British Columbia's final deficit for the fiscal year stands at $7.3 billion. This figure is $564 million lower than the initial estimate provided in Budget 2024. Finance Minister Brenda Bailey announced the final deficit on Thursday, noting it is also approximately $1.8 billion less than the most recent third-quarter forecast.

Despite the lower deficit, the province's public accounts reveal a significant increase in taxpayer-supported provincial debt. This debt has risen by $23.7 billion, bringing the total to $99.1 billion, which represents an increase of over 31 percent.

Bailey emphasized the government's commitment to fiscal responsibility, stating, "We will continue to make the tough decisions necessary to make sure every dollar we spend has the greatest impact in the lives of British Columbians." The ministry attributed the rise in debt to the province's efforts to support residents during climate emergencies and rising costs.

The debt-to-GDP ratio for taxpayer-supported debt remains lower than in many other provinces, at 23.2 percent. In comparison, Ontario's ratio is 41.6 percent, Quebec's is 41.9 percent, and Alberta's is 22.1 percent. Additionally, self-supported debt, which is incurred by revenue-generating Crown corporations and other entities, has also seen a sharp increase. It has reached $133.9 billion, up by $26.4 billion or 24.5 percent.

Bailey noted that the lower-than-expected deficit was largely due to increased revenue from the Insurance Corporation of British Columbia (ICBC). However, this increase was offset by a decline in natural resource revenue. Overall, total revenue was about $2.5 billion higher than anticipated in the budget. The province's GDP grew by 1.2 percent, which is below the Canadian average of 1.6 percent.

The government has invested a record $10.4 billion in infrastructure projects, including roads, hospitals, and schools. Notable projects include the replacement of Mills Memorial Hospital in Terrace, the Broadway Subway in Vancouver, and various high schools and student housing initiatives across the province. The unemployment rate in British Columbia is currently at 5.6 percent.

Bailey concluded by stating, "While our work to improve our fiscal position is underway, it is clear that, despite challenging economic conditions, this government is making progress on the things that matter to British Columbians."