Resource Summary

This section provides information on the Ministry's budget and full-time equivalent staff (FTE) allocation, for each of the four core business areas.

Additional Explanatory Notes on the Resource Summary

With the exception of bad debt expenses, the Ministry makes a number of contributions in accordance with contractual arrangements. The Ministry's contributions are over $90 million in 2004/05. The contributions are described below by core business:

Core Business:

Improving British Columbia's Investment Climate and Competitiveness.

Northern Development Fund: The Northern Development Fund (NDF) is a fund established under the 1997 British Columbia/Alcan Agreement to promote sustainable economic development in northern British Columbia. Funds are provided on a matching cost-shared basis by the Province and Alcan. The NDF is managed by the Nechako-Kitamaat Development Fund Society. The Ministry has set aside a contribution of $500,000 in 2004/05.

Core Business:

Enhancing Economic Development Throughout British Columbia.

The Ministry provides contributions to support science and technology initiatives. Transfers are provided to, among other things, support research and development, facilitate technology transfer, and assist science and technology businesses access investment capital. In 2004/05, the Ministry will provide approximately $9.5 million to science and technology initiatives.

Core Business:

British Columbia Olympic Games Secretariat, Sport and Culture

The Ministry provides $10.3 million in support of cultural industries, amateur sports groups, and sport and recreation projects; including contributions to the Physical Fitness and Amateur Sport Fund, and Olympic Arts Fund.

Core Business:

Executive and Support Services

British Columbia Pavilion Corporation: The Ministry provides funds for capital, operating and facilities costs and for the amortization of the Province's investment in the corporation. The British Columbia Pavilion Corp prepares its own Service Plan. The Ministry contribution in 2004/05 is $5 million.

Vancouver Convention Centre Expansion Project: In December 2002, the Governments of Canada and British Columbia, along with the City of Vancouver, jointly announced funding arrangements for the development of the Vancouver Convention Centre Expansion Project. Vancouver Convention Centre Expansion Project Ltd. (VCCEP Ltd.) was established under the British Columbia Company Act to design, construct and commission the project. Currently approved funding for the project totals $535 million. The construction of the new facilities is targeted at $495 million with $20 million targeted for a connector between the new and existing facilities and $20 million for upgrades to Canada Place. The tourism sector will provide $90 million, with the remainder provided by the federal and provincial governments on a matching cost-shared basis. The province will make contributions of $67 million, $71.3 million, $88.5 million and $61.1 million in each fiscal year 2003/04 to 2006/07.

Bad Debt Expense: Reserves for doubtful loans, write-downs of investments and interest expense on concessionary loans total $1.32 million.