The 2024-25 Territorial Budget was tabled in the Yukon Legislature yesterday afternoon as the spring sitting commenced. Photo Courtesy of Macklen Linke/CKRW.
Whitehorse, YT – A nearly rounded $2.08 billion – that’s the number you get when you add up the capital funding with the operations and maintenance funding for the new 2024-25 territorial budget that was tabled in the Legislature yesterday afternoon.
The O&M funding totals $1.595 billion and the capital funding is set at $484 million. The budget includes a $50 million contingency fund to cover the expenses of unexpected expenses such as wildfire and flooding costs.
The new budget shows an annual surplus of $119 million with year-end net debt set to be $488.8 million.
Finance Minister Sandy Silver tabled the new budget yesterday which touches on the wide range of issues that are the cause of some of the territory’s most pressing challenges.
Investments in Healthcare and Education
The budget allocates $30 million for insured health services, along with an additional $15.3 million to support the operations of the Yukon Hospital Corporation. The Government highlights that an additional $4.4 million will be invested in aims to enhance educational support and wellness staff in Yukon schools.
There is $13 million earmarked for the construction of a new school in Burwash Landing and $7.1 million for renovations and replacements in existing Yukon schools.
The Yukon Party accuses the Yukon Government of chronically underfunding Yukon Hospitals, with a shortfall of $14.3 million in operational funding compared to the previous fiscal year’s requirements.
When it comes to education spending, they argue that there may be discrepancies in resource distribution and utilization potentially undermining the effectiveness of educational initiatives and programs.
Infrastructure and Housing Development
There’s significant spending on infrastructure and housing, with over $100 million allocated for things including land development and housing projects. This includes $27.3 million for affordable housing projects, $25.9 million for lot development, and $6 million to support housing initiatives led by the Safe at Home Society.
The opposition says this may not sufficiently address the housing crisis and voiced concerns that the budget does not allocate enough resources to address the shortage of affordable housing in the Yukon.
Environmental Stewardship and Clean Initiatives
The new budget includes more than $55 million that will be put toward environmental stewardship through Our Clean Future projects. Funds are planned to support programs such as the Green Infrastructure Program, the Low Carbon Economy Leadership Fund, and energy rebate initiatives.
The Yukon Party has been vocal in arguing that measures like the Carbon Tax are harmful to Yukoners and only exacerbate the issues surrounding affordability.
Since the bill will not likely be voted on in the immediate future, there will be an Interim Supply Bill that will cover April and May of 2024. This bill includes $458.3 million for O&M and capital spending.
The Second Supplementary Estimates in 2023-24 note there was an overall increase of $61 in O&M spending, a surplus of $1.7 million projected for 2023-24, with a reduction in revenues by $14.9 million. Year-end net debt was forecasted to be $444.5 million.
