Year-at-a-Glance Highlights

Over the course of the last year, the Ministry of Finance has achieved a number of significant accomplishments many of which were anticipated in our 2003/04 service plan. Each of the following achievements provide an indication of the ministry's progress in realizing its mandate:

Fiscal Stewardship

• Oversaw the development of a balanced budget for 2004/05 that is sustainable, transparent and sets the province on a course to renewed prosperity.
• Managed government's adherence to its three-year fiscal plan despite natural disasters and a global economic slowdown thereby ensuring that significant increases to health care spending were delivered and that investments in student achievement and other vital services were maintained. Due to close collaboration between the Ministry of Finance and its partners the provincial deficit for 2003/04 was $1.339 billion, $961 million lower than originally forecast.
• Introduced additional tax reductions to improve competitiveness, including property tax reductions for the province's ports, incentives for new media, digital animation and special effects, as well as an expanded venture capital tax credit program.
• Based on government's sustainable fiscal plan and reduced deficit spending, achieved an improvement of the province's outlook from stable to "positive" by two international credit rating agencies.

Comprehensive and Transparent Financial Reporting

• Developed the framework for full implementation of, and compliance with, Generally Accepted Accounting Principles (GAAP) providing an authoritative set of accounting standards and procedures for all of government.
• Set the stage for expanding the government reporting entity in 2004/05 to include the Schools, Universities, Colleges, Health Authorities and Hospital Societies (SUCH) sector resulting in a more accurate and comprehensive understanding of government's financial responsibilities.
• Released the province's 2002/03 Public Accounts on June 27, 2003, two months ahead of the statutory deadline and eight other provincial governments.
• Revised the Financial Administration Act to incorporate a clear responsibility on the part of all government staff to report any perceived inappropriate transactions to the Comptroller General.

Modernized Business Legislation and Regulation

• Modernized legislation regulating business in the province under the Business Corporation Act and streamlined unnecessary regulations to improve services to British Columbians and enhance business competitiveness.
• Introduced the new Corporate Online system that provides businesses with the ability to register online resulting in improved service accessibility and timeliness.