Skip to Main content

10.18°^C Vancouver

News Entertainment Sports Videos Podcast Contact Us

Dec 18, 2024 6:04 PM - Connect Newsroom

British Columbia's Budget Deficit Could Hit Record $9.4 Billion This Year

Share On

british-columbias-budget-deficit-could-hit-record-9-4-billion-this-year

Bailey also promised affordable relief for the people of the province.(Photo: Facebook/Brenda Bailey)

British Columbia's budget deficit could reach a record $9.4 billion this year, the province's new finance minister, Brenda Bailey, revealed. Bailey stated that the province's budget deficit for 2024-25 has increased by $429 million from the estimate in the previous fiscal update in September, mainly due to a decrease in revenue.

However, she assured that the provincial government will not cut services in response to the increased deficit estimate, and instead will focus on targeted investments to grow the economy.

Bailey also promised affordable relief for the people of the province. It is worth noting that the previous fiscal update was issued in September by then-Finance Minister Catherine Conroy, who projected a budget deficit of $8.9 billion for this fiscal year, $1.1 billion higher than the earlier estimate.

Latest news

BC Election Final Count Begins Friday, Recounts Ordered in Two Ridings

Elections BC will begin the final count of last month’s provincial election on Friday. Although the BC Conservatives secured a majority government by winning 63 of the 93 seats, the margins between leading candidates remain fewer than 200 votes in four ridings. Nearly 150,000 mail-in ballots will be counted during the final counting process, with the final results expected to be announced by November 10. Elections BC has ordered recounts in two ridings where the margin between candidates is fewer than 100 votes. These include Burnaby South-Metrotown, where the NDP candidate is leading by jus

IndiaNov 05, 2026

High Court Directs Punjab Government to Submit LPU Violence Report to Centre Within 72 Hours

The Punjab and Haryana High Court has directed the Punjab government to submit its report to the Centre within 72 hours, a month after violent protests took place at Lovely Professional University (LPU). The Centre will now decide whether the National Investigation Agency (NIA) should investigate the offence registered by Punjab Police under the IT Act. The direction came after Punjab Police reportedly found material during its ongoing investigation indicating a possible link to cyberterrorism. Scheduling the next hearing for November 17, the court emphasized that, given the sensitivity of the

Vancouver Rents End 34-Month Annual Decline, Rise 0.2% in October

The nearly three-year decline in apartment and condo rents in Vancouver has come to an end. According to the latest report by Rentals.ca and Urbanation, average asking rents in Vancouver increased by 0.2 per cent year-over-year in October, marking the first annual increase in 34 months. Rents reached an average of $2,735. Similarly, rents in Toronto, Canada's second-most expensive rental market, rose by 1.6 per cent to $2,590 after declining for 32 consecutive months. On a month-over-month basis, Toronto recorded the highest rental increase among Canada's six largest markets, with rents rising

storm-threatens-b-c-s-coastal-regions-with-heavy-rainfall-and-strong-wind-warnings

Storm Threatens B.C.’s Coastal Regions, With Heavy Rainfall and Strong Wind Warnings

A powerful storm is expected to hit British Columbia’s coastal regions, bringing heavy rainfall of up to 120 millimetres in some areas. Environment Canada has issued heavy rainfall warnings for western and inland parts of Vancouver Island, where rainfall could reach 10 millimetres per hour for several consecutive hours. According to the weather agency, the heaviest rainfall is expected in northern areas near Tofino, including Port Alice and Zeballos. Heavy rain is also forecast for the Central Coast, including Bella Coola. Meanwhile, strong winds reaching speeds of up to 110 km/h are expecte

AlbertaNov 05, 2026

Alberta Government Concerned Over U.S. Midterm Election Results

Following the Democrats’ sweeping victory in the U.S. midterm elections, experts and political leaders in Alberta are assessing the potential impact on Canada, particularly the province. American voters also voiced strong opposition to political parties manipulating electoral maps. Alberta’s NDP has compared the issue to the ongoing controversy over the province’s proposed new electoral boundaries. Premier Danielle Smith said the U.S. midterm results reinforced her government’s approach to dealing with tariffs. Her government has emphasized diplomacy and negotiations to strengthen rela

Related News

BC Election Final Count Begins Friday, Recounts Ordered in Two Ridings

BC Election Final Count Begins Friday, Recounts Ordered in Two Ridings

Elections BC will begin the final count of last month’s provincial election on Friday. Although the BC Conservatives secured a majority government by winning 63 of the 93 seats, the margins between leading candidates remain fewer than 200 votes in four ridings. Nearly 150,000 mail-in ballots will be counted during the final counting process, with the final results expected to be announced by November 10. Elections BC has ordered recounts in two ridings where the margin between candidates is fewer than 100 votes. These include Burnaby South-Metrotown, where the NDP candidate is leading by jus

Vancouver Rents End 34-Month Annual Decline, Rise 0.2% in October

Vancouver Rents End 34-Month Annual Decline, Rise 0.2% in October

The nearly three-year decline in apartment and condo rents in Vancouver has come to an end. According to the latest report by Rentals.ca and Urbanation, average asking rents in Vancouver increased by 0.2 per cent year-over-year in October, marking the first annual increase in 34 months. Rents reached an average of $2,735. Similarly, rents in Toronto, Canada's second-most expensive rental market, rose by 1.6 per cent to $2,590 after declining for 32 consecutive months. On a month-over-month basis, Toronto recorded the highest rental increase among Canada's six largest markets, with rents rising

Storm Threatens B.C.’s Coastal Regions, With Heavy Rainfall and Strong Wind Warnings

Storm Threatens B.C.’s Coastal Regions, With Heavy Rainfall and Strong Wind Warnings

A powerful storm is expected to hit British Columbia’s coastal regions, bringing heavy rainfall of up to 120 millimetres in some areas. Environment Canada has issued heavy rainfall warnings for western and inland parts of Vancouver Island, where rainfall could reach 10 millimetres per hour for several consecutive hours. According to the weather agency, the heaviest rainfall is expected in northern areas near Tofino, including Port Alice and Zeballos. Heavy rain is also forecast for the Central Coast, including Bella Coola. Meanwhile, strong winds reaching speeds of up to 110 km/h are expecte

Legals

Journalism code of ethics

© 2021 AKASH Broadcasting Inc.

MANAGED BY STRATWIT

useful links

Accessibility Plan

Broadcasting Notice of Consultation

BC Children's Hospital