The provincial government released its Q2 fiscal update on Tuesday, calling for a smaller deficit than previously forecast. The difference is due to bringing in more revenue from personal and corporate income taxes as well as $358 million in federal funding for wildfire recovery.
BC's Second Quarterly Report now projects a $5.6-billion operating deficit this year, and an improved debt-to-GDP ratio of 17%.
Next week, BC's Minister of Finance is scheduled to meet with the Economic Forecast Council to discuss next year's budget, which will be released on Feb. 22. Traditionally, the minister addresses members of the Greater Victoria Chamber of Commerce shortly after budget day.
Among other highlights in the Q2 report were: