B.C. supported people through high costs and climate emergencies, and ended the fiscal year 2024-25 with a deficit lower than expected.

“While our work to improve our fiscal position is underway, it is clear that, despite challenging economic conditions, this government is making progress on the things that matter to British Columbians,” said Brenda Bailey, Minister of Finance. “We are investing in B.C.’s future through creating opportunities for good-paying jobs that will create the wealth we need to fund the services people rely on.”

In fiscal year 2024-25, the Province invested in strengthening the health-care system through building on B.C.’s 10-year Cancer Action plan, increasing the health-care workforce and matching approximately 229,000 people with a family doctor.

As part of easing costs for people and families, more than 1,000 new child care spaces were created on school grounds, a $400 tax credit was introduced for renters and more than 13,600 homes were delivered through the Homes for People Action Plan.

Through B.C.’s capital plan, the Province spent a record $10.4 billion on roads, hospitals, schools, post-secondary housing and other infrastructure. This included the Mills Memorial Hospital replacement in Terrace, the Broadway Subway, Victoria high school and student housing at post-secondary institutions throughout the province, from Castlegar and Vernon, to Abbotsford and Courtenay. 

In 2024, B.C. launched its first call for power in 15 years, resulting in 10 new renewable-energy projects that are estimated to generate as much as $6 billion in private investment and create as many as 2,000 jobs annually during construction.

Budget 2024 investments are helping B.C. communities better mitigate the effects of climate-related disasters, while a new Disaster Resilience and Innovation Funding program is supporting First Nations and local governments to strengthen their defences against natural and climate-driven hazards.

Public Accounts show B.C. ended the fiscal year with a $7.3-billion deficit, $564 million lower than forecast at Budget 2024, as higher revenues outpaced increases in expenses.

Higher revenue was largely due to improved investment earnings and higher commercial Crown earnings at ICBC. These gains were offset in part by an increase in expenses as additional spending under statutory authority addressed necessary costs, such as wildfires and emergency response.

B.C.’s unemployment rate averaged 5.6% in 2024, lower than the national average. As the Province supported people through climate emergencies and high costs, taxpayer-supported debt increased by $23.7 billion. B.C.’s taxpayer-supported debt-to-GDP ratio ended the year at 23.2%, lower than most other provinces.

“We will continue to make the tough decisions necessary to make sure every dollar we spend has the greatest impact in the lives of British Columbians,” Bailey said. “We’re building our province’s position as the economic engine of a stronger and more self-reliant Canada, and moving forward with major projects that put people to work, grow the economy and support strong communities.”

Learn More:

To access Public Accounts online, visit:
https://www2.gov.bc.ca/gov/content/governments/finances/public-accounts

Two backgrounders follow.