B.C.’s projected deficit grows again in latest update [Video]

British Columbia’s new finance minister said she is “realistic” about the economic challenges facing the province after announcing this year’s record deficit is projected to reach $9.4 billion.

Brenda Bailey said Tuesday that the forecasted deficit for 2024-2025 has grown by $429 million from the $8.9 billion estimated in the last fiscal update in September, mainly due to lower revenues.

But Bailey said the rising deficit projection will not change the provincial government’s intention to make “smart, targeted investments” to grow the economy, rather than cutting services.

She also promised affordability relief for B.C. residents on the path to a balanced budget.

“It’s my view (that) you can’t pour from an empty cup,” Bailey said of the need to build up the economy instead of short-term cuts. “And so, the work to fill that cup and to really unlock the economic potential that exists in British Columbia is work that’s …