Finance Minister Mike de Jong has unveiled his fifth consecutive balanced budget.
Here’s what you need to know:
MSP premiums will be slashed in half for households earning less than $120,000 a year, though not until January 2018.The province is promising to phase the program out completely in the long term but provided no details on how or when.The threshold for who is exempt from MSP premiums has also been raised to people earning $26,000 per year, or families earning $35,000.The province is budgeting $740-million over the next three years for B.C. schools.B.C. public schools will get a boost of about $240-million this year, while private schools will receive $25-million.The biggest slice of that, forecast at $320-million, is to cover the province’s obligation to the teachers union regarding class size and composition following last year’s landmark Supreme Court of Canada ruling.The province is budgeting $332-million over the next three years for the Ministry of Children and Family Development.That means $145-million in new funding, about seven times the increase the province had projected last year, for a total of about $1.6-billion.The amount specifically for kids in care will be $66-million.The increase includes $120-million for family reunification, and $40-million allocated to fulfil recommendations in the Grand Chief Ed John report into indigenous child welfare.The Ministry of Health saw one of the largest increases across all ministries.Next year there is a bump of $875-million for the ministry, to a new total of $18.8-billion, nearly 40 per cent of the entire budget.Finance Minister Mike de Jong says back in 1994 the health budget was just $6-billion.Provincial debt forecast at $69.8-billion, and will grow to $77.7-billion in 2019/2020.Debt growth was driven by $25-billion in capital spending over next three years, including $2.4-billion Massey Tunnel replacement project and $8.7-billion for Site C Dam.