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B.C. budget: $4.2B deficit forecast amid new program spending, economic headwinds | FULL

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The British Columbia government is projecting a more than $4 billion deficit in a 2023-2024 budget packed with new spending aimed at health care and affordability measures.

The province earmarked $8.7 billion in new program spending and a record $37.5 billion in new capital spending for schools, hospitals and highways over the next three years.

The increases in funding come as the province sails into tough economic headwinds, amid high inflation and reduced economic growth projections.

“Some believe we should respond to uncertainty by pulling back, by making cuts that reduce services, or by making people pay out of pocket for tolls and private healthcare,” Finance Minister Katrine Conroy told the legislature in her budget speech.

“That’s not what British Columbians want, and that’s not our government’s approach.”

Health and mental healthcare carry the lion’s share of new spending in Finance Minister Katrine Conroy’s first full budget, with the province dedicating more than $6.4 billion over three years including $1 billion in new funding for mental health and addictions.

For more info: https://globalnews.ca/news/9515149/bc-budget-2023-key-takeaways-deficit/

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Category
U.S. & Canada
Tags
global bc, british columbia, bc politics
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