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B.C. ended fiscal year with $5B deficit, as wildfires, lower revenue bite into budget
VICTORIA — British Columbia has ended the fiscal year with a deficit of about $5 billion, some $900 million lower than the most recent forecast, but higher than last year’s budget had called for.
The last official look at the province’s finances before the October election says higher revenues from vehicle insurer ICBC were offset by lower revenues from natural resources.
The final $5.035 billion deficit for the year ending March 31 is lower than the $5.9 billion forecast last quarter, but higher than the $4.2 billion originally predicted in the 2023 budget.
A statement from the Finance Ministry says the public accounts show the province spent a record $1.1 billion on wildfire management, exceeding the budgeted amount by $401 million.