As part of that plan, we have identified over 400 projects that are either ready to go or possible to accelerate for work to begin in the next few months. We have been working closely with the federal government to take advantage of their offer to help, with cost-sharing programs announced in the recent federal budget. Already, $2.8 billion worth of those projects have been approved and initiated across the province. For more information on those projects, visit www.gov.bc.ca/infrastructure

It makes sense to invest now in these projects, while interest rates are at record lows, building costs are down, and skilled workers are readily available. These capital construction projects are less expensive for BC taxpayers if we can build them with 50 per cent federal funding support or through public-private partnerships. Although that does add to our provincial “taxpayer-supported debt,” these capital projects will benefit many generations to come.

These projects will create a new legacy of building in every community that has lasting value for everyone who ultimately “pays the bills.” It’s debt that will be repaid like a mortgage on your home, with annual payments over two or three decades. But unlike dead-weight operating debt from deficits, that capital debt will be for tangible assets that we need now, and that will only get more expensive to build in the future.

Nevertheless, like a mortgage, there are limits to the level of debt that government can afford to incur without placing undue future pressure on taxpayers, through higher debt-servicing costs that reduce future funding available for other services or that result in higher taxes.