Me and my Kamloops

Economic challenges of COVID-19 matched by strong supports for people

Economic challenges of COVID-19 matched by strong supports for people

September 10, 2020 at 10:11 am  BC, News, Politics

The COVID-19 pandemic’s impact on provincial revenues and unprecedented government spending on supports for people and businesses has led to an updated provincial deficit forecast of $12.8 billion for the 2020-21 fiscal year.

The deficit is on track with the Province’s July fiscal and economic scenario.

“The pandemic has threatened lives and livelihoods, and our government responded with one of the most supportive, comprehensive action plans in the country,” said Carole James, Minister of Finance. “Since the Province’s July fiscal and economic scenario, we have seen stronger than expected consumer spending, housing activity and employment gains. These gains are offset by increased prudence to help B.C. weather the long road ahead.”

The Province’s first quarterly report confirms revenue declines in taxation, natural resources and other sources that were anticipated in July. However, the overall impacts on revenues and expenses are lower, with a $5.7-billion decline from Budget 2020, compared to a $6.3-billion decline shown in the July scenario. Improvements from July’s update include better than expected employment gains, retail sales and housing activity, resulting in revenue gains in provincial sales tax, personal income tax and property transfer tax.

The updated deficit forecast includes a $1-billion forecast allowance as part of government’s commitment to economic prudence in response to the heightened uncertainty brought by COVID-19.

The first quarterly report also includes a summary of COVID-19 investments to date, with details of the $7.6 billion in COVID-19 response measures that have supported people and businesses since the beginning of the fiscal year.

The COVID-19 Action Plan has included supports such as workers benefits, rent supplements, income and disability assistance supports, and economic recovery funding. Another $1.8 billion in temporary relief measures for people and businesses include supports such as the Climate Action Tax Credit, pandemic pay for front-line workers and the reduction of school tax for commercial properties.

As part of the COVID-19 Action Plan, $1.5 billion has been earmarked for economic recovery measures to be announced in September.

Learn More:

To read B.C.’s First Quarterly Report, visit: www2.gov.bc.ca/gov/content/governments/finances/reports/quarterly-reports

For information about BC’s Restart Plan, visit: http://gov.bc.ca/restartbc

To learn more about the supports and services available for people, businesses and communities through the pandemic, visit: gov.bc.ca/covid19

For the latest medical updates, including case counts, prevention, risks and testing, visit: http://covid-19.bccdc.ca/
Or follow the BCCDC on Twitter: @CDCofBC

For the provincial health officer’s orders, notices and guidance, visit: gov.bc.ca/phoguidance

For non-health related information, including travel, transportation and essential service information, call (toll-free) 1 888 COVID19 (1 888 268-4319) between 7:30 a.m. and 8 p.m. (Pacific time), seven days a week, or visit: gov.bc.ca/Covid19

A backgrounder follows.

View the full article from the original source

No conversations yet

Activity Stream

Tue, Jan 19, 2021 at 10:24 am - Darryl Schmidt posted a comment on Slow No Tempo Is Going Virtual For Their Third Annual Singing Valentines
Tue, Jan 19, 2021 at 9:00 am - Doug Smith posted on their blog: Exploring Sugarloaf Hill – Kamloops Trails
Sat, Jan 16, 2021 at 9:00 am - Doug Smith posted on their blog: The Marsh and Giant Firs on Snowshoes
Thu, Jan 14, 2021 at 11:09 am - Darryl Schmidt posted a comment on Grand Finale of the Kamloops Symphony’s “Running The Symphony” Initiative
Wed, Jan 13, 2021 at 5:25 pm - Ryan Noakes created a new Profile
Wed, Jan 13, 2021 at 9:05 am - Doug Smith posted on their blog: Bush Lake Loop – Kamloops Trails
Tue, Jan 12, 2021 at 12:25 pm - David Suzuki posted on their blog: U.S. crisis shows need to speak truth to power
Mon, Jan 11, 2021 at 3:47 pm - Kamloops Film Society created a new Profile
Sun, Jan 10, 2021 at 9:00 am - Doug Smith posted on their blog: Hidden Homesteads, Lone Trees, and Old Snags
Thu, Jan 7, 2021 at 4:42 pm - Arjun Singh posted on their blog: Advancing active transportation path construction in Kamloops….
Full Stream