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New legislation in BC supports people and business during the COVID-19 pandemic.
Provincial legislation allows for deficit budgets
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New provincial legislation confirms supports for people and businesses, while responding to the fiscal impacts of COVID-19 by allowing government to run deficit budgets.
“We are making sure people and business have the support they need, while we work together to restart and rebuild an economy that works for everyone,” said Finance Minister Carole James. “Much has changed since we released Budget 2020, and deficits will occur as a result of lower government revenues and our plan to invest in people and support our province’s recovery.”
The amendments introduced authorize deficit budgets for the next three years, as well as allowing government to continue to table supplementary estimates before the legislative assembly. The amendments also clarify the existing limits and uses of special warrants while the legislative assembly is not in session to maintain essential services and respond to provincial emergencies and disasters like a pandemic.
While the amendments allow deficit budgets, the legislation makes no changes to salary holdback requirements for executive council for years where deficits occur.
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