Close X
Thursday, November 28, 2024
ADVT 
National

B.C. budget deficit forecast to hit $13.6 billion

Darpan News Desk The Canadian Press, 17 Dec, 2020 06:15 PM
  • B.C. budget deficit forecast to hit $13.6 billion

British Columbia's deficit forecast has grown and the budget shortfall is now expected to hit $13.6 billion in this fiscal year.

The government predicted in September that the province would end the year with a $12.8 billion deficit.

In February, the government projected a budget surplus of $227 million for 2020-21 but that was before the impact of the COVID-19 pandemic.

The Ministry of Finance predicts B.C.'s economy will decline by 6.2 per cent this year, but growth is expected to rebound to three per cent next year.

Finance Minister Selina Robinson said the economy might not perform at pre-pandemic levels until late 2022 or early 2023.

“We’ve been through a year like no other,” Robinson told a news conference on Thursday.

“The path forward remains uncertain.”

Robinson said the government will table its budget on April 20 after legislation was passed on Wednesday night allowing the government to delay its introduction from the traditional date in February.

Documents released by the Finance Ministry show that more than $10 billion has been spent by B.C. on measures related to COVID-19 including almost $2 billion in pandemic relief funds.

Legislation is expected to pass on Thursday that allows for payments of $1,000 to eligible families and $500 to individuals.

Premier John Horgan promised to the pandemic recovery funding during October's election.

MORE National ARTICLES

Military ordered to start vaccine prep

Military ordered to start vaccine prep
Maj. Gen. Dany Fortin, who was named last week to lead the Canadian military's role in the vaccine distribution process, says the dry run is intended to get everyone involved comfortable with the intense requirements of distributing a vaccine that has to be kept below -70 C at all times.

Military ordered to start vaccine prep

Liberals fuelling anxiety on vaccine: O'Toole

Liberals fuelling anxiety on vaccine: O'Toole
O'Toole said the petition speaks to Canadians' fears and their need for more information from the government.

Liberals fuelling anxiety on vaccine: O'Toole

COVID-19 vaccine approval could be days away

COVID-19 vaccine approval could be days away
Chief medical adviser Dr. Supriya Sharma said final documents from the American drugmaker Pfizer are expected Friday. It will include which production lots of the vaccine will be shipped to Canada and when.

COVID-19 vaccine approval could be days away

TSB team examines English Bay lifeboat incident

TSB team examines English Bay lifeboat incident
A coast guard statement issued Tuesday said the two crew members were hurt as they carried out a routine drill in the covered lifeboat.

TSB team examines English Bay lifeboat incident

Pandemic harming high-needs kids: B.C. watchdog

Pandemic harming high-needs kids: B.C. watchdog
The report's findings are based in part on a survey of 545 families conducted by the representative's office last month, as well as interviews with families about their experiences during the pandemic.

Pandemic harming high-needs kids: B.C. watchdog

Police probe death of woman in Surrey, B.C

Police probe death of woman in Surrey, B.C
Police say officers responded to what they were told was a single-vehicle crash in an alleyway on Thursday morning.

Police probe death of woman in Surrey, B.C