Certified Management Accountants Society of BC

Certified Management Accountants Society of BC

February 21, 2012 18:52 ET

CMA BC: Fiscal Responsibility and Strategic Management of BC's Resources Fundamental to Achieving Goal of a Balanced Budget

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - "With the budget presented today, the province of British Columbia has shown its commitment to balancing the budget in 2013/14 despite challenging economic conditions," said Stephen Lee, CMA, FCMA, and Board Chair of the Certified Management Accountants Society of British Columbia. "Continued fiscal responsibility, strong leadership and the strategic management of the province's financial resources this year will be fundamental to achieving that goal."

"The measures introduced in support of the BC Jobs Plan - including additional funding for the Small Business Venture Capital Program and the port tax relief - are positive steps towards maintaining a competitive economy and accelerating job growth throughout the province," said Colin Bennett, CMA, FCMA, President and CEO of CMA BC.

"BC currently enjoys an enviable position in Canada with its relationship with the Asia Pacific," continued Bennett. "In light of the financial situation across the border and around the world, the province's continued strategy of diversifying trade exports is appropriate. Like any business, relying too much on any one customer increases the potential risk."

"The province is holding the line on spending, and we commend their efforts towards the effective management of government expenditures, including the reduction of costs through shared services, administrative savings," added Lee. "On the revenue side, the sale of surplus assets will further complement the controlled spending initiatives."

"BC's on-going AAA credit rating and projected debt-to-GDP ratio is encouraging; however, we urge the government to proceed cautiously as the total debt is increasing 30% from the current debt of $51 billion over next three years," said Bennett.

Overall, the 2012-13 BC Budget is focused on fiscal prudence. The Certified Management Accountants of British Columbia approve the province's approach of using conservative growth assumptions and the building of contingencies. We encourage the province to reconsider the proposed temporary 1% corporate tax rate increase which is presented as a further contingency measure in 2014-15 as it deters business growth, which is the mainstay of the BC 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.

Contact Information

  • Certified Management Accountants Society of BC
    Vinetta Peek, CMA (Hon.), CMA
    Vice President, Programs & Marketing
    604-687-5891 ext. 7003 or 1-800-663-9646
    604-687-6688 or 1-800-663-8715 (FAX)
    cmabc@cmabc.com
    www.cma-canada.org or www.cmabc.com