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Le Soleil de Colombie, 22 février 1974, 5

THE GOVERNMENT
OF BRITISH COLUMBIA

DEPARTMENT OF FINANCE

4 BUDGET HIGHLIGHTS

HOUSING

Last session, a new department in the British Columbia Govern-
ment was established. The 1974 provincial budget includes several
major articles with respect to housing. A budget of $72 million
has been established for the Department of Housing, including
$50 million for land assembly and servicing. Ten million dollars
will be provided for the construction of 1600 homes for elderly
citizens and an additional expenditure of $40 million will be made
available for first and second mortgages for homes.

RESOURCE DIVIDEND GRANT

A grant to all residents up to the age of 65 renting living space
will be established. The annual grant will be $30; an increase in
the grant to those residents over 65 will bring their total annual
Resource Dividend Grant to $80. The grants are provided from
funds collected in the resource areas and are, in fact, a return
of the resource dividends to the people of British Columbia.
This Resource Grant, for the first time, recognizes renters and

_ their contribution to school taxes. . __

ELDERLY CITIZENS

The Homeowner's Grant to those over the age of 65 will be re-

tained at $250. As well, the annualRenter’s Grant will be increased
from $50 to $80, and $10 million will be provided to build homes
for the elderly citizens of British Columbia. As well, $15.3 million
will be provided for Mincome (guaranteed minimum income),
which now includes all residents 60 years of age and over, and
the handicapped. An additional $10.5 million will be provided for
the funding of the Pharmacare programme already introduced.
Pharmacare will provide free prescription drugs for the elderly
citizens of British Columbia.

In the past year, the provincial cash
surplus has increased more than $45 million while the debt
of the province has been reduced by over $75 million. The
pride | feel in this budget is not simply the pride of a govern-
ment dedicated to the people of British Cloumbia, our greatest

asset. It is a pride in the energy of

the people and a desire to ensure
that the people of British Columbia
get a fair return for that energy
expended. For the first time in the
history of British Columbia, budget-
ary expenditures will exceed $2 bil-
lion. These expenditures will be wholly
financed from the ordinary revenue
of this province, revenue - derived
from the resource-rich land, our sec-
ond greatest asset. We British Co-
lumbians are anxious 0 see our great province grow and
prosper with respect to what nature has endowed us with and
with a sense of obligation to. our fellow man. The expenditures
of this province in the coming fiscal year will be made for
people. All of the people in British Columbia.

Premier and Minister of Finance.

HEALTH AND WELFARE

An additional $87 million over last year will be provided to up-
grade the operation of the province's hospitals, and $10 million
will go to the British Columbia Medical Centre. This year’s budget
calls for the establishment of a guaranteed income plan for farmers
with an initial capital funding of $10 million and an additional
$10 million will be provided for the development of secondary
industry for agricultural products. Special emphasis will also be
placed on Indian Affairs, to ensure that children will be able to
remain with their families on the reserves, and enjoy a higher
standard of living.

MUNICIPAL AFFAIRS

As previously announced, the government will be assuming the
costs ($15 million) of administration of justice in municipalities.
These costs were formerly borne by local ratepayers. In addition,
the municipal share of welfare costs will be dropped by % from
15% to 10%. The per capita grant to municipalities will me in-
creased by 6%%.

TAXATION

There will be no increase in general taxes for the citizens of
British Columbia. As well, the 5% sales tax will be removed from

books and second-hand clothing and a special allocation of,

$15 million will be made for the reduction of education taxes from
resident's property. Each home owner will receive a reduction of
school taxes by no less than $30 up to a maximum of $40. In
addition, the exemption limit for estates under the Succession
Duty Act and the Probate Fees Act will be increased 1% times
from a $2,000 exemption to a $5,000 exemption.

COMMUNITY AFFAIRS

The Community Recreational Facilities fund will be increased by
an additional $10 million to provide additional cost sharing capital
for the construction of community recreational centres. As well,
$5 million will be added to the budgetary funding each, for culture,
physical fitness and amateur sports in the province.

A special allocation will be used for the construction of two new
ferries and one truck carrier, all to be built in British Columbia
by British Columbia craftsmen. The effect of this $35 million
appropriation will ripple throughout supporting industries as well,
providing many additional jobs in secondary and tertiary
industries.

’ write to: Hon. D. Barrett, Minister of Finance, Parliament Build-

For your own copy of the 1974-1975 Provincial Budget, please

ings, Victoria, B.C. V8V 1X4.

ND.L.Re: L’ANNONCE CI-DESSUS NOUS EST PARVENUE TROP TARD POUR EN PERMETTRE LA TRADUCTION.

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