Province forecasts $12.8-billion deficit for the 2020-21 fiscal year

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VICTORIA, B.C. – In the First Quarterly Report, the Province is forecasting a $12.8-billion deficit for the 2020-21 fiscal year.

According to Minister of Finance Carole James, the COVID-19 pandemic’s impact on provincial revenues and unprecedented government spending on supports has led to an updated provincial deficit forecast of $12.8 billion for the 2020-21 fiscal year.

James says the updated deficit forecast includes a $1-billion forecast allowance as part of government’s commitment to economic prudence in response to the heightened uncertainty brought by COVID-19.

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The first quarterly report also includes a summary of COVID-19 investments to date, with details of the $7.6 billion in COVID-19 response measures.

James and Premier John Horgan will be announcing how to spend $1.5 billion earmarked for economic recovery next week.

The First Quarterly Report can be found on the Province’s website.

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