Sandy Silver participates in a meeting with Prime Minister Justin Trudeau in his office in West Block on Parliament Hill in Ottawa, on Friday, Dec. 9, 2022. Yukon's government says the territory recorded a non-consolidated annual deficit of more than $42 million, an almost $91-million decrease from an original main forecast of a $48-million surplus. THE CANADIAN PRESS/Justin Tang
The Yukon government has announced a non-consolidated deficit exceeding $42 million, marking a nearly $91 million change from the earlier expectation of a $48 million surplus.
According to a statement released by the government, as of March 31, 2024, Yukon's financial outlook shifted to a deficit due to several factors. These include rising costs associated with cleaning up the Minto Mine and the expenses incurred in response to recent floods and wildfires.
The government also highlighted two other significant contributors to the deficit: the rising costs of healthcare services and increased funding required by the new agreement between Yukon and its employees' union.
The public accounts now reflect a non-consolidated deficit of $42.7 million for the 2023-2024 fiscal year, with the net non-consolidated debt reaching $495.5 million—an increase of nearly $121 million from initial estimates.
Finance Minister Sandy Silver emphasized that the territory is focusing on environmental protection while maintaining careful financial practices. He explained that the deficit underscores the government’s commitment to fulfilling the needs of Yukoners through essential and strategic investments.
"We are committed to investing in crucial infrastructure, education, healthcare, and other vital services that support the growth of Yukon's communities," Silver stated.
The government’s statement further noted that the rise in debt levels results from Yukon's proactive stance on managing environmental liabilities. By identifying and addressing these issues, the government aims to ensure that affected areas are restored and made safe for future generations.
Additionally, the territory experienced an increase of nearly $81 million in non-consolidated revenue, which was partly due to additional federal grants.
