Supplementary Estimates address health care needs and emergency response in the Yukon, while maintaining surplus position

Minister of Finance Sandy Silver tabled the 2024–25 Supplementary Estimates No. 1 in the Yukon Legislative Assembly today. The Supplementary Estimates forecasts a $150.1 million increase to the operations and maintenance (O&M) budget from the spring, offset by $20.7 million in recoveries. Capital funding has decreased by $299,000.

Funding included in the 2024–25 Supplementary Estimates No. 1 ensures that the Government of Yukon can respond to health care pressures and urgent environmental responses. The most significant items contributing to the increase in O&M spending are:

  • $44 million to meet Insured Health funding needs and pressures at the Yukon Hospital Corporation to ensure a high standard of health care delivery for Yukoners;
  • $50 million in the response to the heap leach failure at the Eagle Gold Mine; and
  • $22 million for emergency response to address wildfires across the Yukon, as well as flooding in the Klondike Valley and Old Crow regions to keep Yukoners safe.

Some infrastructure projects in the capital budget reflect updated funding timelines to better align cashflows for when project work takes place. The completion date on these projects, however, has not changed.

The contingency fund of $50 million included in Budget 2024–25 ensures that some of the cost pressures in health care and costs from emergencies like floods and fires can be absorbed, having a smaller impact on the government’s financial position. This fund helps ensure that the Government of Yukon will maintain a $75.4 million surplus position, despite the many challenges facing the territory over the first half of the fiscal year.

The Supplementary Estimates was accompanied by the release of the 2024–25 Interim Fiscal and Economic Update. The update provides a revised look at expectations for the Yukon’s finances and our economy, building on the 2024–25 Fiscal and Economic Outlook released this spring.

This year’s update highlights that, despite a two per cent decrease in gross domestic product as a result of the suspension of operations at the Eagle Gold Mine, the Yukon’s economy is still in a favourable position with a strong demand for workers, continued earnings growth and a tourism sector that has rebounded since the height of the COVID-19 pandemic. Inflation has moderated and is expected to remain around 2 per cent over the forecast and consumer spending and retail sales are showing significant strength.

Our government is taking the necessary steps to maintain the health and wellbeing of the Yukon’s people and its environment in a fiscally responsible way. The Supplementary Estimates show how we are responding to environmental emergencies and continuing to deliver quality health care to Yukoners. It also demonstrates our government’s commitment to maintaining a strong economy and a high standard of living for Yukon families, backed by a strong outlook for the near future.

Minister of Finance Sandy Silver

Quick facts
  • Supplementary Estimates are used by a government to account for spending that is unforeseen at the time of setting the annual budget.

  • Year-end net debt is forecast at $530.4 million at the end of the fiscal year, compared to the $488.8 million estimated in Budget 2024–25.

  • The Supplementary Estimates adds 46.6 new full time equivalent positions to the Government of Yukon. Most of these staff are long-term care workers addressing the needs of an aging population and new teachers and administrative personnel serving the Yukon’s growing schools.

  • The Fiscal and Economic Outlook is introduced in the spring during the legislative sitting and an interim update is published in the fall. These provide a snapshot of the Yukon’s economy and government finances, as well as updates on several indicators monitored by the Government of Yukon.

  • Funding included as part of Budget 2024–25 through the 2024–25 Supplementary Estimates No.1 is subject to legislative approval.

Media contact

Laura Seeley
Cabinet Communications
867-332-7627
[email protected]

 

Eric Clement
Communications, Finance
867-393-6482
[email protected]

News release #:
24-421
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