Province
Législature
Session
Type de discours
Date du discours
Locuteur
Fonction du locuteur
Parti politique
Colombie-Britannique
35e
1e
Discours du budget
26 mars 1992
Glen Clark
Minister of Finance
New Democratic Party of British Columbia

 Hon. Speaker, it is my honour to present the first budget of this New Democrat administration. Five months ago British Columbians voted overwhelmingly for change. They voted for a change of administration, a change of priorities and a change in the way government operates.
The challenge we face in this budget is to implement this mandate, given the unfavourable fiscal situation left to British Columbians by the previous government. Our task is to get our spending priorities right while bringing British Columbia's finances under control. This means pursuing policies that are fair to all British Columbians. It also means ensuring the stability and investor confidence essential for creating wealth and realizing our economic potential. This government is determined to take the leadership necessary to secure our long-term future and to create the economic conditions necessary to help British Columbians achieve their aspirations.
In introducing our first budget, let me lay out the goals that will guide our economic policies over the coming years. First, we are committed to openness and honesty. During the election campaign, we committed to open government, and we have begun to act on that commitment. One of the first acts of our government was to give a full and open briefing on the state of British Columbia's finances -- the first time that such a briefing has been given in the history of this province. We then commissioned a comprehensive and independent financial review, so that British Columbians have a clear and objective picture of the province's current fiscal situation. We have also prepared this budget in an open manner by seeking advice from British Columbians in all regions and all walks of life. I held formal consultations and briefings with business, labour and community groups.
Second, we are committed to fairness. That means pursuing policies that don't play favourites -- policies that are in the interests of all British Columbians. We are committed to fairness in the delivery of public services. That means safeguarding the basic services that protect individuals and families. We are committed to fairness in the tax system. That means raising the revenues necessary to maintain essential public services on the basis of people's ability to pay.
Third, this government is committed to sound and prudent management of the province's finances. Without a sound financial base, it is impossible for government to address adequately the priorities of its citizens. Prudent fiscal management means getting British Columbia's budget deficit under control.
Fourth, we are committed to policies which foster economic stability and confidence. Both consumers and businesses need stability in order to plan their economic future. For working British Columbians, stability means less anxiety about job security and greater consumer confidence. For business, a stable environment means less risk and greater ability to compete. This is particularly important in British Columbia, which depends on secure trade and financial links with the international business community. By taking a long-term strategic perspective, we will ensure the stability necessary for investor confidence and economic growth.
Let me turn now to a review of our economic situation. While British Columbia's economy has fared relatively well compared to the rest of North America, our economy did not grow in 1991. The Canadian economy, as a whole, shrank by 1.5 percent last year, while British Columbians experienced a decline of about one-half of 1 percent. Many communities in British Columbia have felt the weight of the recession. Ottawa's high interest rates and the high value of the Canadian dollar have had a particularly severe impact on resource exports which sustain many of our communities. Our forest and mining industries have lost 18,000 jobs over the last two years.
However, moderate economic growth is projected to resume this year. Consumer spending is expected to pick up with lower interest rates. A recovery in housing starts is already contributing to stronger investment this year.
Stronger economic growth internationally in the second half of 1992 should lead to further improvements in export markets, provided our trading partners do not raise new barriers. In summary, we expect the economy to grow by 3 percent in 1992, resulting in an additional 30,000 jobs.
Hon. Speaker, the fiscal situation we inherited from the previous administration is much less favourable. The government's 1991 budget projected a deficit of $395 million. However, when adjusted for the budget stabilization fund, the real deficit was forecast to be $1.2 billion. The previous government's budget also contained projections showing the deficit disappearing by 1994-95. In October of last year, when we finally had an opportunity to examine the province's books, they revealed a completely different picture. The deficit forecast for 1991-92 was $1.7 billion and rising. This situation was confirmed by the independent financial review, which we commissioned shortly after taking office and which reported earlier this month. It projected that the real deficit for the fiscal year just ending would be $2 billion more than the previous government estimated in last year's budget. Furthermore, the review concluded that, without government action, the deficit would rise to $2.8 billion this coming fiscal year and $3.2 billion the year after. This situation is clearly unacceptable.
Provincial government expenditures have grown by an annual average of 12 percent in the last three years -- far in excess of revenue, inflation or economic growth. The independent financial review concluded that this fiscal deterioration was due in large part to the spending policies and poor financial management of the previous government.
It was also due to unprecedented cutbacks in federal transfer payments. The federal government has repeatedly cut back its share of health and education funding. It has arbitrarily capped its contributions under the Canada Assistance Plan to the so-called have provinces: British Columbia, Ontario and Alberta. It has cut millions of dollars in other shared-cost programs covering everything from farm assistance to reforestation to social housing. The cost of this off-loading to British Columbia will be $1.4 billion during the coming fiscal year. In addition, the federal government has increased its own deficit and that of the provinces by its misguided high interest rate policy.
The challenge we face in this budget is to address the priorities of British Columbians while bringing the province's finances under control. This means steady concerted action to bring the deficit down -- not draconian restraint with its legacy of hardship and economic instability. Specifically, it means levelling with British Columbians about the true state of the province's finances; ensuring that spending is targeted to high priority areas; eliminating waste and getting spending under control; and ensuring that the additional revenue needed to maintain essential services is raised fairly.
This budget meets the challenge. We have cut the growth of government spending in half, while safeguarding basic services. And we have reduced the deficit to $1.79 billion -- a cut of $1 billion from the level projected by the independent financial review.
This budget demonstrates that we have started to restore British Columbia's financial health. The independent financial review has made recommendations to improve financial accountability. A number of them have been adopted in this budget. The review confirmed what British Columbians have known for some time: the budget stabilization fund and the so-called balanced budget plan served only to mislead the public and create confusion. We have accepted the review's recommendation that the so-called Taxpayer Protection Act, with its discredited balanced budget plan, be repealed. This year we have taken the first step on the road to a balanced budget by concrete action, and we will take additional steps in future budgets.
In addition, in order to give a more accurate picture of the province's finances, the estimates I have tabled today have been prepared on a consolidated revenue fund basis. This change will prevent government from using devices such as the budget stabilization fund to manipulate the bottom line.
The independent financial review also recommended that government consider changes to the way in which it accounts for operating and capital expenditures. We will be reviewing this and other recommendations carefully and making appropriate changes.
When British Columbians voted for change last October, they wanted a government that was prepared to get spending priorities right. This government believes that the highest priority must be given to safeguarding essential services to people. The spending decisions we have made in this budget reflect that priority.
British Columbians place the highest priority on maintaining first-rate, universally accessible health care services. In order to maintain those services we have provided an additional $409 million in this budget. This represents an increase of 7.4 percent.
To help ensure that health care remains universally accessible, Medical Services Plan premiums will be frozen. Over the coming year we will be considering options for reducing or eliminating these premiums, as recommended by the Royal Commission on Health Care and Costs.
In addition, this government will continue to take a strong stand nationally against the reintroduction of medical user fees in Canada.
The royal commission has documented other challenges facing our health care system. These include maintaining universal access to health care, keeping costs under control, putting more emphasis on prevention and developing innovative, community-based alternatives. In fact, the royal commission concludes that redirecting health care dollars towards community-based and preventive programs is essential for the very survival of universal medicare.
To begin meeting this challenge we have provided an additional $64 million to enhance community-based family health and prevention programs. These funds will be targeted to those in greatest need: low-income families, children at risk, persons with disabilities and, in particular, those suffering from mental illness. A further $15 million has been provided to fund new disease prevention and public health initiatives in schools and communities. Strengthening health care in these areas will pay future dividends in the form of reduced costs for expensive acute-care hospital services.
Hon. Speaker, over 20 percent of all provincial health spending goes to physicians -- a total of almost $1.4 billion during this coming year. We will be taking steps to eliminate the doctors' pension plan, cap the overall growth of physicians' billings, and reallocate these savings to other high-priority health care areas. Such action is essential if we are to maintain the viability of our health care system.
During the election campaign we promised to earmark half of all revenues from provincial lotteries to health care. To fulfil this commitment, we have set up the Health special account. Half of all lottery proceeds will flow directly into the account and will be used to finance urgent health care priorities.
While we have given priority to maintaining health services in this year's difficult fiscal environment, growth in health spending is considerably below last year's increase. Maintaining quality care will require increased efficiency in the spending of health dollars as well as the cooperation of all health care workers, professionals and administrators.
Education is also a high priority. We will ensure our children continue to receive a quality education. Education spending in this budget is up by almost $300 million over last year's level. That represents an increase of 9.1 percent, enough to fund projected cost increases and population pressures.
Operating grants to universities, colleges and institutes will increase by $41 million in 1992-93. This represents an increase of 4.3 percent. This increase includes funding for an additional 2,800 full-time post-secondary spaces to help keep pace with population growth and increased demand. We will also freeze post-secondary tuition fees this year while we undertake a comprehensive review.
Maintaining British Columbia's social safety net represents a particularly difficult challenge. More British Columbians are out of work, and many Canadians from other provinces have moved to British Columbia in their search for better economic opportunities. At the same time, the federal government has introduced changes which make it more difficult for people to collect unemployment insurance benefits. The result has been a large increase in families and individuals requiring income assistance.
Traditionally, the federal government has shared the cost of income assistance with the province on a fifty-fifty basis. However, the federal government's arbitrary decision to cap the increase in its contributions means that British Columbia now bears almost the entire burden of the growing demand for social assistance. The impact on British Columbia this coming year is dramatic. Last year the rapid growth in the demand for income assistance resulted in total spending of over $1.2 billion, well over the original 1991-92 estimates. Simply funding the existing income assistance program is projected to cost an additional $231 million in the coming fiscal year -- a 19 percent increase over last year's levels.
In summary, hon. Speaker, the budget safeguards basic health, education and social services in the face of serious fiscal constraints. However, maintaining these services has meant limiting, or even reducing, expenditures in other areas. For example, the Government Services, Tourism, Economic Development, Energy and Mines, Agriculture, and Transportation and Highways ministries will all spend less in the coming year. In fact, hon. Speaker, after subtracting the amount required to maintain basic health, education and social services, the growth in other program spending -- excluding debt service -- will decline by 3.6 percent in 1992-93. By cutting wasteful spending and trimming operating costs, we have saved over $40 million.
Let me outline just a few of the specific measures being taken to achieve our efficiency targets. The Ministry of Transportation and Highways will reduce its overtime bill by almost $2 million and its contracting bill by another $10 million through more effective use of its staff. The Purchasing Commission is implementing changes, including new bidding procedures, and anticipates savings of up to $5 million. The government's Challenger jet will be sold for an annual operating cost-saving of $340,000. The air services branch will reduce health care costs by approximately $1 million by allocating another aircraft full-time to air ambulance duties.
The Ministry of Government Services is eliminating an assistant deputy minister position and a redundant policy unit, for a saving of $500,000. The Ministry of Economic Development, Small Business and Trade is eliminating an assistant deputy minister position and program staff, for a saving of $3.4 million. The Ministry of Agriculture, Fisheries and Food has closed the underutilized Victoria office of the Agricultural Land Commission. Ministries across government are curtailing their advertising expenditure, for a saving of over $5 million.
We are also eliminating a number of redundant government entities. The office of the compensation fairness commissioner is being eliminated. The Lottery Fund and a number of other special accounts will be eliminated. Lottery funds will now be spent through individual ministries and be subject to clear program guidelines. The Hazardous Waste Management Corporation, which was poorly administered and failed to achieve its objectives, will be eliminated. Strategies to deal with hazardous wastes will be developed by the Ministry of Environment, Lands and Parks. The Forest Resources Commission will be wound up. Much of its important role is now being performed by the new Commission on Resources and Environment. The transportation museum in Cloverdale will be closed.
The independent financial review has identified the existence of 179 separate boards, commissions and Crown agencies. We are determined to reduce this number. We will review these agencies to identify those which are redundant and could be abolished.
We also believe, hon. Speaker, that elected officials must do their fair share to reduce the cost of government. During the coming fiscal year we will initiate a one-year freeze on the salaries and allowances of all MLAs and cabinet ministers, and we will abolish the Board of Internal Economy and replace it with a new independent mechanism to review MLA's salaries and benefits.
The elimination of wasteful spending and the achievement of maximum value for the taxpayer's dollar is a long-term task. The independent financial review has concluded that the government currently lacks the mechanisms and resources to undertake a complete ,longer-term assessment of spending decisions. Over the coming year we will be moving to address these problems. We will strengthen and expand the role of Treasury Board to deal more effectively with cost control and program evaluation. In this year's spending estimates, we have provided an additional $350,000 to increase value-for-money auditing. It is an investment that will repay itself many times over in new efficiencies and reduced program costs. These initiatives will allow us to achieve cost savings in future years without jeopardizing services to British Columbians.
We have achieved significant savings on the spending side of the ledger. Spending growth has been cut in half. Unfortunately, as the independent financial review has shown, spending controls alone are not enough. New revenue measures are unavoidable if we are to maintain services and avoid being swamped by uncontrolled deficits. While all British Columbians are being asked to pay a little more, it is important that these additional revenues be raised fairly.
We also recognize that our tax rates must be competitive with other jurisdictions. Therefore the revenue measures I am announcing today are directed to those who can most afford to pay, and will maintain British Columbia's competitive tax position. First, the basic personal income tax rate will be increased by one percentage point effective July 1, 1992. The impact of this increase will be offset by the federal government's reduction of its income surtax so that middle-and lower-income earners will not pay more. It is important that British Columbians recognize that this federal tax cut was financed by the reduction of federal government support for essential programs like health care and education.
Effective July 1, 1992, the personal income surtax rate will be increased and will become payable at income levels over $60,000 for a typical single taxpayer. This increase will be in addition to the existing surtax on individuals earning more than $86,500. These personal income tax surcharges apply to only the wealthiest 8 percent of taxpayers, those most able to pay a little more. The increase represents an additional 3 cents on each dollar earned above the surtax threshold. For example, a single taxpayer with an income of $80,000 will pay $278 more this year and $566 more next year. This surcharge will not affect the 92 percent of British Columbia taxpayers in the middle-and lower-income ranges. These changes will make British Columbia's personal income tax system more progressive. Additional revenue from personal income tax measures is forecast to be $147 million in 1992-93.
Second, corporations will be asked to pay their fair share. Since 1985, rates have been cut on a wide range of taxes paid by corporations while individual taxpayers have been burdened with large tax increases. This trend was confirmed by the independent financial review. Effective January 1, 1992, the general corporation income tax rate will be increased by one percentage point from 15 to 16 percent of taxable income. This change returns corporate income tax rates to pre-1987 levels, and British Columbia's corporation income tax remains competitive with other provinces.
In order to maintain the relationship between the corporate and personal income systems the small business rate will also rise by one percentage point to 10 percent. This remains below the 11 percent charged in 1987.
The corporation capital tax currently paid only by large financial institutions will be reintroduced for all corporations with paid-up capital in excess of $1 million. The tax rate will be three-tenths of one percent on paid-up capital for corporations other than financial institutions. The current capital tax for large banks will be increased to 3 percent from 2 percent. For smaller financial institutions the rate will be 1 percent. These changes take effect April 1, 1992. These new corporation capital tax rates are fully competitive with those in other provinces.
We are also providing an incentive for new investment as part of the corporation capital tax. This new investment deduction in the capital tax is the first of its kind in Canada, and shows we recognize the importance of wealth creation and a positive business climate. Taken together, these corporate revenue measures fulfil our promise to implement a minimum tax on large corporations to ensure they pay their fair share of education and health services in British Columbia. The corporate tax measures which I have outlined are forecast to generate $268 million of additional revenues in 1992-93.
Third, we are introducing two changes to school property taxation to help maintain quality education while improving overall tax fairness. Effective in 1992, the supplemental homeowner grant will be removed and replaced with a 5 percent increase in the basic homeowner grant from $430 to $450. The grant for seniors will increase to $720. Unlike the basic homeowner grant, the supplemental grant was not equitable because it conferred a disproportionate benefit on the owners of higher-priced homes. In addition, the non-residential school tax rates will increase by an average of 6 percent to restore some of the balance between residential and non-residential contributions.
Fourth, we are introducing a new levy on legal billings to help offset rising legal aid costs. The provincial government's contribution to these services has more than doubled over two years to $72 million for 1992-93. The choice was to curtail legal aid for those lower-income people in need or to find new revenue. We will also be considering a range of options for delivering these services more efficiently.
Fifth, we are introducing a number of commodity-specific revenue measures, including an increase in the jet fuel tax and higher liquor markups. We will also undertake a major overhaul of British Columbia's pollution discharge permit fee system this year. Simply put, the more you pollute, the more you'll pay.
I am well aware that nobody likes to pay higher taxes. During my pre-budget consultations many groups and individuals strongly urged us not to increase any taxes. Unfortunately, adopting this advice was simply not possible. It would have meant going beyond the cost savings we have made in this budget to curtailing those essential services that all British Columbians rely on, or it would have meant letting the deficit we inherited run out of control and seriously undermine confidence in our economy.
The independent financial review concluded new revenue measures are an essential part of any realistic strategy to maintain services while getting the province's finances under control. The measures we have taken will raise approximately one-half of the $1.4 billion we will lose this year from the cutback in federal cost-sharing. This revenue package is also balanced with the additional burden being borne equally by individuals and corporations.
We have avoided a sales tax rate increase in this budget. It maintains British Columbia's competitiveness with other jurisdictions. Overall, our tax rates will remain the second-lowest in Canada. This package is fair. While everyone is being asked to pay a little more, the level of increase is based on ability to pay.
Let me now outline this budget's fiscal plan. Expenditures for fiscal '92-93 will total $17.98 billion, an increase of 4.7 percent. Excluding write-offs and other adjustments arising from the independent financial review, this expenditure level represents an increase of 6.8 percent. This is one-half of last year's expenditure growth rate. This budget contains the lowest spending growth in five years. Prudent management has allowed us to maintain our basic services while cutting spending growth to a more manageable level. Revenues for fiscal '92-'93 will total $16.19 billion. This represents an increase of 9.2 percent over the current year's revenue. The resulting deficit for fiscal '92-93 is $1.79 billion. This is a significant reduction from the $2.34 billion deficit recorded last year, and it is $1 billion below the deficit that the independent financial review estimated would have resulted if no action had been taken.
This government is committed to getting British Columbia's financial house in order. However, our commitment goes beyond simply managing this province's finances more effectively. We are convinced that our longer-run future depends on the development of new and innovative solutions to emerging economic and social challenges. We believe that requires a longer-term strategic perspective. While we recognize that now is not the time to initiate large, expensive new programs, we believe that it is prudent to begin laying the groundwork necessary to address emerging problems while they are still manageable. For this reason, we have reallocated some of the cost savings we have made to fund a limited number of new initiatives.
Equality for women is one of our highest priorities. The current situation in British Columbia, where women earn only 67 cents for each dollar earned by men, is not acceptable. We promised during the election campaign to achieve pay equity, and we will keep that commitment. We realize this goal cannot be achieved overnight, but we are determined to make a start. Therefore we have allocated an additional $32 million this year to improve pay equity in the public sector. This includes funding for year two of a pay equity program for the direct public service and the extension of pay equity to post-secondary and health care workers. In addition, we are allocating $29 million for a new initiative aimed at achieving wage parity between low-paid employees in funded agencies and those in the public sector.
Many parents are unable to realize their potential because they lack accessible and affordable child care. This year we are increasing child care support programs by $17 million.
Equality for women is more than an economic issue. Too many women live in fear for their personal safety. 
We have allocated an additional $6 million this year to programs aimed at preventing crimes of violence against women and providing assistance to its victims.
Hon. Speaker, this government is serious about protecting our environment. That's why we moved quickly to issue tough, new pulp pollution regulations that will finally phase out toxic pollution. During the coming fiscal year we will spend $4.5 million to improve pollution-monitoring, enforcement and environmental protection. As noted by the independent financial review, such investments pay large economic dividends by avoiding the need for costly environmental rehabilitation. This year we will be undertaking a comprehensive review of environmental legislation and will issue British Columbia's first state-of-the-environment report.
Cooperation between the private and public sectors is essential to create the wealth necessary to preserve and expand services for people. New private sector investments are currently underway despite the economic slowdown. They will help ensure our future prosperity.
In January, provincial tax incentives were used to help create a new Working Opportunity Fund to encourage British Columbia workers to invest in new British Columbia enterprises. To date, over $7 million in new investment capital has been raised by this fund.
Creating wealth also requires public sector investment in schools, hospitals, universities and other facilities. We will undertake close to $1 billion in new social capital investments in communities throughout British Columbia.
Crown corporations will also make major investments. For example, B.C. Hydro will undertake capital expenditures of $550 million for new transmission lines and other facilities. B.C. Ferries will invest $130 million to construct new ferries and terminal facilities. These investments build essential infrastructure while maintaining jobs and supporting economic recovery. In total, public sector capital projects will sustain 16,000 jobs this fiscal year.
Hon. Speaker, I am pleased to announce the creation of the British Columbia Endowment Fund. This fund will be seeded with the assets of the former privatization benefits fund. The British Columbia Endowment Fund will be a perpetual fund with a mandate to invest prudently in a range of diversified financial assets. In particular, we have earmarked $100 million, approximately one-fifth of the total fund, for investments in business enterprises, including venture capital. The focus of these investments will be in British Columbia, providing a new source of capital to businesses, creating jobs, enhancing value-added production and expanding British Columbia's export opportunities. Working in partnership with private sector investors, this portfolio will be managed to secure a market rate of return over time. There will be no subsidies and no grants. Our goal is wealth creation coupled with an attractive return to the British Columbia taxpayers.
We will be consulting widely and reevaluating our policies to develop a new approach to regional economic development. In June the Premier will be hosting a special economic summit on trade and the British Columbia economy. Without question, any development assistance must be targeted strategically to obtain maximum results for our scarce dollars. Experience has shown that economic and regional development problems cannot be solved by throwing money at them. The independent financial review has clearly shown the consequences of that approach. It found that business loans and guarantees have been costly, often ad hoc in nature and subject to excessive political involvement. This government has begun to lay the groundwork for a more rational development strategy.
First, we are undertaking initiatives to improve the management of our natural resources and resolve conflicts. In early January we set up a new Commission on Resources and Environment as an essential first step in resolving land use and forestry resource conflicts. In the coming fiscal year we will be providing funding of $4 million to allow the commission to fulfil its mandate. We are supplementing this initiative by providing new funding of $15 million to the Ministries of Forests and Environment to undertake badly needed planning and inventory work.
Second, we are undertaking a number of initiatives to increase the stability of resource-dependent communities. This year we will be setting aside $15 million to create a new Natural Resource Community Fund. Its purpose will be to provide a stable source of funding to deal with the problems facing resource-dependent communities. Each year 0.5 percent of natural resource revenues will be paid into the new fund. Natural resource revenues will add another $5 million to the fund this year.
We are increasing funding for the Job Protection Commission by 20 percent to support its efforts to avoid the unnecessary closure of key businesses during this economic downturn. Recently we provided emergency funding to revitalize our Okanagan tree-fruit industry.
Third, we are taking a number of direct job creation measures aimed at those most in need. We are reducing the penalties faced by GAIN recipients when they enter the workforce. The monthly GAIN earnings exemption will be increased to $100 for single persons and to $200 for persons with dependents. This assistance for low-income earners will cost $16 million during the coming fiscal year.
In addition, we are providing total funding of $57 million for the employment opportunities and job action programs -- a 43 percent increase. These direct employment programs are designed to provide job skills and experience for those in greatest need, particularly young people currently receiving income assistance. They are also targeted to communities with high unemployment rates.
Hon. Speaker, regional economic growth and diversification over the long term also require a just and honourable resolution of aboriginal land claims. The settlement of aboriginal claims is essential to removing the economic uncertainty which now hinders new investment and job creation in many regions. It will also result in the injection of new, badly needed capital into British Columbia's regions and communities. In order to ensure settlements which are fair to both aboriginal and non-aboriginal people, all British Columbians must be fully consulted. We have provided $4 million for new initiatives associated with negotiating land claims.
We faced a challenge when preparing the first budget of this New Democrat administration. The challenge was to get our spending priorities right while bringing British Columbia's finances under control. In preparing this budget, we were faced with a fiscal situation that was rapidly deteriorating. We were faced with $1.4 billion of unprecedented cutbacks in the federal government's contributions to our most essential programs and services.
In this budget we have successfully met the challenge. We have reduced the deficit while protecting our basic services. We have done this by shifting the government's spending priorities while cutting the rate of growth in government spending in half. We have reduced waste and begun to achieve efficiency savings.
We have used some of those savings to target a limited amount of new spending for our more urgent priorities: reforming the health care system to ensure the survival of universal medicare; moving towards equality for women; protecting our environment; and investing in British Columbia's future and helping regional economies suffering from the recession. We have ensured that the additional revenues needed to protect basic services are raised fairly. We promised to pursue the priorities of British Columbians within a sound fiscal framework, and today we have delivered on that promise.
Our vision, however, goes beyond simply managing the province's finances more effectively. We look forward to providing a government which is honest and open with all British Columbians. We look forward to helping build a society which is fair to all its citizens, and we look forward to building an economy which is stable and confident. In this budget we are laying the foundation necessary to achieve those goals.