British Columbia's estimated budget deficit is growing again, with the latest Ministry of Finance forecast pegging the province to be almost 9 billion in the red.
Finance Minister Katrine Conroy says the government is forecasting consecutive deficit budgets for the next three fiscal years, including $8.9 billion for the 2024-2025 budget followed by annual deficits of $6.7 billion and $6.1 billion in 2026-2027.
The new budget forecast numbers are part of the provincial government's first quarterly financial update.
Conroy says lower corporate income tax revenue due to federal forecast changes and the cost of fighting wildfires have had some of the largest impacts on the budget.
Premier David Eby said before the fiscal forecast was released on Tuesday that the New Democrat government remains committed to providing services and supports for people in British Columbia and cuts are not on his agenda.
Eby said people have been hurt by high interest costs and the province is facing budget pressures connected to low resource prices, high wildfire costs and struggling global economies.
The premier said that now is not the time to reduce supports and services for people.
Last month's year-end report for the 2023-2024 budget saw the province post a budget deficit of $5.035 billion, down from the previous forecast of $5.9 billion.
Eby said he expects government financial priorities to become a major issue during the upcoming election, with the NDP pledging to continue to fund services and the B.C. Conservatives looking to make cuts.
