Yukon Government sign outside the Jim Smith Building in downtown Whitehorse. CKRW File Photo Courtesy of Macklen Linke.
Whitehorse, YT – Yukon Premier Currie Dixon says the territory is heading into a period of tight finances as his government gets ready to table a new budget next month.
Yukon is nearing its $1.2-billion debt limit, with about $900 million already borrowed. After setting aside a $100-million emergency reserve, Dixon says there’s only around $200 million in borrowing room left.
“We will need to focus our investments into our most critical priorities,” said Dixon in a statement. “We know that further investment is needed in many areas, and while we are committed to improving life in the territory for all Yukoners, these initiatives may take time to advance.”
His statement follows a review of the territory’s finances by finance officials, including the Auditor General of Canada, Karen Hogan, to the Standing Committee on Public Accounts. Officials reported a $175‑million surplus for 2024‑25, but liabilities rose faster, increasing by more than $230 million, which pushed net debt higher. They also noted that about 85 per cent of Yukon’s revenue comes from federal transfers.
Dixon says the government has asked Ottawa to raise the territory’s debt limit. The Yukon NDP previously called the move ironic, pointing out the Yukon Party’s past criticism of similar borrowing by the previous Liberal government.
