Continued Strong Leadership Vital to B.C.’s Future
Vancouver, B.C. – February 15, 2011 — “B.C. continues to recover steadily from the economic challenges of the past couple of years. The province maintains its excellent AAA credit rating and the government’s recent announcement that they are able to reduce the province’s deficit due to higher forecasted revenue demonstrates B.C. is being managed strategically,” says Kelvin Stretch, CMA, FCMA, and Board Chair of the Certified Management Accountants Society of British Columbia. “We encourage the government, and the incoming leaders of both the Liberal and NDP parties, to continue down the path of fiscal responsibility.”
“The budget that was presented in Victoria today was extremely conservative. The budget forecasts an economic growth rate of only 2% in 2011, after it grew by over 3% in 2010. This combined with $2.5 billion in contingencies and forecasted allowances – should provide a significant opportunity for the next Premier to present a balanced budget much earlier than the current forecast. Additional financial surpluses that are generated would allow the government to reduce the debt and apportion the remainder to needed priorities and initiatives.”
“Stability in government and strong leadership is key to B.C.’s future prosperity,” continued Stretch. “Businesses want to know that decisions made, such as the HST or tax cuts, won’t be rescinded at a later date, at a cost to business. Our government and its new leaders need to take a long-term investment view on their plans for B.C. versus any short-term gains.”
“The Certified Management Accountants of British Columbia supports the harmonized sales tax (HST) and we hope the government continues with this initiative,” states Colin Bennett, CMA, FCMA, President and CEO of CMA British Columbia. “To remain competitive internationally, we need to streamline the taxes and regulations businesses operating in B.C. face. We recommend the government continues to monitor the province’s debt to GDP ratio and the tax payers funded debt. While B.C.’s debt is manageable the government, like B.C. households, needs to save for a future rainy day.”
B.C.’s Certified Management Accountants caution the government to take a strategic management approach to its debts and spending. The decision to pay down debt is a prudent step to reducing the province’s financial risks and will ensure B.C. is set to prosper with the improved economy.
The Certified Management Accountants Society of British Columbia awards the Certified Management Accountant (CMA) designation to qualified candidates in British Columbia. With 50,000 members around the world, CMA Canada grants a professional designation in strategic management accounting™ and is responsible for standards-setting, accreditation and the continuing professional development of CMAs. For more information, visit www.cmabc.com.
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For more information contact:
Vinetta Peek, CMA (Hon.), Vice President, Programs & Marketing
T: 604.687.5891 ext. 7003 or 1.800.663.9646