Yukon’s 2023-2024 finances swing into deficit from original surplus forecast

Yukon’s government says the territory recorded a non-consolidated deficit of more than $42 million, an almost $91-million swing from the original forecast of a surplus of $48-million.

A government statement says Yukon’s financial position as of March 31, 2024, swung into deficit due to reasons including increased expenses such as remediation of the Minto Mine and responding to floods and wildfires.

The statement also partially attributes the deficit to two other main reasons: support costs for delivering health-care services and more funding linked to the new collective agreement between Yukon and its employees’ union.

Yukon’s public accounts now show the territory’s non-consolidated deficit for the 2023-2024 financial year at $42.7 million, with a net non-consolidated debt of $495.5 million, rising almost $121 million over the original main estimate.

Finance Minister Sandy Silver says in a statement that the territory is “prioritizing environmental stewardship and maintaining a disciplined approach to financial management.”

Silver says the deficit reflects its “commitment to meeting the needs of Yukoners through necessary and strategic spending.”

“We remain dedicated to investing in critical infrastructure, education, health care and other essential services that support the Yukon’s growing communities,” he says in the statement.

The statement also says that the increase in debt levels come as a result of Yukon’s “proactive approach to addressing environmental liabilities in the territory.”

“By recognizing these liabilities and accounting for sites in need of remediation, the government is taking the necessary steps to ensure these areas are properly identified, restored and made safe for future generations of Yukoners,” the statement says.

The territory also saw an increase of almost $81 million in non-consolidated revenue, stemming partially from additional grants from the federal government.

This report by The Canadian Press was first published Oct. 24, 2024.

Chuck Chiang, The Canadian Press