The B.C. government is in the red to the tune of $11.6 billion and anticipates this shortfall will grow to $12.6 billion by next year.
The record high deficit forecast for the current fiscal year—$665 million more than the projections made in the February budget—was announced by Finance Minister Brenda Bailey during the Sept. 15 release of the province’s first quarter financial results.
B.C.’s NDP government is also projecting a deficit of $12.3 billion in the 2027-2028 fiscal year.
Bailey said the shortfall is due in part to the ongoing trade dispute between Canada and the United States.
“While B.C.’s diversified economy is better positioned than many to weather these headwinds, there’s no doubt that tariffs are challenging our economy and there is pressure on our fiscal position,” Bailey said in a statement….