Vaughn Palmer: B.C. closes the books on last good fiscal year for awhile

Spending was higher than budgeted and revenues were lower, owing to COVID-19 pandemic-related developments in the last few weeks of the financial year.

“There’s no question it will be a few challenging years ahead when it comes to the finances,” she told reporters, underscoring the obvious consequences of a record-breaking tide of red ink. “We again affirmed our credit rating with all four rating agencies,” said James, noting how B.C. was the only province with the highest rating from all four. “It again shows the strength of B.C. and will do us well as we move into the recovery.”

Interest payments may loom larger in future because the New Democrats have been loading up on the capital debt to build schools, hospitals, roads, bridges, transit and B.C. Hydro projects.

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COVID-19 led to $321 million deficit for B.C. last fiscal year, minister saysB.C.'s finance minister says the COVID-19 pandemic affected the province's financial results for the 2019-20 fiscal year, leading to a $321 million deficit. And that's just the start. Only saving grace for BC , all the rich people in Canada and even the world want to live here. Other than that... we are a social basket case. Where the cost of living is insane. Has anyone else notice that these stories have become all about the infection rate with no mention of the hospitalization rate or the death rate? I wonder why? 🤔
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