
Economic challenges of COVID-19 matched by strong supports for people
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
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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
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Upcoming Events
Thu Jan 21 Never Without Love, a Journey to Persia
Mon Jan 25 Chefs in the City Reimagined
Tue Jan 26 to Sun Jan 31 2021 Scotties BC Women’s Curling Championship
Fri Jan 29 Business – Student Mentorship Award Gala – AIMCanada TNC
Thu Feb 11 Industry Roundtable – Hospitality
Fri Feb 12 Dinner & Comedy Show with Sophie Buddle
Sat Feb 13 Dinner & Comedy Show with Sophie Buddle
Sat Feb 20 Chamber Musicians of Kamloops Presents A Concert Full Of Passion
Sat Feb 20 Passions
Mon Feb 22 Chefs in the City Reimagined
Fri Feb 26 Speakers Jeremy Heighton, Jo Berry
Sat Mar 6 Kamloops Ambassador Society Father Daughter Ball
Fri Mar 12 Dinner & Comedy Show with Patrick Maliha
Sat Mar 13 Dinner & Comedy Show with Patrick Maliha