The government plans to overspend by $11.2 billion relative to its 2023 budget plan.
The government plans to overspend by $11.2 billion relative to its 2023 budget plan.
According to projections, government debt interest will cost nearly $1,000 per British Columbian by 2026/27.
From 2019-20 to 2024-25, the government increased program spending by more than 50 per cent.
The province's net debt will reach a projected $129 billion by 2026/27—nearly triple the pre-pandemic level in 2019/20.
The province will run a $4.2 billion operating budget deficit in 2023/24.
After six consecutive years of surpluses, the government ran operating deficits in 2019 and 2020.
The province expects net debt to increase by $31.2 billion over the next three fiscal years.
Program spending is projected to increase from pre-pandemic levels by 15.2 per cent in 2021/22.