Public Accounts confirm economic impacts of COVID-19

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VICTORIA, B.C. – Minister of Finance Carole James released the Province’s 2019-20 Public Accounts, which is the audited financial statements for Budget 2019.

According to James, the fiscal year ended with a deficit of $321 million, which is $595 million lower than the surplus projected in Budget 2019.

James says, despite strong fiscal results in the first three quarters of 2019-20, unforeseen changes in the fourth quarter due to COVID-19 affected the Province’s 2019-20 financial results.

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According to James, the deficit is due to issues caused by COVID-19, such as lower revenues from taxes and investments made in the Province’s response to COVID-19.

“The pandemic led to lower tax revenues, a bigger loss at ICBC in the fourth quarter, and unexpected government spending and health authority costs in response to COVID-19.”

More details on Public Accounts can be found on the Province’s website.

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