B.C. says financial outlook improving, forecasts $706 million surplus, says minister

British Columbia's financial outlook is showing improvements, with a budget surplus of $706 million forecast for the current fiscal year.

Finance Minister Selina Robinson says preliminary financial numbers for the first three months of 2022-23 show the province is in a strong position despite ongoing global economic risks.

The quarterly report Robinson posted today also indicates financial improvements over the next three years, but includes forecasts of budget deficits for two of the three years.

The government recently announced the province's final audited budget for 2021-2022 produced a surplus of $1.3 billion following earlier forecasts of a deficit nearing $10 billion.

Robinson said the earlier deficit forecast of $9.7 billion was made during the darkest days of the ongoing COVID-19 pandemic where the province and other governments were preparing for the worst but hoping for the best.

Last week, the B.C. government announced a $600 million relief plan to help families most in need as costs for goods and services rise.