B.C. Finance Minister Brenda Bailey brought the province香蕉视频直播檚 fiscal roadmap to Kelowna on Thursday (June 5), addressing a business luncheon hosted by the Kelowna Chamber of Commerce and Okanagan College.
With a blend of candor and optimism, she outlined the challenges and strategies in the 2025 budget, which was released in March.
香蕉视频直播淲e're in challenging times financially,香蕉视频直播� Bailey acknowledged. 香蕉视频直播淚t's really important that we focus on a couple of things. One is to make sure that government is moving in the direction of deficit reduction and living within our envelope, and we're doing that over a number of different budgets.香蕉视频直播�
The province projects a $10.9 billion deficit in 2025香蕉视频直播�26, with taxpayer-supported debt climbing from $97.7 billion to $166.5 billion by 2027香蕉视频直播�28香蕉视频直播攁 70 per cent increase.
In April, B.C. was hit with a financial wake-up call as two top credit rating agencies downgraded the province香蕉视频直播檚 credit standing, raising red flags over soaring deficits and growing debt.
S&P Global Ratings and Moody香蕉视频直播檚 Ratings both slapped a negative outlook on the province. in British Columbia香蕉视频直播檚 credit profile,香蕉视频直播� while to steer the province back to balanced budgets.
Experts warn the lower ratings could drive up borrowing costs, making it more expensive for the province to fund public services and major infrastructure projects. Bailey put the rating changes in context within a global trend, including a .
香蕉视频直播淲e do know that B.C. continues to be competitive when we offer our sovereign bonds,香蕉视频直播� she said, reaffirming the government's commitment to returning to balance over successive budgets.
The minister also highlighted the importance of economic development to bolster revenue, pointing to Premier David Eby香蕉视频直播檚 trade mission to Asia.
香蕉视频直播淭his is a trade trip, trading opportunities for businesses to really enhance trade routes to Asia,香蕉视频直播� she noted.
Addressing B.C.'s reliance on the U.S. for 53 per cent of its trade, Bailey highlighted diversification efforts by the government.
香蕉视频直播淭here's tremendous opportunity for us to diversify trade, both with being the gateway to the Pacific, but also within Canada,香蕉视频直播� she said.
To help the provincial economy get "unstuck," Baily referred to , many in clean energy, to attract investment and support job growth in B.C. Announced in February, the projects also include energy, mining, and critical mineral projects already in the pipeline.
To further entice investors, Bailey noted enhancements to the venture capital tax credit and initiatives in sectors like life sciences and critical minerals.
香蕉视频直播淏C actually has what people are looking for,香蕉视频直播� she added.
On interprovincial trade, Bailey said there are many areas where the provinces are united on trade and on how to grow the economy.
One issue that came up repeatedly during the question period after the minister香蕉视频直播檚 speech was the province香蕉视频直播檚 short-term rental regulations and their impact on tourism--a contentious issue in Kelowna. Bailey defended the measures.
香蕉视频直播淲e've made the decision to really support bringing that housing back into the market for people.香蕉视频直播�
She noted that since implementing changes, rental rates in B.C. have decreased by five to seven per cent.
Wrapping up her comments, Bailey reiterated the dual focus of the budget香蕉视频直播攔educing the deficit while safeguarding essential services.
香蕉视频直播淚t's really important that people have access to health care, that safety is a priority,香蕉视频直播� she said. 香蕉视频直播淭here are many, many core pieces we need to protect, but we also need to get on the trajectory back to balance.香蕉视频直播�
For more details on Budget 2025, .
