Premier and Finance Minister Sandy Silver tabled the 2019–20 First Supplementary Estimates in the Legislative Assembly today. It includes an increase of $43.3 million in gross capital and an increase of $20.5 million in operations and maintenance, for a total of $63.8 million. Recoveries in capital are expected to increase by $26.3 million.
$43.3 million in capital expenses are intended to prevent delays in completing infrastructure projects and to keep up with growing housing demands. Much of this will be offset by recoveries including the sale of land and federally recoverable funds. An early and long fire season lead to higher than expected additional operations and maintenance costs of $19 million.
The 2019–20 Interim Economic and Fiscal Outlook was also tabled today. Yukon’s economy continues to perform well, with broad-based indicators projecting gains in population, continued labour market strength and growth in real Gross Domestic Product. Low unemployment and continued population growth contribute to the positive outlook. There have also been better-than-expected gains in labour earnings and continued growth in retail sales. Yukon’s finances remain on track to return to a surplus in 2020–21.
The supplementary estimates reflect the growth Yukon is currently experiencing and the forward momentum of our economy. It is essential that we keep up with the needs of Yukoners as we continue to move towards a balanced budget.
Minister of Finance Sandy Silver