745		2,878		30,779		30,165		98,655
1984		55,969		25,561		6,305		7,504		1,452		610		14,082		2,945		32,978		32,694		99,550
1985		58,030		26,191		6,817		7,055		1,642		645		14,661		3,593		36,256		33,754		106,567
1986		59,253		26,429		7,509		5,489		1,564		628		13,838		3,249		38,048		35,006		107,559
1987		62,383		26,740		8,934		5,753		1,913		681		15,979		3,467		41,273		37,988		114,142
1988		65,379		28,017		9,955		6,896		2,567		879		19,300		3,200		43,541		41,126		120,448
1989		69,152		28,373		11,457		7,674		3,081		983		22,273		4,089		42,822		45,022		124,256
1990		72,042		29,403		11,655		7,464		3,113		1,227		22,583		4,080		42,344		46,941		126,129
1991		72,471		31,073		11,010		7,890		3,191		1,231		22,520		4,626		43,018		47,386		126,535
1992		74,713		32,140		13,535		6,166		3,185		1,229		23,455		4,638		45,157		49,588		130,049
1993		77,151		32,588		13,875		5,649		3,091		1,603		23,560		4,728		46,950		49,290		136,155
1994		80,289		32,870		13,955		6,879		3,510		2,315		25,912		5,438		50,039		57,258		139,733
1995		82,775		32,306		12,270		7,541		3,587		1,825		24,600		5,053		53,082		57,974		143,402
1996		85,806		32,946		12,459		6,661		3,675		1,841		24,294		5,434		53,351		57,506		147,052
1997		89,016		32,876		13,071		8,876		4,066		1,946		27,333		4,729		55,463		61,586		151,968
1998		90,175		33,385		11,314		6,781		4,496		2,408		25,452		4,532		56,944		60,891		153,811
1999		92,443		33,624		10,499		7,527		4,517		2,077		25,097		5,332		61,911		64,595		159,162
2000		95,344		34,897		10,563		7,289		4,897		2,513		26,065		5,403		67,308		69,598		166,405
2001		97,251		36,032		11,629		8,404		4,811		3,164		28,386		5,458		66,794		69,764		167,541
2002		100,887		36,560		13,554		7,875		4,681		2,704		28,868		5,212		67,270		69,848		174,214
2003		104,235		36,720		14,601		8,599		4,693		3,238		30,948		5,443		69,226		73,588		178,240
2004		108,952		36,511		17,112		9,487		5,274		3,697		35,317		6,299		72,828		79,354		185,250
2005		113,429		36,946		18,352		9,974		6,342		3,941		38,637		7,517		76,457		84,079		194,460
2006		120,181		37,399		19,671		11,813		7,355		4,181		43,107		7,778		79,417		90,710		203,053
2007		126,699		39,404		20,099		11,191		8,044		4,863		44,436		8,093		81,168		95,697		209,419
2008		129,782		40,961		19,096		12,832		8,067		5,102		45,183		8,551		78,546		96,459		210,903
2009		130,162		41,455		17,460		11,376		6,129		4,188		39,098		8,571		73,286		89,411		205,878
2010		135,142		41,761		17,494		12,170		7,237		4,611		41,533		9,222		79,025		97,377		211,749
2011		137,998		42,612		17,987		13,734		7,500		4,657		43,876		7,334		82,874		100,829		218,203
2012		140,749		43,344		19,282		14,937		7,812		4,134		46,165		8,041		85,442		104,682		223,329
2013		144,336		43,347		19,396		14,618		7,182		4,243		45,442		7,339		88,297		105,680		228,310
2014		149,395		42,520		20,558		16,070		7,814		4,030		48,478		7,817		94,851		111,054		236,696
2015		155,326		43,451		22,528		14,103		6,832		3,367		46,833		7,694		94,041		109,916		241,509
2016		160,338		44,179		25,916		12,661		7,744		3,420		49,843		7,859		97,054		115,448		248,262
2017		167,984		45,171		25,970		14,297		8,036		3,580		51,910		8,520		99,738		121,506		257,724
2018		172,683		46,315		25,311		14,572		8,464		3,831		52,131		9,344		103,240		125,464		264,765
2019		175,666		47,754		24,944		19,721		8,487		3,887		56,713		9,708		104,204		128,910		271,789
2020		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a

 

78 2021 Financial and Economic Review – July 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.2 British Columbia Real GDP at Market Prices, Expenditure Based (continued)

				General																		General
	Household			Governments															Business			Governments
	Final			Final						Non-			Machinery			Intellectual			Gross Fixed			Gross Fixed
	Consumption			Consumption			Residential			residential			and			Property			Capital			Capital
	Expenditure			Expenditure			Structures			Structures			Equipment			Products			Formation			Formation			Exports			Imports			Real GDP
	(annual percentage change)
1982		(5.2	)		1.5			(25.8	)		(17.2	)		(18.7	)		(23.4	)		(20.7	)		(10.0	)		(5.1	)		(12.5	)		(6.4	)
1983		0.5			(1.0	)		6.1			6.5			(25.5	)		6.7			(3.7	)		9.7			5.3			7.2			0.7
1984		2.6			(0.0	)		(4.9	)		(13.4	)		7.3			19.8			(4.5	)		2.3			7.1			8.4			0.9
1985		3.7			2.5			8.1			(6.0	)		13.1			5.7			4.1			22.0			9.9			3.2			7.0
1986		2.1			0.9			10.2			(22.2	)		(4.8	)		(2.6	)		(5.6	)		(9.6	)		4.9			3.7			0.9
1987		5.3			1.2			19.0			4.8			22.3			8.4			15.5			6.7			8.5			8.5			6.1
1988		4.8			4.8			11.4			19.9			34.2			29.1			20.8			(7.7	)		5.5			8.3			5.5
1989		5.8			1.3			15.1			11.3			20.0			11.8			15.4			27.8			(1.7	)		9.5			3.2
1990		4.2			3.6			1.7			(2.7	)		1.0			24.8			1.4			(0.2	)		(1.1	)		4.3			1.5
1991		0.6			5.7			(5.5	)		5.7			2.5			0.3			(0.3	)		13.4			1.6			0.9			0.3
1992		3.1			3.4			22.9			(21.9	)		(0.2	)		(0.2	)		4.2			0.3			5.0			4.6			2.8
1993		3.3			1.4			2.5			(8.4	)		(3.0	)		30.4			0.4			1.9			4.0			(0.6	)		4.7
1994		4.1			0.9			0.6			21.8			13.6			44.4			10.0			15.0			6.6			16.2			2.6
1995		3.1			(1.7	)		(12.1	)		9.6			2.2			(21.2	)		(5.1	)		(7.1	)		6.1			1.3			2.6
1996		3.7			2.0			1.5			(11.7	)		2.5			0.9			(1.2	)		7.5			0.5			(0.8	)		2.5
1997		3.7			(0.2	)		4.9			33.3			10.6			5.7			12.5			(13.0	)		4.0			7.1			3.3
1998		1.3			1.5			(13.4	)		(23.6	)		10.6			23.7			(6.9	)		(4.2	)		2.7			(1.1	)		1.2
1999		2.5			0.7			(7.2	)		11.0			0.5			(13.7	)		(1.4	)		17.7			8.7			6.1			3.5
2000		3.1			3.8			0.6			(3.2	)		8.4			21.0			3.9			1.3			8.7			7.7			4.6
2001		2.0			3.3			10.1			15.3			(1.8	)		25.9			8.9			1.0			(0.8	)		0.2			0.7
2002		3.7			1.5			16.6			(6.3	)		(2.7	)		(14.5	)		1.7			(4.5	)		0.7			0.1			4.0
2003		3.3			0.4			7.7			9.2			0.3			19.7			7.2			4.4			2.9			5.4			2.3
2004		4.5			(0.6	)		17.2			10.3			12.4			14.2			14.1			15.7			5.2			7.8			3.9
2005		4.1			1.2			7.2			5.1			20.3			6.6			9.4			19.3			5.0			6.0			5.0
2006		6.0			1.2			7.2			18.4			16.0			6.1			11.6			3.5			3.9			7.9			4.4
2007		5.4			5.4			2.2			(5.3	)		9.4			16.3			3.1			4.0			2.2			5.5			3.1
2008		2.4			4.0			(5.0	)		14.7			0.3			4.9			1.7			5.7			(3.2	)		0.8			0.7
2009		0.3			1.2			(8.6	)		(11.3	)		(24.0	)		(17.9	)		(13.5	)		0.2			(6.7	)		(7.3	)		(2.4	)
2010		3.8			0.7			0.2			7.0			18.1			10.1			6.2			7.6			7.8			8.9			2.9
2011		2.1			2.0			2.8			12.9			3.6			1.0			5.6			(20.5	)		4.9			3.5			3.0
2012		2.0			1.7			7.2			8.8			4.2			(11.2	)		5.2			9.6			3.1			3.8			2.3
2013		2.5			0.0			0.6			(2.1	)		(8.1	)		2.6			(1.6	)		(8.7	)		3.3			1.0			2.2
2014		3.5			(1.9	)		6.0			9.9			8.8			(5.0	)		6.7			6.5			7.4			5.1			3.7
2015		4.0			2.2			9.6			(12.2	)		(12.6	)		(16.5	)		(3.4	)		(1.6	)		(0.9	)		(1.0	)		2.0
2016		3.2			1.7			15.0			(10.2	)		13.3			1.6			6.4			2.1			3.2			5.0			2.8
2017		4.8			2.2			0.2			12.9			3.8			4.7			4.1			8.4			2.8			5.2			3.8
2018		2.8			2.5			(2.5	)		1.9			5.3			7.0			0.4			9.7			3.5			3.3			2.7
2019		1.7			3.1			(1.4	)		35.3			0.3			1.5			8.8			3.9			0.9			2.7			2.7
2020		-			-			-			-			-			-			-			-			-			-			-
Source: Statistics Canada (Table 36-10-0222-01 – accessed May 2021).

2021 Financial and Economic Review – July 2021 79

Appendix 1 – Economic Review Supplementary Tables

Table A1.3 British Columbia GDP at Basic Prices, by Industry

	Crop and		Fishing,		Forestry		Support Activities		Mining, Quarrying								Transportation		Wholesale		Finance		Real Estate						Real GDP
	Animal		Hunting and		and		for Agriculture		Oil and Gas								and		and Retail		and		and Rental		Other		Public		at Basic
	Production		Trapping		Logging		and Forestry		Extraction		Manufacturing		Construction		Utilities		Warehousing		Trade		Insurance		and Leasing		Services1		Administration		Prices
	(millions of 2012 $, chained)
1997		1,548		317		2,299		708		7,146		11,247		10,208		3,277		8,152		12,424		8,554		21,233		45,749		9,304		141,853
1998		1,609		212		2,334		737		7,024		11,101		9,125		3,422		8,203		13,027		8,103		21,783		47,359		9,320		143,234
1999		1,722		165		2,195		695		7,163		12,603		8,993		3,647		8,460		13,287		8,682		22,453		47,952		9,641		147,986
2000		1,677		182		2,039		783		7,897		14,789		8,823		4,252		9,019		13,874		8,468		23,086		49,409		9,836		154,966
2001		1,978		151		2,013		723		8,856		13,713		8,971		3,038		8,997		14,356		8,371		23,815		50,472		10,038		155,831
2002		1,950		187		2,057		659		8,158		13,748		9,566		3,706		9,126		15,111		8,545		25,241		52,793		10,473		161,762
2003		2,086		184		2,036		706		8,015		13,934		10,337		3,642		9,166		15,690		8,848		26,011		54,213		10,421		165,800
2004		2,217		205		2,306		671		8,392		15,050		11,639		3,659		9,461		16,341		9,349		26,909		55,273		10,464		172,580
2005		2,292		196		2,290		693		9,382		15,719		12,582		4,139		10,257		17,084		9,650		28,230		57,119		10,467		180,855
2006		2,375		218		2,188		678		9,410		16,602		13,777		3,511		10,357		18,284		10,604		29,385		60,086		10,986		189,186
2007		2,503		174		2,055		694		8,196		16,438		14,616		4,384		10,414		19,389		11,112		30,979		62,279		11,291		194,683
2008		2,411		149		1,813		599		8,429		15,122		15,384		4,373		10,197		19,324		10,863		31,654		63,339		11,925		195,789
2009		2,529		156		1,248		604		7,548		13,029		14,532		4,282		10,196		18,413		10,683		32,807		62,136		12,619		190,709
2010		2,581		181		1,533		621		8,587		13,798		14,895		4,143		10,433		19,032		11,170		33,943		62,064		12,779		195,819
2011		2,656		172		1,814		694		9,218		14,272		14,987		4,529		10,749		19,375		11,470		34,980		63,356		13,015		201,413
2012		2,655		150		1,860		678		8,942		14,693		16,797		4,587		10,983		20,058		11,404		36,365		64,681		12,736		206,591
2013		2,810		172		2,011		670		9,188		14,623		16,699		4,507		11,534		21,065		11,821		37,657		66,167		12,666		211,555
2014		2,792		196		1,977		702		9,729		15,427		18,167		4,554		12,154		21,480		12,110		39,164		68,203		12,473		219,061
2015		2,973		195		1,970		733		9,423		15,845		18,108		4,805		12,624		21,627		12,569		40,757		69,803		12,607		224,153
2016		2,921		174		1,807		721		9,668		16,517		18,322		5,023		12,847		22,551		13,010		42,387		71,929		12,754		230,764
2017		2,927		165		1,841		754		9,816		16,769		19,641		5,032		14,190		23,351		13,902		43,611		74,165		12,911		239,206
2018		3,091		150		1,937		784		10,791		16,918		20,294		4,831		14,936		23,839		14,256		44,270		76,477		13,311		246,017
2019		3,121		132		1,569		786		10,836		16,770		22,110		4,867		15,244		23,804		14,778		45,669		78,571		13,724		252,064
2020		3,003		128		1,555		765		10,897		15,580		23,033		4,999		11,955		23,575		15,146		47,559		70,968		13,487		242,411

¹ Other Services includes health care and social assistance, professional, scientific and technical services, educational services, information and cultural industries, accommodation and food services, administrative and support, waste management and remediation services, arts, entertainment and recreation, management of companies and enterprises, and other services (except public administration).

 

80 2021 Financial and Economic Review – July 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.3 British Columbia GDP at Basic Prices, by Industry (continued)

	Crop and			Fishing,			Forestry			Support Activities			Mining, Quarrying												Transportation			Wholesale			Finance			Real Estate								Real GDP
	Animal			Hunting and			and			for Agriculture			Oil and Gas												and			and Retail			and			and Rental		Other			Public			at Basic
	Production			Trapping			Logging			and Forestry			Extraction			Manufacturing			Construction			Utilities			Warehousing			Trade			Insurance			and Leasing		Services1			Administration			Prices
	(annual percentage change)
1998		4.0			(33.2	)		1.5			4.1			(1.7	)		(1.3	)		(10.6	)		4.4			0.6			4.9			(5.3	)		2.6		3.5			0.2			1.0
1999		7.0			(22.2	)		(6.0	)		(5.7	)		2.0			13.5			(1.4	)		6.6			3.1			2.0			7.1			3.1		1.3			3.4			3.3
2000		(2.6	)		10.5			(7.1	)		12.7			10.3			17.3			(1.9	)		16.6			6.6			4.4			(2.5	)		2.8		3.0			2.0			4.7
2001		18.0			(17.1	)		(1.3	)		(7.6	)		12.1			(7.3	)		1.7			(28.5	)		(0.2	)		3.5			(1.1	)		3.2		2.2			2.0			0.6
2002		(1.4	)		24.0			2.2			(8.8	)		(7.9	)		0.3			6.6			22.0			1.4			5.3			2.1			6.0		4.6			4.3			3.8
2003		7.0			(1.7	)		(1.0	)		7.1			(1.8	)		1.4			8.1			(1.7	)		0.4			3.8			3.5			3.1		2.7			(0.5	)		2.5
2004		6.3			11.4			13.3			(5.1	)		4.7			8.0			12.6			0.5			3.2			4.1			5.7			3.5		2.0			0.4			4.1
2005		3.4			(4.6	)		(0.7	)		3.3			11.8			4.4			8.1			13.1			8.4			4.5			3.2			4.9		3.3			0.0			4.8
2006		3.6			11.6			(4.5	)		(2.2	)		0.3			5.6			9.5			(15.2	)		1.0			7.0			9.9			4.1		5.2			5.0			4.6
2007		5.4			(20.1	)		(6.1	)		2.4			(12.9	)		(1.0	)		6.1			24.9			0.5			6.0			4.8			5.4		3.7			2.8			2.9
2008		(3.7	)		(14.3	)		(11.8	)		(13.7	)		2.8			(8.0	)		5.3			(0.3	)		(2.1	)		(0.3	)		(2.2	)		2.2		1.7			5.6			0.6
2009		4.9			4.4			(31.2	)		0.9			(10.5	)		(13.8	)		(5.5	)		(2.1	)		(0.0	)		(4.7	)		(1.6	)		3.6		(1.9	)		5.8			(2.6	)
2010		2.1			15.9			22.9			2.7			13.8			5.9			2.5			(3.3	)		2.3			3.4			4.6			3.5		(0.1	)		1.3			2.7
2011		2.9			(5.1	)		18.3			11.8			7.3			3.4			0.6			9.3			3.0			1.8			2.7			3.1		2.1			1.8			2.9
2012		(0.0	)		(12.8	)		2.6			(2.3	)		(3.0	)		3.0			12.1			1.3			2.2			3.5			(0.6	)		4.0		2.1			(2.1	)		2.6
2013		5.8			15.2			8.1			(1.2	)		2.8			(0.5	)		(0.6	)		(1.7	)		5.0			5.0			3.7			3.6		2.3			(0.5	)		2.4
2014		(0.6	)		13.5			(1.7	)		4.7			5.9			5.5			8.8			1.0			5.4			2.0			2.4			4.0		3.1			(1.5	)		3.5
2015		6.5			(0.1	)		(0.4	)		4.5			(3.1	)		2.7			(0.3	)		5.5			3.9			0.7			3.8			4.1		2.3			1.1			2.3
2016		(1.7	)		(11.0	)		(8.3	)		(1.7	)		2.6			4.2			1.2			4.5			1.8			4.3			3.5			4.0		3.0			1.2			2.9
2017		0.2			(5.3	)		1.9			4.5			1.5			1.5			7.2			0.2			10.5			3.5			6.9			2.9		3.1			1.2			3.7
2018		5.6			(8.9	)		5.2			4.0			9.9			0.9			3.3			(4.0	)		5.3			2.1			2.5			1.5		3.1			3.1			2.8
2019		1.0			(12.1	)		(19.0	)		0.3			0.4			(0.9	)		8.9			0.8			2.1			(0.1	)		3.7			3.2		2.7			3.1			2.5
2020		(3.8	)		(3.0	)		(0.9	)		(2.6	)		0.6			(7.1	)		4.2			2.7			(21.6	)		(1.0	)		2.5			4.1		(9.7	)		(1.7	)		(3.8	)

 ¹ Other Services includes health care and social assistance, professional, scientific and technical services, educational services, information and cultural industries, accommodation and food services, administrative and support, waste management and remediation services, arts, entertainment and recreation, management of companies and enterprises, and other services (except public administration).

Source: Statistics Canada (Table: 36-10-0402-01 – accessed May 2021). 

2021 Financial and Economic Review – July 2021 81

Appendix 1 – Economic Review Supplementary Tables

Table A1.4 British Columbia GDP, Income Based

					Net				Consumption of						Consumption of				Taxes less
			Gross		Operating		Consumption of		Fixed Capital:		Gross		Net		Fixed Capital:		Taxes less		subsidies on					GDP
	Compensation		Operating		Surplus:		Fixed Capital:		Government &		Mixed		Mixed		Unincorporated		subsidies on		Products &		Statistical			at Market
	of Employees*		Surplus		Corporations		Corporations		NPISH		Income		Income		Businesses		Production		Imports		Discrepancy			Prices
	($ millions)
1981		25,637		9,026		3,226		4,635		1,165		6,394		4,913		1,481		2,158		3,165		216			46,596
1982		26,496		7,620		1,089		5,227		1,304		6,990		5,354		1,637		2,395		2,893		206			46,600
1983		27,018		9,080		2,334		5,374		1,372		7,446		5,732		1,714		2,847		2,884		54			49,329
1984		27,811		10,459		3,563		5,480		1,416		8,010		6,145		1,865		2,509		3,258		(260	)		51,788
1985		29,101		11,850		4,746		5,636		1,468		8,824		6,843		1,981		2,531		3,699		(217	)		55,788
1986		30,339		12,298		4,927		5,788		1,583		9,581		7,543		2,038		2,532		4,506		(302	)		58,954
1987		32,837		14,358		6,902		5,858		1,598		10,290		8,103		2,187		2,607		5,152		(97	)		65,147
1988		36,110		15,750		7,807		6,161		1,782		11,259		8,903		2,356		2,726		5,568		682			72,095
1989		40,296		16,007		7,385		6,694		1,928		12,432		9,827		2,605		2,888		6,697		123			78,443
1990		44,216		14,530		5,152		7,231		2,147		13,549		10,718		2,831		3,035		6,800		244			82,374
1991		46,296		13,330		3,871		7,304		2,155		14,555		11,560		2,995		2,964		7,593		237			84,975
1992		48,924		13,342		3,411		7,622		2,309		15,450		12,274		3,176		3,472		8,389		938		��	90,515
1993		51,312		15,377		5,079		7,926		2,372		16,133		12,698		3,435		3,952		9,112		1,335			97,221
1994		53,972		19,431		8,420		8,483		2,528		17,118		13,463		3,655		4,234		8,830		13			103,598
1995		56,768		21,649		9,975		9,011		2,663		17,851		14,052		3,799		4,268		9,242		(575	)		109,203
1996		58,517		21,917		9,715		9,409		2,793		18,321		14,394		3,927		4,377		9,476		(68	)		112,540
1997		60,781		24,129		11,400		9,759		2,970		18,704		14,700		4,004		4,665		10,211		96			118,585
1998		62,120		23,496		9,822		10,617		3,057		19,467		15,302		4,166		4,786		10,346		(441	)		119,775
1999		64,216		25,733		11,594		10,972		3,167		20,272		16,061		4,211		4,919		10,676		(158	)		125,658
2000		68,591		30,979		16,192		11,403		3,384		20,843		16,470		4,373		4,974		11,063		(39	)		136,411
2001		70,309		30,003		14,546		11,966		3,491		22,099		17,467		4,633		5,076		11,312		16			138,815
2002		72,951		30,307		14,491		12,229		3,587		23,426		18,541		4,885		5,009		12,408		(108	)		143,993
2003		75,268		33,813		17,612		12,514		3,687		24,741		19,781		4,960		5,122		13,108		(93	)		151,958
2004		80,071		39,402		22,503		13,004		3,895		26,253		21,053		5,199		5,388		13,491		(5	)		164,600
2005		85,336		43,994		25,971		13,824		4,199		27,827		22,337		5,490		5,679		14,219		142			177,197
2006		93,392		46,643		26,833		15,187		4,623		29,526		23,736		5,790		5,959		14,881		78			190,479
2007		98,459		47,607		25,901		16,597		5,109		31,784		25,438		6,345		6,505		15,799		287			200,440
2008		102,318		49,897		25,892		18,259		5,746		32,435		25,604		6,830		6,812		14,756		210			206,427
2009		100,375		41,901		17,293		18,789		5,819		33,771		26,845		6,925		7,038		14,969		125			198,179
2010		102,621		45,534		20,992		18,561		5,981		35,494		28,408		7,086		7,338		15,870		134			206,990
2011		106,845		51,238		25,450		19,437		6,351		36,872		29,536		7,336		7,216		16,493		107			218,771
2012		110,128		50,606		23,422		20,589		6,595		38,645		31,069		7,576		7,332		16,611		6			223,328
2013		114,300		51,647		23,263		21,550		6,834		40,286		32,361		7,925		8,129		16,784		(165	)		230,981
2014		118,452		56,480		26,944		22,450		7,086		42,286		34,193		8,093		8,603		18,012		39			243,872
2015		123,805		55,116		23,835		23,883		7,398		43,935		35,527		8,408		8,736		19,057		135			250,784
2016		127,866		60,562		28,372		24,554		7,636		46,030		37,237		8,793		9,073		20,593		(212	)		263,912
2017		135,921		66,610		33,638		25,035		7,937		47,982		38,543		9,439		9,625		22,062		83			282,283
2018		144,465		68,860		34,297		26,149		8,414		49,654		39,656		9,998		10,622		22,511		23			296,135
2019		152,588		68,198		31,882		27,366		8,950		53,228		42,771		10,457		12,613		22,626		(194	)		309,059
2020		-		-		-		-		-		-		-		-		-		-		-			-

* Component of income-based GDP, including wages, salaries and employers' social contributions earned in B.C. by residents and non-residents of the province.

 

82 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.4 British Columbia GDP, Income Based (continued)

							Net						Consumption of						Consumption of					Taxes less
				Gross			Operating			Consumption of			Fixed Capital:		Gross		Net		Fixed Capital:		Taxes less			subsidies on						GDP
	Compensation			Operating			Surplus:			Fixed Capital:			Government &		Mixed		Mixed		Unincorporated		subsidies on			Products &			Statistical			at Market
	of Employees*			Surplus			Corporations			Corporations			NPISH		Income		Income		Businesses		Production			Imports			Discrepancy			Prices
	(annual percentage change)
1982		3.4			(15.6	)		(66.2	)		12.8			11.9		9.3		9.0		10.5		11.0			(8.6	)		(4.6	)		0.0
1983		2.0			19.2			114.3			2.8			5.2		6.5		7.1		4.7		18.9			(0.3	)		(73.8	)		5.9
1984		2.9			15.2			52.7			2.0			3.2		7.6		7.2		8.8		(11.9	)		13.0			(581.5	)		5.0
1985		4.6			13.3			33.2			2.8			3.7		10.2		11.4		6.2		0.9			13.5			(16.5	)		7.7
1986		4.3			3.8			3.8			2.7			7.8		8.6		10.2		2.9		0.0			21.8			39.2			5.7
1987		8.2			16.8			40.1			1.2			0.9		7.4		7.4		7.3		3.0			14.3			(67.9	)		10.5
1988		10.0			9.7			13.1			5.2			11.5		9.4		9.9		7.7		4.6			8.1			(803.1	)		10.7
1989		11.6			1.6			(5.4	)		8.7			8.2		10.4		10.4		10.6		5.9			20.3			(82.0	)		8.8
1990		9.7			(9.2	)		(30.2	)		8.0			11.4		9.0		9.1		8.7		5.1			1.5			98.4			5.0
1991		4.7			(8.3	)		(24.9	)		1.0			0.4		7.4		7.9		5.8		(2.3	)		11.7			(2.9	)		3.2
1992		5.7			0.1			(11.9	)		4.4			7.1		6.1		6.2		6.0		17.1			10.5			295.8			6.5
1993		4.9			15.3			48.9			4.0			2.7		4.4		3.5		8.2		13.8			8.6			42.3			7.4
1994		5.2			26.4			65.8			7.0			6.6		6.1		6.0		6.4		7.1			(3.1	)		(99.0	)		6.6
1995		5.2			11.4			18.5			6.2			5.3		4.3		4.4		3.9		0.8			4.7			(4,523.1	)		5.4
1996		3.1			1.2			(2.6	)		4.4			4.9		2.6		2.4		3.4		2.6			2.5			(88.2	)		3.1
1997		3.9			10.1			17.3			3.7			6.3		2.1		2.1		2.0		6.6			7.8			(241.2	)		5.4
1998		2.2			(2.6	)		(13.8	)		8.8			2.9		4.1		4.1		4.0		2.6			1.3			(559.4	)		1.0
1999		3.4			9.5			18.0			3.3			3.6		4.1		5.0		1.1		2.8			3.2			(64.2	)		4.9
2000		6.8			20.4			39.7			3.9			6.9		2.8		2.5		3.8		1.1			3.6			(75.3	)		8.6
2001		2.5			(3.2	)		(10.2	)		4.9			3.2		6.0		6.1		5.9		2.1			2.3			(141.0	)		1.8
2002		3.8			1.0			(0.4	)		2.2			2.7		6.0		6.1		5.4		(1.3	)		9.7			(775.0	)		3.7
2003		3.2			11.6			21.5			2.3			2.8		5.6		6.7		1.5		2.3			5.6			(13.9	)		5.5
2004		6.4			16.5			27.8			3.9			5.6		6.1		6.4		4.8		5.2			2.9			(94.6	)		8.3
2005		6.6			11.7			15.4			6.3			7.8		6.0		6.1		5.6		5.4			5.4			(2,940.0	)		7.7
2006		9.4			6.0			3.3			9.9			10.1		6.1		6.3		5.5		4.9			4.7			(45.1	)		7.5
2007		5.4			2.1			(3.5	)		9.3			10.5		7.6		7.2		9.6		9.2			6.2			267.9			5.2
2008		3.9			4.8			(0.0	)		10.0			12.5		2.0		0.7		7.6		4.7			(6.6	)		(26.8	)		3.0
2009		(1.9	)		(16.0	)		(33.2	)		2.9			1.3		4.1		4.8		1.4		3.3			1.4			(40.5	)		(4.0	)
2010		2.2			8.7			21.4			(1.2	)		2.8		5.1		5.8		2.3		4.3			6.0			7.2			4.4
2011		4.1			12.5			21.2			4.7			6.2		3.9		4.0		3.5		(1.7	)		3.9			(20.1	)		5.7
2012		3.1			(1.2	)		(8.0	)		5.9			3.8		4.8		5.2		3.3		1.6			0.7			(94.4	)		2.1
2013		3.8			2.1			(0.7	)		4.7			3.6		4.2		4.2		4.6		10.9			1.0			(2,850.0	)		3.4
2014		3.6			9.4			15.8			4.2			3.7		5.0		5.7		2.1		5.8			7.3			(123.6	)		5.6
2015		4.5			(2.4	)		(11.5	)		6.4			4.4		3.9		3.9		3.9		1.5			5.8			246.2			2.8
2016		3.3			9.9			19.0			2.8			3.2		4.8		4.8		4.6		3.9			8.1			(257.0	)		5.2
2017		6.3			10.0			18.6			2.0			3.9		4.2		3.5		7.3		6.1			7.1			(139.2	)		7.0
2018		6.3			3.4			2.0			4.4			6.0		3.5		2.9		5.9		10.4			2.0			(72.3	)		4.9
2019		5.6			(1.0	)		(7.0	)		4.7			6.4		7.2		7.9		4.6		18.7			0.5			(943.5	)		4.4
2020		-			-			-			-			-		-		-		-		-			-			-			-

^* Component of income-based GDP, including wages, salaries and employers' social contributions earned in B.C. by residents and non-residents of the province.

Source: Statistics Canada (Table: 36-10-0221-01 – accessed May 2021).

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  83

APPENDIX 1 – ECONOMIC REVIEW SUPPLEMENTARY TABLES

Table A1.5 Employment by Industry in British Columbia

	2002		2003		2004		2005		2006		2007		2008		2009		2010		2011			2012		2013		2014		2015		2016		2017		2018		2019		2020
																	(thousands)
Total – all industries		1,952		1,998		2,028		2,090		2,138		2,204		2,239		2,187		2,215		2,220			2,275		2,291		2,332		2,371		2,454		2,554		2,590		2,666		2,491
Primary industries		67		78		72		76		78		82		76		72		72		65			68		76		78		74		78		79		78		77		75
Agriculture		30		33		36		38		35		36		33		32		30		25			24		27		25		23		24		26		25		29		30
Forestry, logging & support activities		25		27		22		22		21		24		17		14		17		15			16		18		20		20		21		20		19		18		17
Fishing, hunting & trapping		3		5		3		2		3		3		2		2		2			x		2		2		2		2		2		2		3		2		3
Mining & oil & gas extraction		9		13		11		14		19		20		24		24		24		25			25		29		31		29		32		31		30		29		25
Manufacturing		198		207		208		193		190		197		180		153		152		157			168		155		163		175		176		182		180		172		168
Food, beverages & tobacco		27		31		31		31		23		27		29		27		25		29			30		27		28		33		38		34		38		37		35
Wood products		48		51		49		47		44		44		35		28		29		31			28		30		32		36		33		30		25		22		21
Paper		17		14		12		12		15		15		13		10		9		9			12		11		13		10		9		12		9		9		10
Printing & related support activities		9		8		8		8		8		6		8		7		6		7			8		7		6		9		5		8		7		4		2
Primary metals		6		9		7		7		7		6		5		5		7		6			6		5		2		5		3		4		6		7		7
Metal fabrication		13		14		15		18		15		15		16		12		12		11			14		12		12		16		14		14		14		14		10
Transportation equipment		14		12		12		9		9		12		10		10		9		9			11		9		10		8		10		10		12		11		11
Machinery manufacturing		10		9		10		10		9		9		6		6		7		9			10		10		9		8		11		10		9		12		8
Other manufacturing		55		58		66		53		61		64		58		48		50		47			51		45		52		49		54		61		61		57		64
Construction		117		118		142		166		176		192		218		202		198		195			194		202		205		208		218		236		248		250		222
General contractors		41		47		51		65		65		65		84		77		79		78			77		85		93		91		93		105		110		107		101
Special trade contractors		76		71		92		101		111		127		134		125		119		117			118		118		112		116		125		130		138		142		120
Utilities		11		11		9		10		8		10		12		12		11		10			11		11		15		16		15		14		15		13		19
Transportation & warehousing		110		115		113		116		116		123		125		114		118		123			130		128		136		142		141		141		141		147		134
Transportation		105		109		108		112		109		116		119		108		112		115			120		118		127		135		134		130		130		139		127
Warehousing & storage		5		6		5		5		6		7		5		6		6		8			11		9		9		7		8		11		11		8		7
Trade		319		326		313		330		341		354		350		358		364		351			350		365		367		363		380		388		386		399		375
Wholesale trade		72		76		66		79		80		79		85		85		80		77			82		83		82		87		92		86		85		89		89
Retail trade		246		249		248		251		261		275		266		273		284		275			268		282		285		276		288		302		301		310		287
Finance, Insurance, Real Estate
& Leasing		124		126		128		131		134		141		140		134		140		140			139		141		138		130		138		161		155		165		164
Finance		57		60		55		59		60		66		62		58		66		54			63		60		63		58		63		68		66		71		69
Insurance		24		21		27		26		26		28		29		28		28		32			26		29		27		29		29		34		31		31		36
Real estate		32		35		35		34		39		36		39		39		37		45			44		44		40		36		40		53		52		54		52
Leasing		11		11		11		13		10		9		11		10		9		9			6		8		8		7		6		7		6		9		7
Public administration		90		95		99		93		88		93		99		105		106		107			103		103		102		101		109		108		109		119		120
Federal administration		33		37		35		32		34		34		37		39		43		43			44		36		34		37		39		39		35		44		40
Provincial administration		28		29		30		29		26		26		26		27		27		25			28		30		31		29		34		33		36		37		37
Local administration		29		29		35		32		28		33		37		40		36		38			31		37		38		34		36		37		38		39		43
Other service industries		918		924		944		974		1,007		1,014		1,039		1,037		1,053		1,072			1,112		1,111		1,127		1,163		1,200		1,246		1,279		1,324		1,215
Education & related services		137		137		132		143		153		154		152		149		153		154			167		171		172		170		171		172		174		184		179
Health & welfare services		211		214		217		213		229		231		240		255		261		261			272		266		277		298		304		316		338		335		325
Professional, scientific & technical		134		136		143		159		165		166		166		161		163		175			170		183		187		191		199		203		215		231		231
Information, culture & recreation		105		105		110		109		111		114		116		111		113		108			111		110		111		118		133		140		130		134		110
Services to business management		72		79		80		90		96		95		103		98		95		94			97		99		90		97		108		107		103		116		98
Accommodation & food services		163		159		170		172		166		168		167		169		172		184			183		180		186		181		176		191		195		201		168
Miscellaneous services		96		94		93		88		87		86		95		94		96		98			111		102		105		109		109		118		123		124		104

Source: Statistics Canada, Labour Force Survey (Table: 14-10-0023-01 and unpublished data - accessed July 2021). Totals may not add due to rounding.

x Suppressed to meet the confidentiality requirements of the Statistics Act.

84 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

APPENDIX 1 – ECONOMIC REVIEW SUPPLEMENTARY TABLES

Table A1.6 Capital Investment by Industry

													Preliminary						2019			2020
	Actual			Actual			Actual			Actual			Actual			Intentions			to			to
	2016			2017			2018			2019			2020			2021			2020			2021
							($ millions)												(per cent)
Agriculture, forestry, fishing and hunting		511.3			696.8			979.9			1,128.3				x		975.5			-			-
Mining, quarrying, and oil and gas extraction		4,573.3			6,250.8			4,449.5			4,558.3			3,012.1			3,448.0			(33.9	)		14.5
Manufacturing			x		1,370.5			1,831.4			2,164.8			1,644.1			1,673.7			(24.1	)		1.8
Construction		832.9			978.2			1,063.1			1,066.7			995.8			1,048.6			(6.6	)		5.3
Transportation and warehousing		4,215.0			4,822.1			6,251.5			12,286.5			15,278.0			15,848.8			24.3			3.7
Utilities		3,698.0			3,535.0			4,203.6			4,944.5			5,398.5			5,458.8			9.2			1.1
Wholesale trade			x		421.4			514.5			697.2				x		421.6			-			-
Retail trade		809.7			713.9				x		932.7				x		856.0			-			-
Finance and insurance		341.9			250.6			318.6			394.9			345.2			338.1			(12.6	)		(2.1	)
Real estate, rental and leasing		1,638.5			1,629.1			1,953.4			2,472.1			1,882.4			1,973.5			(23.9	)		4.8
Information and cultural industries		1,579.9			1,631.0			1,617.1			1,510.7			1,635.9			1,652.0			8.3			1.0
Professional, scientific and technical services		318.8			307.5			424.1			509.9			438.7			569.0			(14.0	)		29.7
Management of companies and enterprises			x			F			x		62.4				x		33.7			-			-
Admin, waste and remediation services		194.2			200.8			220.5				F		277.4			261.3			-			(5.8	)
Arts, entertainment and recreation		275.6			305.8			338.7			482.0			387.5				F		(19.6	)		-
Accommodation and food services		665.9			581.3			721.2			751.7			432.8			256.7			(42.4	)		(40.7	)
Educational services		980.1			1,087.3			1,499.2			1,377.2			1,723.4			1,920.1			25.1			11.4
Health care and social assistance		1,198.1			1,050.7			1,158.5			1,067.2			1,581.8			1,840.5			48.2			16.4
Public administration		2,172.2			2,965.5			3,407.2			4,290.9			4,766.9			5,386.6			11.1			13.0
Other services			x		171.2			249.4			248.2				x			F		-			-
Total		26,357.8			28,999.9			32,037.9			41,257.4			42,253.5			44,643.9			2.4			5.7
Public		8,423.1			9,173.3			10,350.2			13,086.5			16,259.8			18,345.0			24.2			12.8
Private		17,934.7			19,826.6			21,687.8			28,170.9			25,993.6			26,298.9			(7.7	)		1.2
Total		26,357.8			28,999.9			32,037.9			41,257.4			42,253.5			44,643.9			2.4			5.7
Machinery and equipment		10,180.1			10,183.1			11,714.3			13,277.0			11,184.0			11,274.4			(15.8	)		0.8
Construction		16,177.7			18,816.8			20,323.6			27,980.4			31,069.5			33,369.5			11.0			7.4
Total		26,357.8			28,999.9			32,037.9			41,257.4			42,253.5			44,643.9			2.4			5.7
Housing		18,543.6			19,605.2			22,080.2			22,232.7			22,144.2			n/a			(0.4	)		n/a

Source: Statistics Canada (Tables: 34-10-0035-01, 34-10-0038-01, 34-10-0175-01 – accessed May 2021).

x	Suppressed to meet the confidentiality requirements of the Statistics Act.
F	Too unreliable to be published.

Note: Totals may not add due to rounding or due to some data not being disclosed for confidentiality reasons.

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  85

APPENDIX 1 – ECONOMIC REVIEW SUPPLEMENTARY TABLES

Table A1.7 British Columbia International Goods Exports by Major Market and Selected Commodities, 2020

					European		Mainland		Other		Total -
Commodity	U.S.		Japan		Union 1		China		Markets		All Countries
					($ millions)
Wood products		5,797		666		167		760		689		8,080
Lumber (softwood)		3,960		475		77		552		369		5,433
Cedar shakes and shingles		167		0		6		0		12		186
Plywood and veneer (softwood)		375		0		1		2		9		386
Other panel products		470		8		0		15		12		505
Selected value-added wood products		675		13		2		0		7		698
Logs		27		63		0		190		38		317
Other		124		106		80		1		243		554
Pulp and paper products		667		164		29		2,017		548		3,425
Pulp		340		157		27		1,887		424		2,835
Newsprint		16		0		0		17		34		68
Paper, paperboard – excluding newsprint		215		8		1		95		65		383
Other		96		0		0		17		26		139
Agriculture and food other than fish		2,731		116		38		154		445		3,483
Fruit and nuts		352		21		3		24		43		442
Vegetables		469		10		3		1		1		483
Vegetable oils		4		1		0		2		0		6
Bread, pastry, prepared cereals, pasta, etc.		359		3		1		0		3		367
Meat and prepared meat products		26		44		0		59		58		187
Other		1,522		37		31		69		339		1,997
Fish products		828		70		24		234		136		1,292
Whole fish; fresh, chilled, frozen – excluding salmon		47		17		13		32		73		183
Whole salmon; fresh, chilled, frozen		517		22		4		7		8		558
Salmon; fillets, canned, smoked, etc		103		1		2		0		6		113
Other		160		30		5		194		49		438
Metallic mineral products		1,314		1,085		255		1,245		1,570		5,469
Copper ores and concentrates		0		1,065		0		1,045		1,331		3,440
Molybdenum ores and concentrates		27		0		28		4		0		60
Zinc ores and concentrates		0		0		18		0		69		87
Unwrought aluminum		405		0		204		0		6		615
Unwrought zinc		693		0		0		5		106		805
Unwrought lead		169		0		0		0		4		173
Other		19		20		4		191		54		289
Fabricated metal products		961		8		20		36		178		1,202
Energy products		4,465		1,288		284		758		2,020		8,816
Natural gas		2,555		0		0		2		0		2,556
Coal		39		1,104		284		705		1,974		4,105
Electricity		930		0		0		0		0		930
Other		942		184		0		52		46		1,224
Machinery and equipment		3,251		97		369		379		972		5,068
Motor vehicles and parts		343		7		6		151		246		752
Electrical/electronic/communications		600		26		143		73		206		1,048
Scientific/photographic/measuring equipment, etc.		479		34		105		97		183		898
Aircraft and parts		194		16		2		0		70		283
Other		1,634		15		113		58		267		2,086
Plastics and articles of plastic		503		1		10		73		72		659
Chemicals and chemical products		524		53		86		75		216		954
Apparel and accessories		45		1		6		1		4		58
Textiles		42		1		1		1		24		70
All other commodities		938		22		25		21		345		1,351
Total		22,065		3,573		1,313		5,756		7,218		39,925

¹ The European Union is the membership as of February 1, 2020: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

Source: Statistics Canada, International Trade Statistics custom extract, May 2021. Figures may not add due to rounding.

86 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

APPENDIX 1 – ECONOMIC REVIEW SUPPLEMENTARY TABLES

Table A1.8 British Columbia International Goods Exports by Market Area

							% Change			Percent of Total
	2018		2019		2020		2019-2020			2019		2020
			($ millions)							(per cent)
United Kingdom		501		468		471		0.7			1.1		1.2
Germany		339		365		244		(33.3	)		0.8		0.6
Mainland China		6,723		6,480		5,756		(11.2	)		14.9		14.4
Hong Kong		247		190		192		1.2			0.4		0.5
Taiwan		956		826		745		(9.7	)		1.9		1.9
Japan		5,081		4,533		3,573		(21.2	)		10.4		8.9
South Korea		2,941		2,637		2,123		(19.5	)		6.1		5.3
India		1,583		1,581		951		(39.8	)		3.6		2.4
Australia		252		246		250		1.7			0.6		0.6
Mexico		198		180		134		(25.3	)		0.4		0.3
United States		22,666		21,959		22,065		0.5			50.6		55.3
Other		4,792		3,968		3,421		(13.8	)		9.1		8.6
Total		46,280		43,432		39,925		(8.1	)		100.0		100.0
Market Areas:
Western Europe 1		2,313		2,098		2,005		(4.4	)		4.8		5.0
Pacific Rim 2		17,824		16,138		13,705		(15.1	)		37.2		34.3

¹ Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

² Australia, Brunei Darussalam, China, Fiji, Hong Kong, Indonesia, Japan, Laos, Macau, Malaysia, Mongolia, New Zealand, North Korea, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

Source: Statistics Canada, International Trade Statistics custom extract, May 2021. Figures may not add due to rounding.

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  87

APPENDIX 1 – ECONOMIC REVIEW SUPPLEMENTARY TABLES

Table A1.9 Historical Commodity Prices (in US Dollars)

	2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Metals
Copper (London; $/lb)		3.42		4.00		3.61		3.32		3.11		2.49		2.21		2.80		2.96		2.73		2.80
Lead (London; $/lb)		0.97		1.09		0.93		0.97		0.95		0.81		0.85		1.05		1.02		0.91		0.83
Zinc (London; $/lb)		0.98		0.99		0.88		0.86		0.98		0.87		0.95		1.31		1.33		1.16		1.03
Gold (London; $/troy oz)		1,225		1,572		1,667		1,407		1,266		1,159		1,251		1,257		1,269		1,391		1,769
Silver (London; $/troy oz)		20.17		35.12		31.12		23.72		19.07		15.68		17.16		17.05		15.71		16.19		20.50
Molybdenum ($/lb)		15.68		15.47		12.80		10.33		11.40		6.74		6.56		7.21		10.52		11.34		8.62
Aluminum (London; $/lb)		0.99		1.09		0.92		0.84		0.85		0.75		0.73		0.89		0.96		0.81		0.77
Forest Products
Lumber (Madison's Lumber Reporter; WSPF, 2x4, $/1000 bd ft)		255		254		299		358		353		281		308		411		496		372		570
Pulp (Northern Europe; $/tonne; transaction price)		937		955		813		864		928		849		803		898		1,184		955		849
Newsprint (US Eastcoast; $/tonne)		596		637		637		593		583		517		540		557		669		667		559
Cedar (Madison's Lumber Reporter 2x4, $/1000 bd ft)		650		636		769		895		957		986		1,004		1,299		1,396		1,386		1,509
Other
Oil (West Texas Intermediate; $/barrel)		79		95		94		98		93		49		43		51		65		57		39
Natural Gas (Plant Inlet; $C/GJ)		2.95		2.46		1.35		2.04		3.12		1.37		0.99		1.14		0.79		0.79		0.96
Coal (Japan-Australia FOB $/t) Metallurgical		204		282		204		155		124		101		112		201		207		183		136
Low Volatile PCl		170		222		153		125		104		84		88		142		146		131		97
Thermal		98		130		114		95		82		68		62		85		110		99		74

Sources: Ministry of Finance; Ministry of Energy, Mines and Low Carbon Innovation; Ministry of Forests, Lands, Natural Resource Operations and Rural Development; US Department of Energy.

88 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.10 British Columbia Forest Sector Economic Activity Indicators

																					Change 1
Indicator	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		2019-2020
									(million cubic meters)												(per cent)
Wood production
Lumber		28.4		29.2		30.0		29.6		30.6		31.4		30.3		29.2		22.8		21.1		(7.8	)
Timber Scaled by species
Lodgepole pine		29.8		27.7		26.7		23.4		24.1		20.3		15.9		15.1		11.1		10.0		(9.4	)
Spruce		10.5		11.5		12.6		11.6		13.3		13.1		15.8		15.3		12.3		12.5		1.1
Hemlock		8.6		7.7		8.5		8.1		7.2		7.6		7.1		8.1		6.6		6.1		(7.2	)
Douglas fir		9.2		8.9		9.8		10.1		9.7		10.7		10.9		13.3		11.0		9.9		(10.1	)
Balsam		5.1		5.5		6.1		6.1		6.3		6.8		7.7		8.7		7.2		7.4		2.8
Cedar		3.7		4.3		4.6		4.4		4.8		4.9		4.2		4.4		3.7		3.7		0.4
All others		2.7		2.6		2.7		2.7		3.2		2.8		2.9		3.0		2.2		2.0		(12.9	)
Total 2		69.6		68.1		71.1		66.4		68.7		66.2		64.5		67.9		54.3		51.6		(5.0	)
										(million tonnes)
Pulp and paper production		6.1		5.9		5.7		5.7		5.6		5.4		5.3		5.1		5.1		4.5		(11.3	)
Market pulp		4.5		4.4		4.3		4.3		4.3		4.2		4.2		4.1		4.1		3.9		(4.2	)
Newsprint, paper and paperboard		1.6		1.4		1.4		1.4		1.3		1.1		1.1		1.0		1.0		0.6		(41.1	)
Industrial product price indices										(Jan 2020=100)
Softwood lumber (Canada)		61.5		68.0		80.1		85.2		86.4		90.3		103.7		114.2		97.0		134.4		38.6
Spruce-Pine-Fir lumber (BC)		64.3		70.1		82.3		87.3		88.1		93.6		104.0		114.5		99.4		133.8		34.7
Hemlock lumber (BC)		49.9		56.5		70.6		75.8		75.5		81.3		102.0		111.4		92.6		145.3		56.9
Douglas fir and Western larch (BC)		67.6		70.2		78.3		85.0		88.0		92.0		102.1		109.4		100.4		129.9		29.4
Veneer and plywood (Canada)		79.6		86.4		87.1		93.5		95.6		96.8		106.5		112.1		104.8		126.7		20.8
Wood pulp (Canada)		78.7		77.9		81.0		80.5		80.5		79.7		91.5		112.2		106.3		101.1		(4.9	)
Newsprint for export (Canada)		70.5		70.9		72.2		74.1		81.9		88.3		91.2		111.1		109.6		98.6		(10.0	)

¹ Percentage change based on unrounded numbers.

² Totals may not add due to rounding.

Sources: Wood Production: Lumber and Timber scaled by species – Ministry of Forests, Lands, Natural Resource Operations, and Rural Development.

Pulp and paper production – Pulp and Paper Products Council.

Industrial product price indices – Statistics Canada (Tables: 18-10-0026 with custom tabulations – accessed June 2021).

Timber scaled data includes all logs, special forest products, species and grades billed to crown, private and federal land. Waste, reject, and Christmas trees are excluded.

For all scale invoiced as of date of reporting – May 2021

2021 Financial and Economic Review – July 2021  89

Appendix 1 – Economic Review Supplementary Tables

Table A1.11 Historical Value of Mineral, Petroleum and Natural Gas Shipments

			Industrial			Construction							Natural Gas		Other Oil
Year	Metals		Minerals 1			Aggregates 2		Coal			Crude Oil 3		to Pipeline		and Gas 4		Total
	($ millions)
1991		1,511		290			159		990			260		562		36		3,808
1992		1,502		212			157		706			260		592		38		3,467
1993		1,198		229			166		822			233		814		42		3,504
1994		1,354		237			180		861			235		991		44		3,902
1995		2,016		249			204		968			272		710		58		4,478
1996		1,537		251			189		1,027			441		817		75		4,337
1997		1,495		249			195		1,107			403		1,087		98		4,635
1998		1,484		245			208		956			373		1,154		47		4,467
1999		1,183		246			219		797			461		1,577		53		4,536
2000		1,571		284			224		812			843		3,826		114		7,674
2001		1,394		296			217		959			729		4,834		103		8,533
2002		1,288		310			231		1,035			714		3,458		79		7,115
2003		1,353		336			226		972			718		5,396		116		9,117
2004		1,956		355			239		1,191			824		5,827		133		10,524
2005		2,442		364			278		2,300			973		7,821		173		14,351
2006		3,248		363			274		2,105			1,013		5,956		179		13,139
2007		2,887		424			351		1,949			989		5,745		200		12,546
2008		2,590		696			379		3,738			1,215		7,525		524		16,667
2009		1,837		278			303		3,204			720		3,284		115		9,742
2010		2,191		349			373		4,253			930		3,437		161		11,694
2011		2,131		454			325		6,073			1,194		3,444		307		13,926
2012		2,360		461			370		4,635			1,208		1,934		273		11,241
2013		2,578		450			388		3,696			1,295		3,129		251		11,787
2014		3,302			x		312			x		1,517		5,170		310		13,812
2015		3,250			x		338			x		952		2,445		139		9,722
2016		2,942			x		339			x		1,053		1,919		105		9,781
2017		3,351			x		464			x		1,520		2,206		237		13,141
2018		3,694			x		537			x		2,528		1,742		480		14,534
2019		3,416			x		543			x		2,447		1,652		169		13,068
2020		-		-			-		-			1,616		2,198		200		-

1	Shipments of gypsum and silica to Canadian cement, lime and clay plants are not included in this table.
2	Sand and gravel; stone.
3	Includes pentanes and condensate.
4	Liquefied petroleum gases and sulphur.
x	Suppressed to meet the confidentiality requirements of the Statistics Act.

Sources: Natural Resources Canada; Ministry of Energy, Mines and Low Carbon Innovation.

90 2021 Financial and Economic Review – July 2021

Appendix 1 – Economic Review Supplementary Tables

Table A1.12 Petroleum and Natural Gas Activity Indicators

											Provincial Reserves				Provincial Government
	Natural gas		Crude oil and								Raw gas		Oil		petroleum
	production		wellhead condensate								(remaining		(remaining		and natural
	(wellhead)		production			Wells Authorized			Wells Drilled		reserves)		reserves)		gas revenue 1
	(billion cubic m)		(million cubic m)			(number)			(number)		(billion cubic m)		(million cubic m)		($ millions)
2004		32.0		2.2			1,700			1,282		389.7		21.9		1,794.4
2005		32.8		2.0			1,790			1,429		444.6		20.9		2,559.0
2006		32.8		1.9			1,730			1,435		462.4		18.2		2,139.1
2007		31.9		1.8			1,207			909		482.9		19.7		2,352.8
2008		33.5		1.6			1,408			929		605.3		18.5		4,093.9
2009		32.9		1.5			829			626		657.9		19.3		1,464.2
2010		35.0		1.6			871			714		932.0		18.7		1,384.0
2011		41.4		1.5			1,133			661		974.9		18.2		735.0
2012		41.0		1.6			647			484		1,138.5		19.1		440.0
2013		44.6		1.5			907			571		1,197.2		19.3		723.0
2014		47.2		1.8			1,253			706		1,443.9		18.1		1,230.5
2015		49.0		1.9			913			546		1,504.7		17.6		345.5
2016		50.7		2.3			479			356		1,485.1		16.5		282.3
2017		51.5		2.5			870			621		1,354.8		18.2		486.3
2018		58.9		3.6			897			446		1,434.1		18.3		423.1
2019		58.8		3.7			673			365		1,818.7		16.6		331.6
2020		61.6		3.1			519			371		n/a		n/a		271.5
per cent change
2019-2020		4.7		(17.3	)		(22.9	)		1.6		-		-		(18.1	)

¹ Includes Crown royalties, Crown reserve disposition bonuses, fees and rentals.

Sources: Ministry of Energy, Mines and Low Carbon Innovation and BC Oil and Gas Commission.

2021 Financial and Economic Review – July 2021  91

APPENDIX 1 – ECONOMIC REVIEW SUPPLEMENTARY TABLES

Table A1.13 Supply and Consumption of Electrical Energy in British Columbia

	Supply
	Net Generation										Consumption
			All Other				Receipts				Delivered
			Types Of		Total		From Other				To Other		Total
			Electricity		Provincial		Provinces		Total		Provinces		Provincial		Total
Year	Hydro		Generation2		Generation		and Imports		Supply		and Exports		Consumption		Demand		Net Exports
									(gigawatt-hours)1
1989		51,082		6,573		57,655		4,500		62,155		6,583		55,572		62,155		2,083
1990		57,245		3,417		60,662		3,233		63,895		6,689		57,206		63,895		3,456
1991		60,149		2,832		62,981		2,272		65,253		7,725		57,528		65,253		5,454
1992		60,555		3,503		64,058		2,685		66,743		9,473		57,270		66,743		6,788
1993		53,057		5,716		58,774		5,691		64,465		5,605		58,860		64,465		(86	)
1994		53,979		7,036		61,015		7,836		68,851		9,541		59,311		68,851		1,705
1995		49,814		8,192		58,006		6,385		64,391		3,972		60,419		64,391		(2,413	)
1996		67,329		4,436		71,765		3,289		75,053		10,390		64,664		75,053		7,101
1997		61,772		5,189		66,961		4,316		71,278		12,114		59,163		71,278		7,798
1998		60,849		6,861		67,710		5,056		72,766		10,619		62,147		72,766		5,563
1999		61,588		6,457		68,045		6,807		74,852		12,529		62,323		74,852		5,722
2000		59,754		8,487		68,241		6,039		74,280		10,698		63,582		74,280		4,659
2001		48,338		8,994		57,332		10,154		67,486		6,408		61,079		67,486		(3,747	)
2002		58,627		6,318		64,945		5,769		70,714		8,078		62,636		70,714		2,309
2003		56,689		6,362		63,051		7,084		70,135		9,599		60,535		70,135		2,515
2004		53,281		7,214		60,496		8,261		68,757		6,791		61,966		68,757		(1,470	)
2005*		60,327		7,447		67,774		7,206		74,980		9,247		65,732		74,980		2,042
2006		54,247		7,350		61,598		12,687		74,284		6,133		68,151		74,284		(6,554	)
2007		64,287		7,543		71,830		8,390		80,220		11,198		69,022		80,220		2,808
2008		58,699		7,373		66,072		12,431		78,503		9,956		68,546		78,503		(2,474	)
2009		56,462		8,594		65,057		12,075		77,132		8,304		68,827		77,132		(3,771	)
2010		54,152		10,072		64,224		10,767		74,991		7,566		67,425		74,991		(3,201	)
2011		61,037		8,220		69,257		10,973		80,230		15,552		64,679		80,230		4,579
2012		65,141		8,444		73,584		9,738		83,323		16,929		66,394		83,323		7,191
2013		59,223		8,628		67,851		10,466		78,317		13,576		64,741		78,317		3,110
2014		57,573		9,435		67,008		10,941		77,949		13,734		64,215		77,949		2,793
2015		64,999		6,772		71,771		9,591		81,361		14,123		67,238		81,361		4,533
2016		61,840		7,863		69,703		8,758		78,461		14,476		63,986		78,461		5,718
2017		66,503		7,972		74,476		8,943		83,419		15,139		68,281		83,419		6,195
2018		61,791		8,133		69,924		10,531		80,455		10,703		69,752		80,455		172
2019		56,108		8,905		65,013		12,086		77,099		9,434		67,665		77,099		(2,652	)
2020		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a

¹ Gigawatt-hour = one million kilowatt-hours

² All other types of electricity generation includes steam, nuclear, combustion turbine, tidal, wind and solar.

^* Note: Starting from 2005, annual survey values (25-10-0020-01 and 25-10-0021-01) are used since more extensive information is available from companies' annual performance reviews.

Source: Statistics Canada (Tables: 25-10-0001-01, 25-10-0015-01, 25-10-0016-01, 25-10-0020-01 and 25-10-0021-01 – accessed May 2021) and BC Stats.

92 2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

APPENDIX 1 – ECONOMIC REVIEW SUPPLEMENTARY TABLES

Table A1.14 Components of British Columbia Population Change

	Net Migration								Natural Increase						Total		Total
	Inter-			Inter-											Population		Population
Year	provincial			national			Total		Births		Deaths		Total		Increase 1		at July 1
1975		(2,864	)		25,342			22,478		36,281		19,151		17,130		39,608		2,499,564
1976		(464	)		16,288			15,824		35,848		18,788		17,060		32,884		2,533,899
1977		12,452			11,224			23,676		36,691		18,596		18,095		41,771		2,570,315
1978		20,106			7,699			27,805		37,231		19,058		18,173		45,978		2,615,162
1979		32,541			14,012			46,553		38,432		19,204		19,228		65,781		2,665,238
1980		38,773			23,522			62,295		40,104		19,371		20,733		83,028		2,745,861
1981		23,270			22,143			45,413		41,474		19,857		21,617		67,030		2,826,558
1982		(1,129	)		14,175			13,046		42,747		20,707		22,040		35,086		2,876,513
1983		3,000			10,639			13,639		42,919		19,827		23,092		36,731		2,907,502
1984		3,867			8,674			12,541		43,911		20,686		23,225		35,766		2,947,181
1985		(3,430	)		9,374			5,944		43,127		21,302		21,825		27,769		2,975,131
1986		(772	)		12,290			11,518		41,967		21,213		20,754		32,272		3,003,621
1987		16,588			21,078			37,666		41,814		21,814		20,000		57,666		3,048,651
1988		25,829			28,704			54,533		42,930		22,546		20,384		74,917		3,114,761
1989		35,711			31,042			66,753		43,769		22,997		20,772		87,525		3,196,725
1990		40,088			28,585			68,673		45,617		23,577		22,040		90,713		3,292,111
1991		34,600			21,274			55,874		45,612		23,977		21,635		77,509		3,373,787
1992		39,578			29,477			69,055		46,156		24,615		21,541		90,596		3,468,802
1993		37,595			34,679			72,274		46,026		25,764		20,262		92,536		3,567,772
1994		34,449			42,667			77,116		46,998		25,939		21,059		98,175		3,676,075
1995		23,414			43,644			67,058		46,820		26,375		20,445		87,503		3,777,390
1996		17,798			47,617			65,415		46,138		27,538		18,600		84,015		3,874,317
1997		1,980			38,318			40,298		44,577		27,412		17,165		57,463		3,948,583
1998		(17,521	)		24,380			6,859		43,072		27,978		15,094		21,953		3,983,113
1999		(12,413	)		28,644			16,231		41,939		28,017		13,922		30,153		4,011,375
2000		(14,783	)		29,266			14,483		40,672		27,461		13,211		27,694		4,039,230
2001		(7,028	)		34,217			27,189		40,575		28,362		12,213		39,402		4,076,950
2002		(4,445	)		28,575			24,130		40,065		28,884		11,181		35,311		4,100,564
2003		3,025			27,762			30,787		40,497		29,320		11,177		41,964		4,124,482
2004		7,785			28,015			35,800		40,490		29,924		10,566		46,366		4,155,651
2005		7,212			38,399			45,611		40,827		30,235		10,592		56,203		4,196,062
2006		12,799			34,670			47,469		41,729		30,688		11,041		58,510		4,241,794
2007		16,776			35,714			52,490		43,649		31,308		12,341		64,831		4,290,984
2008		10,849			49,678			60,527		44,276		32,097		12,179		72,706		4,349,336
2009		9,672			46,775			56,447		44,993		31,440		13,553		70,000		4,410,506
2010		6,212			32,717			38,929		43,826		31,324		12,502		51,431		4,465,546
2011		711			31,692			32,403		44,129		31,966		12,163		44,566		4,502,104
2012		(4,322	)		34,895			30,573		44,008		32,524		11,484		42,057		4,566,769
2013		2,514			35,381			37,895		43,779		33,200		10,579		48,474		4,630,077
2014		15,859			32,178			48,037		44,376		33,791		10,585		58,622		4,707,103
2015		22,827			14,059			36,886		44,298		35,246		9,052		45,938		4,776,388
2016		23,586			40,012			63,598		45,268		36,627		8,641		72,239		4,859,250
2017		15,293			55,118			70,411		44,648		38,486		6,162		76,573		4,929,384
2018		12,723			61,311			74,034		43,592		38,471		5,121		79,155		5,010,476
2019		13,926			65,961			79,887		43,490		38,378		5,112		84,999		5,090,955
2020		20,994			(599	)		20,395		42,056		40,987		1,069		21,464		5,147,712

¹ Components may not add to totals due to the revision of population statistics based on information collected during subsequent census years. The revisions are not distributed back to relevant components due to insufficient data.

Sources: Statistics Canada (Tables: 17-10-0020-01, 17-10-0040-01 and 17-10-0059-01 – accessed May 2021) and BC Stats.

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  93

 

Appendix 2

Financial Review

Supplementary Tables

 

2021 Financial and Economic Review – July 2021

 

Appendix 2 – Financial Review Supplementary Tables

Table A2.1 Operating Statement – 2009/10 to 2020/21 ¹

																																					Average
	Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			annual
($ millions)	2009/10			2010/11			2011/12			2012/13			2013/14			2014/15			2015/16			2016/17			2017/18			2018/19			2019/20			2020/21			change
																																					(per cent)
Revenue		37,978			40,680			41,805			42,057			43,715			46,099			47,601			51,449			52,020			57,128			58,660			62,156		3.8
Expense		(39,791	)		(40,927	)		(43,647	)		(43,205	)		(43,402	)		(44,440	)		(46,832	)		(48,684	)		(51,707	)		(55,597	)		(58,982	)		(67,624	)	3.9
Surplus (deficit)		(1,813	)		(247	)		(1,842	)		(1,148	)		313			1,659			769			2,765			313			1,531			(322	)		(5,468	)
Accumulated surplus (deficit) beginning of year, excluding other comprehensive income .		5,949			4,136			3,889			2,047			899			1,212			2,871			3,640			6,405			6,718			8,249			7,927
Accumulated surplus (deficit) end of year, before other comprehensive income		4,136			3,889			2,047			899			1,212			2,871			3,640			6,405			6,718			8,249			7,927			2,459
Accumulated other comprehensive income of commercial Crown corporations		456			360			73			154			481			206			(441	)		(205	)		(169	)		97			(158	)		748
Accumulated surplus (deficit), end of year		4,592			4,249			2,120			1,053			1,693			3,077			3,199			6,200			6,549			8,346			7,769			3,207
Per cent of Nominal GDP: 2
Surplus (deficit)		-0.9			-0.1			-0.8			-0.5			0.1			0.7			0.3			1.0			0.1			0.5			-0.1			-1.9
Per cent of revenue:
Surplus (deficit)		-4.8			-0.6			-4.4			-2.7			0.7			3.6			1.6			5.4			0.6			2.7			-0.5			-8.8
Per capita ($): 3
Surplus (deficit)		(411	)		(55	)		(409	)		(251	)		68			352			161			569			63			306			(63	)		(1,062	)

1	Figures have been restated to reflect government accounting policies in effect at March 31, 2021.
2	Revenue and expense as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2020/21 amounts divided by GDP for the 2020 calendar year). As nominal GDP for the calendar year ending 2020 is not yet available, the 2020 GDP projected in the April 2021 budget has been used for the fiscal year ended March 31, 2021 for demonstration purposes.
3	Per capita revenue and expense is calculated using July 1 population (e.g. 2020/21 amounts divided by population on July 1, 2020).

2021 Financial and Economic Review – July 2021  97

Appendix 2 – Financial Review Supplementary Tables

Table A2.2 Statement of Financial Position - 2009/10 to 2020/21 ¹

																																					Average
	Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			annual
($ millions)	2009/10			2010/11			2011/12			2012/13			2013/14			2014/15			2015/16			2016/17			2017/18			2018/19			2019/20			2020/21			change
																																					(per cent)
Financial assets:
Cash and temporary investments		2,911			3,060			3,235			3,173			2,801			3,675			3,892			4,232			3,440			3,029			3,985			6,560		7.7
Other financial assets		7,226			8,045			7,993			8,241			9,389			9,170			9,691			10,198			11,729			12,625			12,394			15,399		7.1
Sinking funds		1,329			1,410			1,491			1,778			835			977			1,580			1,087			1,348			752			692			492		-8.6
Investments in commercial Crown corporations:
Retained earnings		7,473			7,107			7,013			7,556			7,854			8,269			7,529			7,509			6,126			5,732			6,515			9,623		2.3
Recoverable capital loans		11,596			13,142			15,167			17,208			19,255			20,624			22,041			23,809			20,534			22,547			24,768			26,301		7.7
		19,069			20,249			22,180			24,764			27,109			28,893			29,570			31,318			26,660			28,279			31,283			35,924		5.9
Total financial assets		30,535			32,764			34,899			37,956			40,134			42,715			44,733			46,835			43,177			44,685			48,354			58,375		6.1
Liabilities:
Accounts payable & accrued liabilities		7,412			8,046			9,247			9,278			8,428			8,443			8,618			9,031			9,751			10,573			11,497			13,092		5.3
Deferred revenue		10,080			10,827			10,527			9,942			9,775			9,885			9,857			9,639			10,042			10,517			10,626			12,185		1.7
Debt:
Taxpayer-supported debt		29,968			31,821			34,659			38,182			41,068			41,880			42,719			41,499			43,607			42,681			46,229			59,750		6.5
Self-supported debt		11,917			13,333			15,534			17,634			19,625			21,040			22,532			24,338			21,312			23,281			25,932			27,350		7.8
Total provincial debt		41,885			45,154			50,193			55,816			60,693			62,920			65,251			65,837			64,919			65,962			72,161			87,100		6.9
Add: debt offset by sinking funds		1,329			1,410			1,491			1,778			835			977			1,580			1,087			1,348			752			692			492		-8.6
Less: guarantees and non-guaranteed debt		(546	)		(455	)		(730	)		(755	)		(726	)		(739	)		(820	)		(835	)		(896	)		(850	)		(1,337	)		(1,335	)	8.5
Financial statement debt		42,668			46,109			50,954			56,839			60,802			63,158			66,011			66,089			65,371			65,864			71,516			86,257		6.6
Total liabilities		60,160			64,982			70,728			76,059			79,005			81,486			84,486			84,759			85,164			86,954			93,639			111,534		5.8
Net liabilities		(29,625	)		(32,218	)		(35,829	)		(38,103	)		(38,871	)		(38,771	)		(39,753	)		(37,924	)		(41,987	)		(42,269	)		(45,285	)		(53,159	)	5.5
Capital and other assets:
Tangible capital assets		32,219			34,278			35,692			36,762			37,778			39,028			40,282			41,303			45,836			47,829			50,023			52,781		4.6
Restricted assets		1,241			1,312			1,377			1,442			1,493			1,553			1,631			1,695			1,768			1,834			1,931			2,003		4.4
Other assets		757			877			880			952			1,293			1,267			1,039			1,126			932			952			1,100			1,582		6.9
Total capital and other assets		34,217			36,467			37,949			39,156			40,564			41,848			42,952			44,124			48,536			50,615			53,054			56,366		4.6
Accumulated surplus (deficit)		4,592			4,249			2,120			1,053			1,693			3,077			3,199			6,200			6,549			8,346			7,769			3,207		-3.2
Per cent of Nominal GDP: 2
Net liabilities		14.9			15.6			16.4			17.1			16.8			15.9			15.9			14.4			14.9			14.3			14.7			18.0		1.7
Capital and other assets		17.3			17.6			17.3			17.5			17.6			17.2			17.1			16.7			17.2			17.1			17.2			19.1		0.9
Growth rates:
Net liabilities		12.2			8.8			11.2			6.3			2.0			-0.3			2.5			-4.6			10.7			0.7			7.1			17.4		n/a
Capital and other assets		5.8			6.6			4.1			3.2			3.6			3.2			2.6			2.7			10.0			4.3			4.8			6.2		n/a
Per capita: 3
Net liabilities		6,717			7,215			7,958			8,344			8,395			8,237			8,323			7,804			8,518			8,436			8,895			10,327		4.0
Capital and other assets		7,758			8,166			8,429			8,574			8,761			8,890			8,993			9,080			9,846			10,102			10,421			10,950		3.2

1	Figures have been restated to reflect government accounting policies in effect at March 31, 2021
2	Net liabilities as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2020/21 amount divided by GDP for the 2020 calendar year). As nominal GDP for the calendar year ending 2020 is not available, the 2020 GDP projected in the April 2021 budget has been used for the fiscal year ended March 31, 2021 for demonstration purposes. Figures have been restated to reflect government accounting policies in effect at March 31, 2021.
3	Per capita net liabilities is calculated using July 1 population (e.g. 2020/21 amount divided by population on July 1, 2020).

98 2021 Financial and Economic Review – July 2021

Appendix 2 – Financial Review Supplementary Tables

Table A2.3 Changes in Financial Position – 2009/10 to 2020/21

	Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			12-Year
($ millions)	2009/10			2010/11			2011/12			2012/13			2013/14			2014/15			2015/16			2016/17			2017/18			2018/19			2019/20			2020/21			Total
(Surplus) deficit for the year		1,813			247			1,842			1,148			(313	)		(1,659	)		(769	)		(2,765	)		(313	)		(1,531	)		322			5,468			3,490
Comprehensive income (increase) decrease		(481	)		96			287			(81	)		(327	)		275			647			(236	)		(36	)		(266	)		255			(906	)		(773	)
Change in accumulated (surplus) deficit		1,332			343			2,129			1,067			(640	)		(1,384	)		(122	)		(3,001	)		(349	)		(1,797	)		577			4,562			2,717
Capital and other asset changes:
Taxpayer-supported capital investments		3,719			4,110			3,565			3,279			3,151			3,407			3,459			3,659			3,908			4,452			4,772			5,428			46,909
Less: amortization and other accounting changes		(2,039	)		(2,051	)		(2,151	)		(2,209	)		(2,135	)		(2,157	)		(2,205	)		(2,638	)		625			(2,459	)		(2,578	)		(2,670	)		(24,667	)
Increase in net capital assets		1,680			2,059			1,414			1,070			1,016			1,250			1,254			1,021			4,533			1,993			2,194			2,758			22,242
Increase (decrease) in restricted assets		63			71			65			65			51			60			78			64			73			66			97			72			825
Increase (decrease) in other assets		144			120			3			72			341			(26	)		(228	)		87			(194	)		20			148			482			969
		1,887			2,250			1,482			1,207			1,408			1,284			1,104			1,172			4,412			2,079			2,439			3,312			24,036
Increase (decrease) in net liabilities		3,219			2,593			3,611			2,274			768			(100	)		982			(1,829	)		4,063			282			3,016			7,874			26,753
Investment and working capital changes:
Investment in commercial Crown corporations:
Increase (decrease) in retained earnings)		1,506			(366	)		(94	)		543			298			415			(740	)		(20	)		(1,383	)		(394	)		783			3,108			3,656
Self-supported capital investments		3,362			2,470			2,744			2,765			2,519			2,488			2,573			2,725			2,729			4,106			4,386			3,475			36,342
Less: loan repayments and other accounting changes		(1,046	)		(924	)		(719	)		(724	)		(472	)		(1,119	)		(1,156	)		(957	)		(6,004	)		(2,093	)		(2,165	)		(1,942	)		(19,321	)
Change in investment		3,822			1,180			1,931			2,584			2,345			1,784			677			1,748			(4,658	)		1,619			3,004			4,641			20,677
Increase (decrease) in cash and temporary investments		(2,274	)		149			175			(62	)		(372	)		874			217			340			(792	)		(411	)		956			2,575			1,375
Increase (decrease) in warehouse
borrowing investments		(2,081	)		-			-			-			-			-			-			-			-			-			-			-			(2,081	)
Other working capital changes 1		330			(481	)		(872	)		1,089			1,222			(202	)		977			(181	)		669			(997	)		(1,324	)		(349	)		(119	)
		(203	)		848			1,234			3,611			3,195			2,456			1,871			1,907			(4,781	)		211			2,636			6,867			19,852
Increase (decrease) in financial statement debt		3,016			3,441			4,845			5,885			3,963			2,356			2,853			78			(718	)		493			5,652			14,741			46,605
(Increase) decrease in sinking fund debt		805			(81	)		(81	)		(287	)		943			(142	)		(603	)		493			(261	)		596			60			200			1,642
Increase (decrease) in guarantees		(20	)		39			99			(34	)		27			(33	)		6			(23	)		(188	)		(2	)		57			113			41
Increase (decrease) in non-guaranteed debt		70			(130	)		176			59			(56	)		46			75			38			249			(44	)		430			(115	)		798
Increase (decrease) in total provincial debt		3,871			3,269			5,039			5,623			4,877			2,227			2,331			586			(918	)		1,043			6,199			14,939			49,086
Represented by increase (decrease) in:
Taxpayer-supported debt		3,566			1,853			2,838			3,523			2,886			812			839			(1,220	)		2,108			(926	)		3,548			13,521			33,348
Self-supported debt		305			1,416			2,201			2,100			1,991			1,415			1,492			1,806			(3,026	)		1,969			2,651			1,418			15,738
Total provincial debt		3,871			3,269			5,039			5,623			4,877			2,227			2,331			586			(918	)		1,043			6,199			14,939			49,086

¹  Includes changes in other financial assets, sinking funds, accounts payable, and deferred revenue.

2021 Financial and Economic Review – July 2021 99

Appendix 2 – Financial Review Supplementary Tables

Table A2.4 Revenue by Source – 2009/10 to 2020/21

																																					Average
	Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			Actual			annual
($ millions)	2009/10			2010/11			2011/12			2012/13			2013/14			2014/15			2015/16			2016/17			2017/18			2018/19			2019/20			2020/21			change
																																						(per cent)
Taxation revenue:
Personal income		5,769			5,805			6,427			6,977			6,862			8,076			8,380			9,704			8,923			11,364			10,657			11,118			6.1
Corporate income		1,625			2,026			2,002			2,204			2,427			2,635			2,787			3,003			4,165			5,180			5,011			4,805			10.4
Employer health		-			-			-			-			-			-			-			-			-			464			1,897			2,156			n/a
Harmonized sales		-			4,176			5,779			5,950			(226	)		(91	)		(55	)		6			13			7			-			-			n/a
Other sales 1		4,945			1,438			151			118			5,529			5,853			6,045			6,600			7,118			7,362			7,374			7,694			4.1
Fuel		884			940			928			890			917			932			973			969			1,010			1,015			1,008			936			0.5
Carbon		541			741			959			1,120			1,222			1,198			1,190			1,220			1,255			1,465			1,682			1,683			10.9
Tobacco		683			735			636			614			724			752			734			737			727			781			729			711			0.4
Property		1,887			1,920			1,913			1,985			2,080			2,154			2,219			2,279			2,367			2,617			2,608			2,313			1.9
Property transfer		887			855			944			758			937			1,065			1,533			2,026			2,141			1,826			1,609			2,098			8.1
Corporation capital		95			(3	)		(5	)		1			-			(1	)		-			-			-			-			-			-			n/a
Insurance premium		389			399			411			433			458			483			520			549			602			633			691			652			4.8
		17,705			19,032			20,145			21,050			20,930			23,056			24,326			27,093			28,321			32,714			33,266			34,166			6.2
Natural resource revenue:
Natural gas royalties		406			313			339			169			445			493			139			152			161			199			118			196			-6.4
Crown land tenures		867			923			928			868			859			834			765			633			276			279			225			162			-14.1
Columbia River Treaty		168			136			110			89			170			130			116			111			111			202			119			117			-3.2
Other energy and minerals		421			514			529			306			269			267			226			403			619			557			386			191			-6.9
Forests		387			436			482			562			719			754			865			913			1,065			1,406			988			1,304			11.7
Other resources		398			406			424			479			493			459			460			499			463			465			432			433			0.8
		2,647			2,728			2,812			2,473			2,955			2,937			2,571			2,711			2,695			3,108			2,268			2,403			-0.9
Other revenue:
Medical Services Plan premiums		1,666			1,787			1,919			2,047			2,158			2,254			2,434			2,558			2,266			1,360			1,063			(4	)		n/a
Post-secondary education fees		1,123			1,235			1,291			1,345			1,445			1,544			1,666			1,828			2,034			2,275			2,451			2,418			7.2
Other healthcare related fees		267			308			324			327			333			358			374			404			429			441			475			372			3.1
Motor vehicle licences and permits		449			467			479			489			504			499			521			529			557			568			579			571			2.2
Other fees and licences		616			643			722			699			770			770			841			894			963			949			1,004			972			4.2
Investment earnings		930			843			1,022			1,189			1,203			1,171			1,213			1,232			1,101			1,243			1,263			1,264			2.8
Sales of goods and services		728			759			930			942			946			967			1,011			1,131			1,133			1,164			1,162			741			0.2
Miscellaneous		1,887			1,929			1,746			1,673			2,256			1,893			2,287			2,377			2,410			2,249			2,676			2,395			2.2
		7,666			7,971			8,433			8,711			9,615			9,456			10,347			10,953			10,893			10,249			10,673			8,729			1.2
Contributions from the federal government:
Canada Health Transfer		3,450			3,689			3,858			3,887			4,280			4,186			4,454			4,744			4,994			5,182			5,523			5,701			4.7
Canada Social Transfer		1,433			1,487			1,526			1,555			1,589			1,641			1,695			1,751			1,854			1,908			1,971			2,042			3.3
Harmonized sales tax transition payments		250			769			580			-			-			-			-			-			-			-			-			-			n/a
Other cost shared agreements		1,794			2,064			1,760			1,605			1,645			1,452			1,498			1,672			2,207			1,962			2,041			5,151			10.1
		6,927			8,009			7,724			7,047			7,514			7,279			7,647			8,167			9,055			9,052			9,535			12,894			5.8
Commercial Crown corporation net income:
BC Hydro2		447			591			558			509			549			581			655			684			683			(428	)		705			688			4.0
Liquor Distribution Branch		877			891			909			930			877			935			1,031			1,083			1,119			1,104			1,107			1,161			2.6
BC Lottery Corp (net of payments to federal gov’t)		1,070			1,097			1,102			1,116			1,165			1,245			1,304			1,329			1,391			1,405			1,336			420			-8.2
BC Railway Company		2			15			14			6			13			5			6			7			53			10			13			10			15.8
ICBC		601			315			84			231			136			657			(293	)		(612	)		(1,327	)		(1,153	)		(376	)		1,528			8.9
Transportation Investment Corp.		(4	)		(7	)		(17	)		(60	)		(88	)		(89	)		(80	)		(81	)		(29	)		-			-			-			n/a
Other		40			38			41			44			49			37			87			115			116			117			133			157			13.2
Accounting adjustments 2		-			-			-			-			-			-			-			-			(950	)		950			-			-			n/a
		3,033			2,940			2,691			2,776			2,701			3,371			2,710			2,525			1,056			2,005			2,918			3,964			2.5
Total revenue		37,978			40,680			41,805			42,057			43,715			46,099			47,601			51,449			52,020			57,128			58,660			62,156			4.6

1	Includes social service tax, hotel room tax, provincial sales tax, tax on designated properties and housing transition tax.
2	BC Hydro’s loss for 2018/19 includes a write-off of a regulatory account. At the summary level, the Province recognized a $950 million adjustment in fiscal 2017/18 with respect to BC Hydro’s deferred regulatory accounts.

100 2021 Financial and Economic Review – July 2021

Appendix 2 – Financial Review Supplementary Tables

Table A2.5 Revenue by Source Supplementary Information – 2009/10 to 2020/21

																									Average
	Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		annual
	2009/10		2010/11		2011/12		2012/13		2013/14		2014/15		2015/16		2016/17		2017/18		2018/19		2019/20		2020/21		change
																										(per cent)
Per cent of Nominal GDP: 1
Taxation		8.9		9.2		9.2		9.4		9.1		9.5		9.7		10.3		10.0		11.0		10.8		11.6		2.4
Natural resources		1.3		1.3		1.3		1.1		1.3		1.2		1.0		1.0		1.0		1.1		0.7		0.8		-4.4
Other		3.9		3.9		3.9		3.9		4.2		3.9		4.1		4.2		3.9		3.5		3.5		3.0		-2.4
Contributions from the federal government		3.5		3.9		3.5		3.2		3.3		3.0		3.0		3.1		3.2		3.1		3.1		4.4		2.0
Commercial Crown corporation net income		1.5		1.4		1.2		1.2		1.2		1.4		1.1		1.0		0.4		0.7		0.9		1.3		-1.2
Total revenue		19.2		19.7		19.1		18.8		18.9		18.9		19.0		19.5		18.4		19.3		19.0		21.1		0.9
Growth rates (per cent):
Taxation		-5.4		7.5		5.8		4.5		-0.6		10.2		5.5		11.4		4.5		15.5		1.7		2.7		n/a
Natural resources		-30.5		3.1		3.1		-12.1		19.5		-0.6		-12.5		5.4		-0.6		15.3		-27.0		6.0		n/a
Other		4.6		4.0		5.8		3.3		10.4		-1.7		9.4		5.9		-0.5		-5.9		4.1		-18.2		n/a
Contributions from the federal government		15.5		15.6		-3.6		-8.8		6.6		-3.1		5.1		6.8		10.9		0.0		5.3		35.2		n/a
Commercial Crown corporation net income		5.3		-3.1		-8.5		3.2		-2.7		24.8		-19.6		-6.8		-58.2		89.9		45.5		35.8		n/a
Total revenue		-1.9		7.1		2.8		0.6		3.9		5.5		3.3		8.1		1.1		9.8		2.7		6.0		n/a
Per capita ($): 2
Taxation		4,014		4,262		4,475		4,609		4,520		4,898		5,093		5,576		5,745		6,529		6,534		6,637		4.7
Natural resources		600		611		625		542		638		624		538		558		547		620		445		467		-2.3
Other		1,738		1,785		1,873		1,907		2,077		2,009		2,166		2,254		2,210		2,046		2,096		1,696		-0.2
Contributions from the federal government		1,571		1,794		1,716		1,543		1,623		1,546		1,601		1,681		1,837		1,807		1,873		2,505		4.3
Commercial Crown corporation net income		688		658		598		608		583		716		567		520		214		400		573		770		1.0
Total revenue		8,611		9,110		9,286		9,209		9,442		9,793		9,966		10,588		10,553		11,402		11,522		12,074		3.1
Real Per Capita Revenue (2020 $) 3		10,152		10,599		10,553		10,351		10,621		10,905		10,977		11,453		11,178		11,757		11,610		12,074		1.6
Growth rate (per cent)		-3.3		4.4		-0.4		-1.9		2.6		2.7		0.7		4.3		-2.4		5.2		-1.2		4.0		n/a

1	Revenue as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2020/21 revenue divided by GDP for the 2020 calendar year). As nominal GDP for the calendar year ending 2020 is not available, the 2020 GDP projected in the April 2021 budget has been used for the fiscal year ended March 31, 2021 for demonstration purposes. Totals may not add due to rounding.
2	Per capita revenue is calculated using July 1 population (e.g. 2020/21 revenue divided by population on July 1, 2020). Totals may not add due to rounding.
3	Revenue is converted to real (inflation-adjusted) terms using the consumer price index (CPI) for the corresponding calendar year (e.g. 2020 CPI for 2020/21 revenue).

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  101

Appendix 2 – Financial Review Supplementary Tables

Table A2.6 Expense by Function – 2009/10 to 2020/21¹

																								Average
	Actual	Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		annual
($ millions)	2009/10		2010/11		2011/12		2012/13		2013/14		2014/15		2015/16		2016/17		2017/18		2018/19		2019/20		2020/21		change
																									(per cent)
Function:
Health:
Medical Services Plan	3,407		3,641		3,873		3,906		4,114		4,136		4,345		4,573		4,623		4,861		5,013		5,145		3.8
Pharmacare	1,053		1,129		1,147		1,122		1,130		1,120		1,335		1,284		1,400		1,494		1,517		1,501		3.3
Regional services	10,273		10,597		11,255		11,784		11,960		12,410		12,811		13,079		14,094		14,996		16,047		18,282		5.4
Other healthcare expenses	597		625		642		690		658		704		712		753		810		800		872		677		1.2
	15,330		15,992		16,917		17,502		17,862		18,370		19,203		19,689		20,927		22,151		23,449		25,605		4.8
Education:
Elementary and secondary	5,778		5,802		5,885		6,002		6,133		6,064		6,303		6,422		6,918		7,253		7,583		7,443		2.3
Post-secondary	4,733		4,860		4,908		5,104		5,285		5,350		5,503		5,673		5,998		6,394		6,842		6,868		3.4
Other education expenses	528		504		436		423		410		414		407		374		176		442		310		632		1.6
	11,039		11,166		11,229		11,529		11,828		11,828		12,213		12,469		13,092		14,089		14,735		14,943		2.8
Social services:
Social assistance	1,454		1,506		1,550		1,552		1,572		1,589		1,641		1,692		1,988		2,202		2,342		3,141		7.3
Child welfare	1,077		1,118		1,112		1,098		1,097		1,129		1,301		1,358		1,507		1,652		1,940		2,226		6.8
Low income tax credit transfers	216		408		509		534		279		248		247		244		239		414		435		1,131		16.2
Community living and other services	729		754		769		806		857		881		917		949		1,003		1,075		1,170		1,291		5.3
	3,476		3,786		3,940		3,990		3,805		3,847		4,106		4,243		4,737		5,343		5,887		7,789		7.6
Protection of persons and property	1,380		1,448		1,512		1,539		1,520		1,451		1,572		1,655		1,930		2,004		2,126		2,258		4.6
Transportation	1,453		1,580		1,545		1,555		1,580		1,608		1,670		1,784		1,931		2,021		2,126		3,360		7.9
Natural resources & economic development	2,159		2,349		1,873		2,092		1,755		2,191		2,477		2,465		3,374		3,825		3,778		4,191		6.2
Other	1,382		1,208		1,414		1,346		1,184		1,288		1,264		2,260		1,553		1,810		2,501		2,841		6.8
General government	1,375		1,146		1,235		1,262		1,386		1,359		1,501		1,532		1,540		1,670		1,653		3,915		10.0
Debt servicing	2,197		2,252		2,383		2,390		2,482		2,498		2,826		2,587		2,623		2,684		2,727		2,722		2.0
Operating expense	39,791		40,927		42,048		43,205		43,402		44,440		46,832		48,684		51,707		55,597		58,982		67,624		4.9
Unusual items:
HST transition funding repayment	-		-		1,599		-		-		-		-		-		-		-		-		-		n/a
Total expense	39,791		40,927		43,647		43,205		43,402		44,440		46,832		48,684		51,707		55,597		58,982		67,624		4.9
Per cent of operating expense:
Health	38.5		39.1		40.2		40.5		41.2		41.3		41.0		40.4		40.5		39.8		39.8		37.9		-0.2
Education	27.7		27.3		26.7		26.7		27.3		26.6		26.1		25.6		25.3		25.3		25.0		22.1		-2.0
Social services and housing	8.7		9.3		9.4		9.2		8.8		8.7		8.8		8.7		9.2		9.6		10.0		11.5		2.5
Protection of persons and property	3.5		3.5		3.6		3.6		3.5		3.3		3.4		3.4		3.7		3.6		3.6		3.3		-0.3
Transportation	3.7		3.9		3.7		3.6		3.6		3.6		3.6		3.7		3.7		3.6		3.6		5.0		2.8
Natural resources & economic development	5.4		5.7		4.5		4.8		4.0		4.9		5.3		5.1		6.5		6.9		6.4		6.2		1.2
Other	3.5		3.0		3.4		3.1		2.7		2.9		2.7		4.6		3.0		3.3		4.2		4.2		1.7
General government	3.5		2.8		2.9		2.9		3.2		3.1		3.2		3.1		3.0		3.0		2.8		5.8		4.8
Debt servicing	5.5		5.5		5.7		5.5		5.7		5.6		6.0		5.3		5.1		4.8		4.6		4.0		-2.8
	100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0

¹ Figures have been restated to reflect government accounting policies in effect at March 31, 2021.

102  2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

APPENDIX 2 – FINANCIAL REVIEW SUPPLEMENTARY TABLES

Table A2.7 Expense by Function Supplementary Information – 2009/10 to 2020/21 ¹

																									Average
	Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		annual
	2009/10		2010/11		2011/12		2012/13		2013/14		2014/15		2015/16		2016/17		2017/18		2018/19		2019/20		2020/21		change
Per cent of nominal GDP: 2																										(per cent)
Health		7.7		7.7		7.7		7.8		7.7		7.5		7.7		7.5		7.4		7.5		7.6		8.7		1.0
Education		5.6		5.4		5.1		5.2		5.1		4.9		4.9		4.7		4.6		4.8		4.8		5.1		-0.9
Social services		1.8		1.8		1.8		1.8		1.6		1.6		1.6		1.6		1.7		1.8		1.9		2.6		3.8
Protection of persons and property		0.7		0.7		0.7		0.7		0.7		0.6		0.6		0.6		0.7		0.7		0.7		0.8		0.9
Transportation		0.7		0.8		0.7		0.7		0.7		0.7		0.7		0.7		0.7		0.7		0.7		1.1		4.1
Natural resources & economic development		1.1		1.1		0.9		0.9		0.8		0.9		1.0		0.9		1.2		1.3		1.2		1.4		2.4
Other		0.7		0.6		0.6		0.6		0.5		0.5		0.5		0.9		0.6		0.6		0.8		1.0		3.0
General government		0.7		0.6		0.6		0.6		0.6		0.6		0.6		0.6		0.5		0.6		0.5		1.3		6.1
Debt servicing		1.1		1.1		1.1		1.1		1.1		1.0		1.1		1.0		0.9		0.9		0.9		0.9		-1.7
Operating expense		20.1		19.8		19.2		19.3		18.8		18.2		18.7		18.4		18.3		18.8		19.1		22.9		1.2
Growth rates (per cent):
Health		2.7		4.3		5.8		3.5		2.1		2.8		4.5		2.5		6.3		5.8		5.9		9.2		n/a
Education		5.4		1.2		0.6		2.7		2.6		0.0		3.3		2.1		5.0		7.6		4.6		1.4		n/a
Social services		4.6		8.9		4.1		1.3		-4.6		1.1		6.7		3.3		11.6		12.8		10.2		32.3		n/a
Protection of persons and property		-3.4		4.9		4.4		1.8		-1.2		-4.5		8.3		5.3		16.6		3.8		6.1		6.2		n/a
Transportation		3.7		8.7		-2.2		0.6		1.6		1.8		3.9		6.8		8.2		4.7		5.2		58.0		n/a
Natural resources & economic development		14.5		8.8		-20.3		11.7		-16.1		24.8		13.1		-0.5		36.9		13.4		-1.2		10.9		n/a
Other		-16.2		-12.6		17.1		-4.8		-12.0		8.8		-1.9		78.8		-31.3		16.5		38.2		13.6		n/a
General government		-3.5		-16.7		7.8		2.2		9.8		-1.9		10.4		2.1		0.5		8.4		-1.0		136.8		n/a
Debt servicing		1.8		2.5		5.8		0.3		3.8		0.6		13.1		-8.5		1.4		2.3		1.6		-0.2		n/a
Operating expense		2.9		2.9		2.7		2.8		0.5		2.4		5.4		4.0		6.2		7.5		6.1		14.7		n/a
Per capita ($): 3
Health		3,476		3,581		3,758		3,832		3,858		3,903		4,020		4,052		4,245		4,421		4,606		4,974		3.3
Education		2,503		2,500		2,494		2,525		2,555		2,513		2,557		2,566		2,656		2,812		2,894		2,903		1.4
Social services		788		848		875		874		822		817		860		873		961		1,066		1,156		1,513		6.1
Protection of persons and property		313		324		336		337		328		308		329		341		392		400		418		439		3.1
Transportation		329		354		343		341		341		342		350		367		392		403		418		653		6.4
Natural resources & economic development		490		526		416		458		379		465		519		507		684		763		742		814		4.7
Other		313		271		314		295		256		274		265		465		315		361		491		552		5.3
General government		312		257		274		276		299		289		314		315		312		333		325		761		8.4
Debt servicing		498		504		529		523		536		531		592		532		532		536		536		529		0.6
Operating expense		9,022		9,165		9,339		9,461		9,374		9,442		9,806		10,018		10,489		11,095		11,586		13,138		3.5
Real Per Capita Operating Expense (2020 $) 4		10,637		10,663		10,614		10,633		10,545		10,513		10,800		10,837		11,111		11,442		11,674		13,138		1.9
Growth rate (per cent)		1.5		0.2		-0.5		0.2		-0.8		-0.3		2.7		0.3		2.5		3.0		2.0		12.5		n/a

1	Numbers may not add due to rounding.
2	Expense as a per cent of GDP is an estimate calculated using nominal GDP for the calendar year ending in the fiscal year (e.g. 2020/21 expense divided by nominal GDP for the 2020 calendar year); as nominal GDP for the calendar year ending 2020 is not available, the 2020 GDP projected in the April 2021 budget has been used for the fiscal year ended March 31, 2021 for demonstration purposes.
3	Per capita expense is calculated using July 1 population (e.g. 2020/21 expense divided by population on July 1, 2020).
4	Expense is converted to real (inflation-adjusted) terms using the consumer price index (CPI) for the corresponding calendar year (e.g. 2020 CPI for 2020/21 expense).

2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021  103

APPENDIX 2 – FINANCIAL REVIEW SUPPLEMENTARY TABLES

Table A2.8 Full-Time Equivalents (FTEs) – 2009/10 to 2020/21

																									Average
	Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		annual
	2009/10		2010/11		2011/12		2012/13		2013/14		2014/15		2015/16		2016/17		2017/18		2018/19		2019/20		2020/21		change
																										(per cent)
Taxpayer-supported programs and agencies:
Ministries and special offices (CRF)		31,353		30,221		27,228		27,326		26,526		26,679		27,192		27,940		29,291		30,891		31,774		32,444		0.3
Service delivery agencies 1		4,508		4,295		4,346		4,508		4,640		4,798		4,803		4,850		5,076		5,258		5,985		6,042		2.7
Total FTEs		35,861		34,516		31,574		31,834		31,166		31,477		31,995		32,790		34,367		36,149		37,759		38,486		0.6
Growth rates:
Ministries and special offices (CRF)		-1.6		-3.6		-9.9		0.4		-2.9		0.6		1.9		2.8		4.8		5.5		2.9		2.1		n/a
Service delivery agencies		2.4		-4.7		1.2		3.7		2.9		3.4		0.1		1.0		4.7		3.6		13.8		1.0		n/a
Population per FTE: 2
Total FTEs		123.0		129.4		142.6		143.5		148.6		149.5		149.3		148.2		143.4		138.6		134.8		133.8		0.8

1	Service delivery agency FTE figures do not include SUCH sector staff employment.
2	Population per FTE is calculated using July 1 population (e.g. population on July 1, 2020 divided by 2020/21 FTEs).

104  2021 FINANCIAL AND ECONOMIC REVIEW – JULY 2021

Appendix 2 – Financial Review Supplementary Tables

Table A2.9 Capital Spending - 2009/10 to 2020/21

																									Average
	Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		annual
($ millions)	2009/10		2010/11		2011/12		2012/13		2013/14		2014/15		2015/16		2016/17		2017/18		2018/19		2019/20		2020/21		change
																									(per cent)
Taxpayer-supported:
Education
Schools (K-12)		449		433		560		509		466		420		430		474		578		626		877		944		7.0
Post-secondary		669		924		655		591		507		718		746		792		968		1,024		936		904		2.8
Health		927		916		732		742		690		900		923		1,004		890		904		1,009		1,162		2.1
BC Transportation Financing Authority		918		1,080		921		1,005		1,017		822		867		823		717		853		955		1,285		3.1
BC Transit		150		39		37		48		80		83		51		41		115		85		73		107		-3.0
Vancouver Convention Centre expansion		41		10		1		-		-		-		-		-		-		-		-		-		-100.0
BC Place redevelopment		75		197		194		6		-		-		-		-		-		-		-		-		-100.0
Government direct (ministries)		306		261		245		267		298		326		290		301		430		421		520		389		2.2
Housing		137		230		196		92		65		107		127		184		169		483		355		572		13.9
Other		47		20		24		19		28		31		25		40		41		56		47		65		3.0
		3,719		4,110		3,565		3,279		3,151		3,407		3,459		3,659		3,908		4,452		4,772		5,428		3.5
Self-supported:
BC Hydro		2,406		1,519		1,703		1,929		2,036		2,169		2,306		2,444		2,473		3,826		3,082		3,207		2.6
BC Transmission Corporation		12		-		-		-		-		-		-		-		-		-		-		-		-100.0
Columbia Basin power projects		16		67		108		94		52		28		15		2		1		2		994		7		-7.2
Transportation Invest. Corp.		778		730		734		540		202		76		25		38		4		-		-		-		-100.0
BC Railway Company		14		6		9		10		8		5		23		4		11		33		6		1		-21.3
ICBC		22		48		92		73		82		88		90		62		54		66		62		100		14.8
BC Lottery Corporation		92		81		74		97		100		69		68		86		82		75		102		73		-2.1
Liquor Distribution Branch		19		18		19		10		13		25		23		27		48		60		36		22		1.3
Other		3		1		5		12		26		28		23		62		56		44		104		65		32.3
		3,362		2,470		2,744		2,765		2,519		2,488		2,573		2,725		2,729		4,106		4,386		3,475		0.3
Total capital spending		7,081		6,580		6,309		6,044		5,670		5,895		6,032		6,384		6,637		8,558		9,158		8,903		2.1
Per cent of Nominal GDP: 1
Taxpayer-supported		1.9		2.0		1.6		1.5		1.4		1.4		1.4		1.4		1.4		1.5		1.5		1.8		-0.2
Self-supported		1.7		1.2		1.3		1.2		1.1		1.0		1.0		1.0		1.0		1.4		1.4		1.2		-3.3
Total		3.6		3.2		2.9		2.7		2.5		2.4		2.4		2.4		2.4		2.9		3.0		3.0		-1.5
Growth rates:
Taxpayer-supported		-0.6		10.5		-13.3		-8.0		-3.9		8.1		1.5		5.8		6.8		13.9		7.2		13.7		n/a
Self-supported		85.7		-26.5		11.1		0.8		-8.9		-1.2		3.4		5.9		0.1		50.5		6.8		-20.8		n/a
Total		27.5		-7.1		-4.1		-4.2		-6.2		4.0		2.3		5.8		4.0		28.9		7.0		-2.8		n/a
Per capita: 2
Taxpayer-supported		843		920		792		718		681		724		724		753		793		889		937		1,054		2.1
Self-supported		762		553		609		605		544		529		539		561		554		819		862		675		-1.1
Total		1,605		1,474		1,401		1,323		1,225		1,252		1,263		1,314		1,346		1,708		1,799		1,730		0.7
Real Per Capita Capital Spending (2020 $) 3		1,893		1,714		1,593		1,488		1,378		1,395		1,391		1,421		1,426		1,761		1,813		1,730		-0.8
Growth rate (per cent)		25.7		-9.4		-7.1		-6.6		-7.4		1.2		-0.3		2.2		0.4		23.5		2.9		-4.6		n/a

1	Capital spending as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2020/21 amounts divided by GDP for the 2020 calendar year). As nominal GDP for the calendar year ending 2020 is not available, the 2020 GDP projected in the April 2021 budget has been used for the fiscal year ended March 31, 2021 for demonstration purposes. Totals may not add due to rounding.
2	Per capita capital spending is calculated using July 1 population (e.g. 2020/21 amounts divided by population on July 1, 2020). Totals may not add due to rounding.
3	Capital spending is converted to real (inflation-adjusted) terms using the consumer price index (CPI) for the corresponding calendar year (e.g. 2020 CPI for 2020/21 capital spending).

2021 Financial and Economic Review – July 2021 105

Appendix 2 – Financial Review Supplementary Tables

Table A2.10 Provincial Debt – 2009/10 to 2020/21

																									Average
	Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		annual
($ millions)	2009/10		2010/11		2011/12		2012/13		2013/14		2014/15		2015/16		2016/17		2017/18		2018/19		2019/20		2020/21		change
																									(per cent)
Taxpayer-supported debt:
Provincial government direct operating		7,359		6,964		7,813		9,408		10,223		9,280		8,034		4,644		1,156		-		-		8,746		1.6
Other taxpayer-supported debt (mainly capital):
Education facilities
Post-secondary institutions		3,824		4,092		4,185		4,315		4,386		4,518		4,731		4,984		5,328		5,370		5,670		6,308		4.7
Schools		5,777		6,016		6,407		6,830		7,245		7,600		8,033		8,473		8,908		8,904		9,775		10,553		5.6
		9,601		10,108		10,592		11,145		11,631		12,118		12,764		13,457		14,236		14,274		15,445		16,861		5.3
Health facilities		4,389		4,895		5,293		5,691		6,038		6,522		6,998		7,552		7,903		7,968		8,507		9,359		7.1
Highways, ferries and public transit
BC Transit		140		158		183		163		143		123		106		94		84		73		65		60		-7.4
BC Transportation Financing Authority		5,211		5,785		6,287		7,084		7,912		8,428		9,177		9,974		10,388		11,293		12,193		13,321		8.9
Port Mann Bridge		-		-		-		-		-		-		-		-		3,508		3,510		3,510		3,510		0.0
Public transit		997		997		1,000		1,000		1,000		1,000		1,000		1,000		1,000		870		870		870		-1.2
SkyTrain extension		1,154		1,155		1,174		1,174		1,174		1,174		1,174		1,174		1,174		1,021		1,021		1,021		-1.1
		7,502		8,095		8,644		9,421		10,229		10,725		11,457		12,242		16,154		16,767		17,659		18,782		8.7
Other
BC Immigration Investment Fund		289		347		398		363		440		414		304		217		161		70		45		37		-17.0
BC Pavilion Corporation		49		250		383		383		382		381		389		376		374		371		378		375		20.3
Homeowner Protection Office		144		-		-		-		-		-		-		-		-		-		-		-		n/a
Provincial government general capital		294		570		808		1,073		1,372		1,698		1,987		2,288		2,718		2,363		3,133		3,702		25.9
Social Housing		305		511		674		658		719		715		760		695		878		844		1,027		1,832		17.7
Other		36		81		54		40		34		27		26		28		27		24		35		56		4.1
		1,117		1,759		2,317		2,517		2,947		3,235		3,466		3,604		4,158		3,672		4,618		6,002		16.5
Total other taxpayer-supported debt		22,609		24,857		26,846		28,774		30,845		32,600		34,685		36,855		42,451		42,681		46,229		51,004		7.7
Total taxpayer-supported debt		29,968		31,821		34,659		38,182		41,068		41,880		42,719		41,499		43,607		42,681		46,229		59,750		6.5
Self-supported debt:
Commercial Crown corporations and agencies
BC Hydro		10,792		11,710		12,978		14,167		15,559		16,544		17,929		19,685		19,990		22,064		23,238		24,650		7.8
BC Liquor Distribution Branch		-		-		-		-		-		-		-		-		-				210		233		11.0
BC Lottery Corporation		60		85		90		132		155		140		150		145		155		100		233		228		12.9
BC Transmission Corporation		70		-		-		-		-		-		-		-		-		-		-		-		n/a
Columbia Power Corporation		-		-		-		-		-		300		296		291		286		282		276		271		-1.4
Columbia Basin power projects		196		183		481		475		470		464		459		448		433		418		1,387		1,349		19.2
Post-secondary institutions’ subsidiaries		220		173		173		215		198		222		310		340		418		387		504		520		8.1
Transportation Investment Corp.		544		1,148		1,779		2,610		3,209		3,335		3,355		3,398		-		-		-		-		n/a
Other		35		34		33		35		34		35		33		31		30		30		84		99		9.9
		11,917		13,333		15,534		17,634		19,625		21,040		22,532		24,338		21,312		23,281		25,932		27,350		7.8
Warehouse borrowing program		-		-		-		-		-		-		-		-		-		-		-		-
Total self-supported debt		11,917		13,333		15,534		17,634		19,625		21,040		22,532		24,338		21,312		23,281		25,932		27,350		7.8
Total provincial debt		41,885		45,154		50,193		55,816		60,693		62,920		65,251		65,837		64,919		65,962		72,161		87,100		6.9

106 2021 Financial and Economic Review – July 2021

Appendix 2 – Financial Review Supplementary Tables

Table A2.11 Provincial Debt Supplementary Information – 2009/1 to 2020/21

																									Average
	Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		annual
($ millions)	2009/10		2010/11		2011/12		2012/13		2013/14		2014/15		2015/16		2016/17		2017/18		2018/19		2019/20		2020/21		change
																									(per cent)
Per cent of Nominal GDP: 1
Taxpayer-supported debt:
Provincial government direct operating		3.7		3.4		3.6		4.2		4.4		3.8		3.2		1.8		0.4		-		-		3.0	-2.0
Education facilities		4.8		4.9		4.8		5.0		5.0		5.0		5.1		5.1		5.0		4.8		5.0		5.7	1.5
Health facilities		2.2		2.4		2.4		2.5		2.6		2.7		2.8		2.9		2.8		2.7		2.8		3.2	3.3
Highways, ferries and public transit		3.8		3.9		4.0		4.2		4.4		4.4		4.6		4.6		5.7		5.7		5.7		6.4	4.8
Other		0.6		0.9		1.1		1.1		1.3		1.3		1.4		1.4		1.5		1.2		1.5		2.0	12.4
Total taxpayer-supported debt		15.1		15.4		15.8		17.1		17.8		17.2		17.0		15.7		15.4		14.4		15.0		20.2	2.7
Self-supported debt:
Commercial Crown corporations & agencies		6.0		6.4		7.1		7.9		8.5		8.6		9.0		9.2		7.6		7.9		8.4		9.3	4.0
Total self-supported debt		6.0		6.4		7.1		7.9		8.5		8.6		9.0		9.2		7.6		7.9		8.4		9.3	4.0
Total provincial debt		21.1		21.8		22.9		25.0		26.3		25.8		26.0		24.9		23.0		22.3		23.3		29.5	3.1
Growth rates:
Taxpayer-supported debt:
Provincial government direct operating		28.1		-5.4		12.2		20.4		8.7		-9.2		-13.4		-42.2		-75.1		-100.0		-		n/a	n/a
Education facilities		5.1		5.3		4.8		5.2		4.4		4.2		5.3		5.4		5.8		0.3		8.2		9.2	n/a
Health facilities		11.5		11.5		8.1		7.5		6.1		8.0		7.3		7.9		4.6		0.8		6.8		10.0	n/a
Highways, ferries and public transit		9.8		7.9		6.8		9.0		8.6		4.8		6.8		6.9		32.0		3.8		5.3		6.4	n/a
Other		47.4		57.5		31.7		8.6		17.1		9.8		7.1		4.0		15.4		-11.7		25.8		30.0	n/a
Total taxpayer-supported debt		13.5		6.2		8.9		10.2		7.6		2.0		2.0		-2.9		5.1		-2.1		8.3		29.2	n/a
Self-supported debt:
Commercial Crown corporations & agencies		25.0		11.9		16.5		13.5		11.3		7.2		7.1		8.0		-12.4		9.2		11.4		5.5	n/a
Warehouse borrowing program		-100.0		-		-		-		-		-		-		-		-		-		-		-	n/a
Total self-supported debt		2.6		11.9		16.5		13.5		11.3		7.2		7.1		8.0		-12.4		9.2		11.4		5.5	n/a
Total provincial debt		10.2		7.8		11.2		11.2		8.7		3.7		3.7		0.9		-1.4		1.6		9.4		20.7	n/a
Per capita: 2
Taxpayer-supported debt:
Provincial government direct operating		1,669		1,559		1,735		2,060		2,208		1,971		1,682		956		235		-		-		1,699	0.2
Education facilities		2,177		2,264		2,353		2,440		2,512		2,574		2,672		2,769		2,888		2,849		3,034		3,275	3.8
Health facilities		995		1,096		1,176		1,246		1,304		1,386		1,465		1,554		1,603		1,590		1,671		1,818	5.6
Highways, ferries and public transit		1,701		1,813		1,920		2,063		2,209		2,278		2,399		2,519		3,277		3,346		3,469		3,649	7.2
Other		253		394		515		551		636		687		726		742		844		733		907		1,166	14.9
Total taxpayer-supported debt		6,795		7,126		7,698		8,361		8,870		8,897		8,944		8,540		8,846		8,518		9,081		11,607	5.0
Self-supported debt:
Commercial Crown corporations & agencies		2,702		2,986		3,450		3,861		4,239		4,470		4,717		5,009		4,323		4,646		5,094		5,313	6.3
Warehouse borrowing program		-		-		-		-		-		-		-		-		-		-		-		-	n/a
Total self-supported debt		2,702		2,986		3,450		3,861		4,239		4,470		4,717		5,009		4,323		4,646		5,094		5,313	6.3
Total provincial debt		9,497		10,112		11,149		12,222		13,108		13,367		13,661		13,549		13,170		13,165		14,174		16,920	5.4
Real Per Capita Provincial Debt (2020 $) 3		11,196		11,764		12,670		13,737		14,746		14,885		15,048		14,656		13,949		13,575		14,282		16,920	3.8
Growth rate (per cent)		8.7		5.1		7.7		8.4		7.3		0.9		1.1		-2.6		-4.8		-2.7		5.2		18.5	7.1

1	Debt as a per cent of GDP is calculated using GDP for the calendar year ending in the fiscal year (e.g. 2020/21 debt divided by GDP for the 2020 calendar year). As nominal GDP for the calendar year ending in 2020 is not available, the 2020 GDP projected in the April 2021 budget has been used for the fiscal year ended March 31, 2021 for demonstration purposes. Totals may not add due to rounding.
2	Per capita debt is calculated using July 1 population (e.g. 2020/21 debt divided by population on July 1, 2020). Totals may not add due to rounding.
3	Debt is converted to real (inflation-adjusted) terms using the consumer price index (CPI) for the corresponding calendar year (e.g. 2020 CPI for 2020/21 debt).

2021 Financial and Economic Review – July 2021  107

Appendix 2 – Financial Review Supplementary Tables

Table A2.12 Key Provincial Debt Indicators – 2009/10 to 2020/21 ¹

																									Average
	Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		Actual		annual
	2009/10		2010/11		2011/12		2012/13		2013/14		2014/15		2015/16		2016/17		2017/18		2018/19		2019/20		2020/21		change
																									(per cent)
Debt to revenue (per cent)
Total provincial		86.5		88.5		94.7		104.1		107.8		106.6		105.9		99.3		94.7		89.5		95.9		115.1	2.6
Taxpayer-supported		82.6		78.8		85.1		93.6		96.4		94.1		91.3		81.8		82.5		75.0		80.6		101.2	1.9
Debt per capita ($) 2
Total provincial		9,497		10,112		11,149		12,222		13,108		13,367		13,661		13,549		13,171		13,166		14,174		16,919	5.4
Taxpayer-supported		6,795		7,126		7,698		8,361		8,870		8,897		8,944		8,540		8,847		8,519		9,081		11,606	5.0
Debt to nominal GDP (per cent) 3
Total provincial		21.1		21.8		22.9		25.0		26.3		25.8		26.0		24.9		23.0		22.3		23.3		29.5	3.1
Taxpayer-supported		15.1		15.4		15.8		17.1		17.8		17.2		17.0		15.7		15.4		14.4		15.0		20.2	2.7
Interest bite (cents per dollar of revenue) 4
Total provincial		4.6		4.2		4.3		4.4		4.3		4.3		4.7		3.8		4.0		3.8		3.8		3.7	-1.8
Taxpayer-supported		4.2		4.0		4.0		3.9		3.7		3.7		4.1		3.2		3.3		3.2		3.1		3.1	-2.8
Interest costs ($ millions)
Total provincial		2,205		2,155		2,300		2,339		2,444		2,525		2,919		2,521		2,759		2,786		2,872		2,817	2.3
Taxpayer-supported		1,534		1,596		1,625		1,600		1,583		1,651		1,932		1,644		1,725		1,793		1,807		1,832	1.6
Interest rate (per cent) 5
Taxpayer-supported		5.4		5.2		4.9		4.4		4.0		4.0		4.6		3.9		4.1		4.2		4.0		3.5	-3.9
Revenue Factor for Key Indicators ($ millions)
Total provincial 6		48,438		51,041		53,001		53,637		56,279		59,018		61,589		66,334		68,551		73,734		75,283		75,691	4.1
Taxpayer-supported 7		36,272		40,391		40,742		40,775		42,611		44,514		46,805		50,726		52,866		56,881		57,386		59,033	4.5
Debt ($ millions)
Total provincial		41,885		45,154		50,193		55,816		60,693		62,920		65,251		65,837		64,919		65,962		72,161		87,100	6.9
Taxpayer-supported 8		29,968		31,821		34,659		38,182		41,068		41,880		42,719		41,499		43,607		42,681		46,229		59,750	6.5
Provincial nominal GDP ($ millions) 9		198,179		206,990		218,771		223,328		230,981		243,872		250,784		263,912		282,283		296,135		309,059		295,282	3.7
Population (thousands at July 1)10		4,411		4,466		4,502		4,567		4,630		4,707		4,776		4,859		4,929		5,010		5,091		5,148	1.4

1	Figures for prior years have been restated to conform with the presentation used for 2020/21 and to include the effects of changes in underlying data and statistics.
2	The ratio of debt to population (e.g. 2020/21 debt divided by population at July 1, 2020).
3	The ratio of debt outstanding at fiscal year end to provincial nominal gross domestic product (GDP) for the calendar year ending in the fiscal year (e.g.2020/21 debt divided by 2020 nominal GDP). As nominal GDP for the calendar year ending is not available, the 2020 GDP projected in the April 2021 budget has been used for the fiscal year ended March 31, 2021 for demonstration purposes.
4	The ratio of interest costs (less sinking fund interest) to revenue. Figures include capitalized interest expense in order to provide a more comparable measure to outstanding debt.
5	Weighted average of all outstanding debt issues.
6	Includes revenue of the consolidated revenue fund (excluding dividends from enterprises) plus revenue of all government organizations and enterprises.
7	Excludes revenue of government enterprises, but includes dividends from enterprises paid to the consolidated revenue fund.
8	Excludes debt of commercial Crown corporations and agencies and funds held under the province’s warehouse borrowing program.
9	Nominal GDP for the calendar year ending in the fiscal year (e.g. Nominal GDP for 2020 is used for the fiscal year ended March 31, 2021). As nominal GDP for the calendar year ending 2020 is not available, the 2020 GDP projected in the April 2021 budget has been used for the fiscal year ended March 31, 2021 for demonstration purposes.
10	Population at July 1st within the fiscal year (e.g. population at July 1, 2020 is used for the fiscal year ended March 31, 2021).

108 2021 Financial and Economic Review – July 2021

Appendix 2 – Financial Review Supplementary Tables

Table A2.13 Historical Operating Statement Surplus (Deficit)

								Crown												Surplus
								Corporations												(Deficit) as
	Consolidated Revenue Fund							and			SUCH			Other			Surplus			a Per Cent
($ millions)	Revenue		Expenditure		Balance			Agencies			Sector			Adjustments			(Deficit) 1			of GDP
1969/70		1,248		1,244		4			-			-			-			-			0.0
1970/71		1,373		1,274		99			-			-			-			-			1.0
1971/72		1,558		1,474		84			-			-			-			-			0.8
1972/73		1,772		1,675		97			-			-			-			-			0.8
1973/74		2,217		2,071		146			-			-			-			-			0.9
1974/75		2,769		2,779		(10	)		-			-			-			-			(0.1	)
1975/76		3,124		3,534		(410	)		-			-			-			-			(2.1	)
1976/77		3,785		3,691		94			-			-			-			-			0.4
1977/78		4,372		4,168		204			-			-			-			-			0.8
1978/79		4,853		4,582		271			-			-			-			-			0.9
1979/80 1		5,860		5,318		542			(88	)		-			-			454			1.3
1980/81		5,982		6,239		(257	)		45			-			-			(212	)		(0.5	)
1981/82		7,139		7,323		(184	)		43			-			-			(141	)		(0.3	)
1982/83		7,678		8,662		(984	)		(257	)		-			-			(1,241	)		(2.7	)
1983/84		8,335		9,347		(1,012	)		49			-			-			(963	)		(2.0	)
1984/85		8,807		9,801		(994	)		172			-			-			(822	)		(1.6	)
1985/86		9,160		10,127		(967	)		110			-			-			(857	)		(1.5	)
1986/87		9,463		10,624		(1,161	)		526			-			-			(635	)		(1.1	)
1987/88		11,007		11,055		(48	)		119			-			-			71			0.1
1988/89		12,570		11,834		736			194			-			-			930			1.3
1989/90		13,656		13,200		456			40			-			-			496			0.6
1990/91		14,236		15,010		(774	)		107			-			-			(667	)		(0.8	)
1991/92		14,570		17,101		(2,531	)		192			-			-			(2,339	)		(2.8	)
1992/93		16,172		17,858		(1,686	)		210			-			-			(1,476	)		(1.6	)
1993/94		17,923		18,833		(910	)		11			-			-			(899	)		(0.9	)
1994/95		19,506		19,953		(447	)		219			-			-			(228	)		(0.2	)
1995/96		19,698		20,054		(356	)		38			-			-			(318	)		(0.3	)
1996/97		20,126		20,241		(115	)		(270	)		-			-			(385	)		(0.3	)
1997/98		20,216		20,368		(152	)		(258	)		-			-			(410	)		(0.3	)
1998/99		20,312		20,526		(214	)		(689	)		(55	)		-			(958	)		(0.8	)
1999/2000		21,836		22,157		(321	)		345			(40	)		-			(16	)		0.0
2000/01		23,948		22,671		1,277			(171	)		138			(52	) 3		1,192			0.9
2001/02		22,987		24,977		(1,990	) 2		(711	) 2		180			1,464	3		(1,057	)		(0.8	)
2002/03		22,205		25,164		(2,959	)		(216	)		526			-			(2,649	)		(1.8	)
2003/04		23,408		25,477		(2,069	)		347			369			-			(1,353	)		(0.9	)
2004/05		27,562		26,306		1,256			1,035			393			-			2,684			1.6
2005/06		29,711		27,174		2,537			550			594			(710	) 4		2,971			1.7
2006/07		31,506		28,506		3,000			841			404			(264	) 4		3,981			2.1
2007/08		32,317		30,565		1,752			995			442			(444	) 4,5		2,745			1.4
2008/09		30,926		32,032		(1,106	)		975			185			18	4,5		72			0.0
2009/10		29,133		32,273		(3,140	)		803			524			-			(1,813	)		(0.9	)
2010/11		32,807		33,577		(770	)		(219	)		742			-			(247	)		(0.1	)
2011/12		33,269		34,590		(1,321	)		239			839			(1,599	) 6		(1,842	)		(0.8	)
2012/13		33,363		35,120		(1,757	)		95			514			-			(1,148	)		(0.5	)
2013/14		34,657		34,891		(234	)		155			392			-			313			0.1
2014/15		36,802		36,058		744			199			716			-			1,659			0.7
2015/16		38,313		37,717		596			(621	)		794			-			769			0.3
2016/17		41,850		39,664		2,186			(168	)		747			-			2,765			1.0
2017/18		43,659		45,733		(2,074	)		1,270			1,117			-			313			0.1
2018/19		47,104		45,157		1,947			(1,289	)		873			-			1,531			0.5
2019/20		46,746		47,820		(1,074	)		(416	)		1,168			-			(322	)		(0.1	)
2020/21		48,317		57,882		(9,565	)		1,847			2,250			-			(5,468	)		(1.9	)

1	The provincial government began publishing summary financial statements in 1979/80. Figures for prior years are unavailable. For 1969/70 to 1978/79, the CRF balance is used in place of the summary accounts surplus/(deficit).
2	Does not include the $256 million transfer to the CRF for the wind-up of Forest Renewal BC and Fisheries Renewal BC.
3	Impact of move to joint trusteeship for public service pension plans.
4	Negotiating framework incentive payments.
5	Climate Action Dividend.
6	One-time HST transition repayment.

2021 Financial and Economic Review – July 2021  109

Appendix 2 – Financial Review Supplementary Tables

Table A2.14 Historical Provincial Debt Summary ¹

	Taxpayer-Supported Debt																		Taxpayer-
	Provincial		Education		Health						Total						Total Debt		Supported
	Government		Facilities		Facilities		Highways,				Taxpayer-		Self-		Total		as a		Debt
	Direct		Capital		Capital		Ferries and				Supported		Supported		Provincial		Per Cent		as a Per
Year	Operating		Financing		Financing		Public Transit		Other 2		Debt		Debt 3		Debt		of GDP		Cent of GDP
	($ millions)																(per cent)
1969/70		-		338		42		142		100		622		1,661		2,283		24.7		6.7
1970/71		-		362		64		172		99		697		1,808		2,505		25.6		7.1
1971/72		-		380		85		233		95		793		1,948		2,741		24.9		7.2
1972/73		-		408		105		288		87		888		2,062		2,950		23.8		7.2
1973/74		-		425		117		340		145		1,027		2,228		3,255		21.1		6.7
1974/75		-		485		133		386		149		1,153		2,650		3,803		21.3		6.5
1975/76		-		557		178		544		145		1,424		3,144		4,568		23.1		7.2
1976/77		261		658		236		649		188		1,992		3,787		5,779		24.4		8.4
1977/78		261		710		291		656		215		2,133		4,464		6,597		24.9		8.1
1978/79		261		778		334		653		91		2,117		4,838		6,955		23.3		7.1
1979/80		235		836		401		730		195		2,397		5,704		8,101		23.3		6.9
1980/81		209		919		461		729		270		2,588		5,956		8,544		21.6		6.5
1981/82		183		1,067		561		844		291		2,946		7,227		10,173		21.8		6.3
1982/83		883		1,204		660		1,024		894		4,665		7,692		12,357		26.5		10.0
1983/84		1,596		1,321		712		1,392		1,174		6,195		8,440		14,635		29.7		12.6
1984/85		2,476		1,308		717		691		1,276		6,468		9,082		15,550		30.0		12.5
1985/86		3,197		1,276		680		1,034		1,376		7,563		8,990		16,553		29.7		13.6
1986/87		4,802		1,268		681		1,097		812		8,660		8,485		17,145		29.1		14.7
1987/88		5,017		1,278		716		1,192		660		8,863		8,149		17,012		26.1		13.6
1988/89		4,919		1,322		763		1,213		842		9,059		7,396		16,455		22.8		12.6
1989/90		4,209		1,367		837		1,244		1,262		8,919		7,340		16,259		20.7		11.4
1990/91		4,726		1,565		959		1,287		1,281		9,818		7,444		17,262		21.0		11.9
1991/92		6,611		1,939		1,040		1,527		1,431		12,548		7,493		20,041		23.6		14.8
1992/93		8,969		2,426		1,141		1,719		1,641		15,896		7,526		23,422		25.9		17.6
1993/94		10,257		3,054		1,181		1,862		1,627		17,981		7,946		25,927		26.7		18.5
1994/95		10,181		3,631		1,318		2,158		1,749		19,037		8,013		27,050		26.1		18.4
1995/96		10,237		3,990		1,399		2,598		1,695		19,919		8,847		28,766		26.3		18.2
1996/97		11,030		4,230		1,431		3,144		1,440		21,275		8,096		29,371		26.1		18.9
1997/98		11,488		4,352		1,417		3,463		1,431		22,151		8,204		30,355		25.6		18.7
1998/99		11,707		5,023		1,494		3,678		1,330		23,232		8,910		32,142		26.8		19.4
1999/2000		13,295		5,429		1,679		3,527		1,276		25,206		9,232		34,438		27.4		20.1
2000/01		11,578		5,737		2,028		4,234		1,527		25,104		8,684		33,788		24.8		18.4
2001/02		13,319		6,118		2,186		4,685		1,196		27,504		8,578		36,082		26.0		19.8
2002/03		14,957		6,394		2,265		4,835		919		29,370		7,487		36,857		25.6		20.4
2003/04		15,180		6,829		2,343		4,931		717		30,000		7,775		37,775		24.9		19.7
2004/05		13,969		7,122		2,253		4,644		660		28,648		7,221		35,869		21.8		17.4
2005/06		11,343		7,612		2,635		4,883		742		27,215		7,242		34,457		19.4		15.4
2006/07		8,889		8,026		3,053		5,436		533		25,937		7,502		33,439		17.6		13.6
2007/08		7,604		8,638		3,511		6,143		653		26,549		8,088		34,637		17.3		13.2
2008/09		5,744		9,133		3,936		6,831		758		26,402		11,612		38,014		18.4		12.8
2009/10		7,359		9,601		4,389		7,502		1,117		29,968		11,917		41,885		21.1		15.1
2010/11		6,964		10,108		4,895		8,095		1,759		31,821		13,333		45,154		21.8		15.4
2011/12		7,813		10,592		5,293		8,644		2,317		34,659		15,534		50,193		22.9		15.8
2012/13		9,408		11,145		5,691		9,421		2,517		38,182		17,634		55,816		25.0		17.1
2013/14		10,223		11,631		6,038		10,229		2,947		41,068		19,625		60,693		26.3		17.8
2014/15		9,280		12,118		6,522		10,725		3,235		41,880		21,040		62,920		25.8		17.2
2015/16		8,034		12,764		6,998		11,457		3,466		42,719		22,532		65,251		26.0		17.0
2016/17		4,644		13,457		7,552		12,242		3,604		41,499		24,338		65,837		24.9		15.7
2017/18		1,156		14,236		7,903		16,154		4,158		43,607		21,312		64,919		23.0		15.4
2018/19		-		14,274		7,968		16,767		3,672		42,681		23,281		65,962		22.3		14.4
2019/20		-		15,445		8,507		17,659		4,618		46,229		25,932		72,161		23.3		15.0
2020/21		8,746		16,861		9,359		18,782		6,002		59,750		27,350		87,100		29.5		20.2

1	Provincial debt is prepared in accordance with Generally Accepted Accounting Principles and presented consistent with the Debt Summary Report included in the Public Accounts. Debt is shown net of sinking funds and unamortized discounts, excludes accrued interest, and includes non-guaranteed debt directly incurred by commercial Crown corporations and debt guaranteed by the Province.
2	Includes BC Buildings, BC Housing Management Commission, Provincial Rental Housing Corporation, other taxpayer-supported Crown agencies, and loan guarantee provisions.
3	Includes commercial Crown corporations and agencies and funds held under the province’s warehouse borrowing program.

110 2021 Financial and Economic Review – July 2021