Last week the BC government unveiled its Stronger BC Economic Plan which was followed today's announcement of Budget 2022, which was presented by Premier John Horgan and Minister of Finance Selina Robinson.
Support for Tourism:
Budget 2022 earmarks $25 million in funding to support the tourism sector’s continuing recovery from the effects of the COVID-19 pandemic. We do not have further details on what this will include at this stage. Additional funding is also being provided this year to support non-profit organizations affected by the pandemic; the recovery of the arts, culture and music sectors through the Arts Impacts and Amplify BC programs; and additional tourism supports, including funding to support the safe restart of fairs, festivals and events.
Furthermore, Within the $2 billion contingency to address situations where the various stages of the pandemic continue to evolve, the Province has set aside monies for programs such as the Closure Relief Grant if restrictions are again required and relief is necessary for directly impacted businesses.
As identified by TIABC, funds allocated to a number of other priorities will further support our hospitality and tourism sector, this includes:
Building a stronger society by putting people first
B.C. Budget 2022 maps out predicted revenues of $68.6 billion in 2022-23 and $74 million in spending (including $3 billion in contingencies) for a deficit of $5.5 billion. Spending will rise to $70.2 billion in 2023-24, while the deficit will lower to $4.2 billion. By 2024-25 the Budget forecasts higher spending of $72.3 billion and a lower $3.2 billion deficit.
Budget 2022 also forecasts a deficit of $483 million for the 2021-22, which is less than last fall’s forecast deficit of $1.7 billion and Budget 2021’s forecast of $9.7 billion. $4.25 billion of the spending in the 2021-22 budget is from contingencies.
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