The provincial budget is out, with an anticipated $2.8 billion defict forecast for 2009/2010.
This would be the B.C. government’s largest deficit ever.
Finance Minister Colin Hansen says the deficit will run for four years. Hansen says the deficit was the result of falling government revenue from personal and corporate taxes and natural resources, brought on by hard economic times.
But Hansen said funding for health care, education and social services will all increase. He says health care will receive the largest share of funding increases in government spending. Hansen says by 2011/12, the Ministry of Health Services’ budget will increase by 18 per cent, reaching a total of $15.7 billion.
Hansen said the government will continue to invest in public infrastructure and job creation projects. This includes capital spending of $21.6 billion on schools, hospitals, roads, bridges, hydro-electric projects and other infrastructure throughout the province over the next three years.