According to projections, government debt interest will cost nearly $1,000 per British Columbian by 2026/27.
bc government spending
From 2019-20 to 2024-25, the government increased program spending by more than 50 per cent.
The province forecasts huge deficits in each of the next four fiscal years.
The province's net debt will reach a projected $129 billion by 2026/27—nearly triple the pre-pandemic level in 2019/20.
The government plans to overspend by $11.2 billion relative to its 2023 budget plan.
In 2022/23, the latest year of complete data, inflation-adjusted spending reached a record high of $14,275 per person.
This fiscal year the province's debt interest costs with reach $3.3 billion.
More than 58 per cent of families in the province reported difficulty finding child care in 2023 compared to 46.5 per cent in 2019.
By 2025/26, the province will spend an estimated $4.1 billion on debt interest—an increase of 53 per cent over three years.