British Columbia sets small 2013-14 budget surplus

Wed Nov 27, 2013 2:47pm EST
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VANCOUVER Nov 27 (Reuters) - British Columbia said on Wednesday it is still on track to end the 2013-14 fiscal year with a small surplus even as it trimmed revenue forecasts on the back of lower income from taxation and natural resources industries.

The Canadian West Coast province said revenue is expected to amount to C$44.3 billion ($41.85 billion), down $15 million from a previous forecast.

But B.C. Finance Minister Michael de Jong said the province is expected to end the 2013-14 year with a C$165 million surplus, slightly bigger than previously forecast.

The province's debt-to-GDP ratio is forecast to be 18.5 percent while its real GDP is forecast to expand by 1.4 percent in 2013 and 2.2 percent in 2014, unchanged from a June update.