The impacts of the Covid-19 pandemic are being felt as B.C. shows weak fourth quarter fiscal results.
Unforeseen impacts including declines in tax revenues, ICBC losses and early measures to tackle the pandemic affected the Province’s 2019-20 financial results.
The fiscal year ended with a $321 million deficit, which is $595 million lower than the surplus projected in Budget of 2019. ICBC took an especially big hit of $298-million due to market conditions from Covid-19.
Finance Minister Carole James said in a statement, “The final quarter of the fiscal year brought many challenges. B.C. isn’t alone in facing these challenges, but we are in a strong position to weather them.”
Public accounts from 2019-2020 show that B.C. is still in good financial standing with affordable debt levels.
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