A $10-billion deficit had been projected at the start of the fiscal year in April, 2021. By December, the projection had dropped to a $1.7 billion deficit for the fiscal year that ends on March 31.
Ken Peacock, the chief economist at the B.C. Business Council, believes the rosier picture is due to government spending less on the pandemic than it had anticipated, while revenues were up because of higher prices for exports, a hot housing market and pent-up consumer spending as COVID restrictions eased.
Also seen on the Times Colonist.