BC Minister of Finance Selina Robinson met with Greater Victoria Chamber of Commerce members today to address your questions about the province's 2022 Budget, unveiled yesterday.
Minister Robinson expects economic growth even as provincial debt increases.
This year's $71 billion budget is forecast to have a deficit of $5.5 billion, followed by a $4.2 billion deficit in 2023/24. Robinson said the main reasons for the deficits are the anticipated costs of rebuilding damaged transportation infrastructure to withstand future climate events.
Asked whether the province planned to ease the burdens of the EHT — which took $207 million more than anticipated from BC employers last year — or paid sick days, the minister defended the government's current policies. She also acknowledged concerns about linking the minimum wage to inflation and said she will work to make the change as smooth and predictable as possible for business.
Greater Victoria is getting two complex care facilities, though specific locations were not announced. The budget also includes $84 million over three years for planning and capital funding for upgrading the Belleville Terminal.
The tourism sector has been allocated $25 million to help with recovery efforts, though a further $915 million was set aside for potential pandemic-related expenses, including health care costs or economic recovery funding.
Greater Victoria is also in line for numerous “bus and shoulder” expansions to improve regional transit, and money has been earmarked for the transit hub at Uptown in Saanich.
“The Chamber has long advocated for child care as an investment in our economy, and we applaud the province’s commitment to adding 40,000 new spaces within seven years. We also are encouraged by some of the steps to address our lack of housing supply,” Williams said.