Today, Finance Minister Sandy Silver tabled the Government of Yukon’s 2024–25 Budget.
Budget 2024–25 lays out the fiscal plan of a government that remains committed to supporting Yukoners and communities while delivering strong, sustainable fiscal management.
This budget continues to help ensure that Yukoners have access to quality health and wellness services by:
- Investing $30 million in additional funding for insured health services;
- investing an additional $15.3 million in funding to support the operations of the Yukon Hospital Corporation; and
- continuing to advance work towards a new territorial health authority by investing $9.4 million.
The 2023–24 Supplementary Estimates also invests $38.1 million in insured health services and the Yukon Hospital Corporation to further respond to the evolving health care needs of Yukoners.
An additional $4.4 million investment will help prepare youth across the territory for future success through an increase in the number of educational support staff and wellness professionals in Yukon schools. This reflects the Yukon government’s commitment to creating a learning environment that is inclusive and responsive to the diverse needs of our students. Funding of $13 million will go towards building a new school in Burwash Landing as well as $7.1 million towards renovations and replacements of existing Yukon schools.
Budget 2024–25 includes significant investments in infrastructure, particularly in housing for the most vulnerable. This includes over $100 million in capital funding for land development, housing, education and health care including:
- $27.3 million to build affordable homes, community housing and housing first projects;
- $25.9 million for the development of lots across the Yukon; and
- $6 million to assist the Safe at Home Society in developing supportive and housing first projects, for a total of $12.9 million.
This year’s budget also delivers on the Yukon government’s commitment to environmental stewardship, demonstrated through support for existing and new actions identified in Our Clean Future. More than $55 million in this budget is dedicated to Our Clean Future initiatives. This includes $12 million for the Green Infrastructure Program, $6.9 million for the Low Carbon Economy Leadership Fund, $7.3 million for government building retrofits, and $6.4 million for the Energy Rebate Program.
The Government of Yukon also continues to deliver on its capital program while leveraging federal recoveries to advance significant infrastructure projects that will benefit all Yukoners. This includes significant targeted investment in major territorial initiatives like the Nisutlin Bay Bridge replacement project, the Dempster Fibre project and improvements at the Erik Nielsen Whitehorse International Airport runway.
Budget 2024–25 contains more than $15 million in new funding to address the Substance Use Health Emergency, make our communities – including downtown Whitehorse – safer, and make it easier for women and children to escape gender-based violence without becoming homeless.
Also included as part of the budget is the Fiscal and Economic Outlook and Five-Year Capital Plan. The Outlook provides an overview of the territory’s current fiscal and economic position and expectations for the medium-term. After three straight years of growth, further growth is expected in the Yukon’s real Gross Domestic Product (GDP), forecast to grow 3.6 per cent in 2023 and 1.6 per cent in 2024. Gains in real GDP are projected in all years of the forecast, supported by increased mineral production, increased tourism activity and continued population growth. Inflation, which continues to impact all Yukon households, is also expected to trend downwards throughout 2024, with annual inflation in most years of the forecast at, or near, two per cent.
Our government remains committed to listening to Yukoners and taking decisive action to continue progress in areas such as health care, education, housing, addressing the higher cost of living, and environmental conservation. Investments made as part of this budget, as well as ongoing work with partners and First Nations governments, will continue to improve the lives of Yukoners while making the territory an attractive destination for residents, workers and visitors alike from across Canada and beyond.
Minister of Finance Sandy Silver
As Premier, my goal is to lead a government that holds fast to its values by making Yukoners’ day-to-day lives more affordable, more equitable, safer, healthier, and to create a brighter future for everyone in our territory. Our budget lays out the plan so we can keep building on our ongoing efforts to make the Yukon a place that everyone can call home, while fostering collaboration with partners, actively listening to the voices of Yukoners, and engaging in meaningful dialogue with First Nations to ensure that our efforts towards reconciliation are grounded in respect and understanding.
Premier Ranj Pillai
Yukon’s total budget for 2024–25 is $2.08 billion. Operating and maintenance expenses are $1.6 billion. Capital spending is $484 million.
Budget 2024–25 shows an annual surplus of $119 million, with year-end net debt of $488.8 million. This surplus largely represents new buildings, roads and other infrastructure that will be developed during the year. The value of these infrastructure investments, also known as tangible capital assets, has a positive impact on the surplus.
Budget 2024–25 includes a contingency fund of $50 million for expected but presently undefined expenditures such as climate-related emergencies and health care pressures. This will not affect the Yukon’s forecast fiscal position and represents a proven method to offset the cost of necessary expenditures which may arise through the fiscal year.
The Government of Yukon will also table an Interim Supply Bill worth $458.3 million, which will fund operations and maintenance and capital spending for the first two months of the 2024–25 fiscal year while the full year of spending authority is debated in the legislature. Of that amount, $373.1 million is for operations and maintenance spending and $85.2 million is for capital expenditures.
The Government of Yukon will also table a Second Supplementary Estimates for the 2023–24 fiscal year with an overall increase of $61 million in new operations and maintenance spending. The Supplementary Estimates also includes an increase of $29.4 million in new Operations & Maintenance (O&M) recoveries. Capital spending will see a minor overall increase of $143,000 with a $397,000 reduction in capital recoveries.
The Second Supplementary Estimates forecasts a revised surplus of $1.7 million for 2023–24 and a $14.9 million reduction in revenues. Year-end net debt in these supplementary estimates is forecast to be $444.5 million.
Laura Seeley
Cabinet Communications
867-334-9194
laura.seeley@yukon.ca
Eric Clement
Communications, Finance
867-393-6482
eric.clement@yukon.ca