Yukon's 2023-2024 finances swing into deficit from original surplus forecast

Yukon's government says the territory recorded a non-consolidated deficit of more than $42 million, an almost $91-million swing from the original forecast of a surplus of $48-million.

A government statement says Yukon's financial position as of March 31, 2024, swung into deficit due to increased expenses such as remediation of the Minto Mine, and responding to floods and wildfires.

The statement also partially attributes the deficit to two other main reasons: support costs for delivering health-care services and more funding linked to the new collective agreement between Yukon and its employees' union.

Yukon's public accounts now show the territory's non-consolidated deficit for the 2023-2024 financial year at $42.7 million, with a net non-consolidated debt of $495.5 million, rising almost $121 million over the original main estimate.

Finance Minister Sandy Silver saidin a statement that the territory is "prioritizing environmental stewardship and maintaining a disciplined approach to financial management."

Silver says the deficit reflects its "commitment to meeting the needs of Yukoners through necessary and strategic spending."