THE Province said on Monday that it navigated heightened global economic volatility in 2025-26 by defending workers and the economy and protecting the public services on which people in B.C. rely.
“We released Budget 2025 during a time of incredible uncertainty, on the first day that the U.S. imposed sweeping tariffs on many Canadian goods,” said Brenda Bailey, Minister of Finance. “We responded by protecting investments in front-line services and programs that save people money, and by expediting the major projects we need to create jobs and economic growth.”
As part of the Province’s efforts to reduce spending, government introduced expenditure-management targets in Budget 2025. The Province exceeded the goal of $300 million for the 2025-26 fiscal year with $467 million in savings through reduced discretionary spending, including travel, office and business expenses, conferences and events, as well as staffing adjustments, voluntary retirements and hiring restrictions.
Applications opened in 2025 for the first new medical school in Western Canada in nearly 60 years. New doctors will be trained at the SFU Stephens Family School of Medicine, with the first class expected to graduate in 2029.
The new medical school continues the Province’s work in expanding access to health care in B.C.
In 2025, more than 223,000 people were connected with a family doctor or nurse practitioner, and more than 580 health-care professionals were recruited from the U.S. through targeted campaigns.
Public Accounts for fiscal year 2025-26 show that B.C.’s deficit was $7.7 billion, $3.2 billion lower than the forecast in Budget 2025. Revenues were higher than projected in Budget 2025 largely due to a $2.6-billion tobacco settlement and higher net income at ICBC. Overall spending was $344 million lower than projected.
B.C.’s debt-to-GDP ratio continues to be the second lowest in Canada at 26.3%.
B.C. launched Look West, a targeted plan designed to deliver major projects, strengthen B.C.’s and Canada’s economic security, and create good-paying jobs and skills-training opportunities. Through the plan, the Province identified 35 major projects, including liquefied natural gas (LNG) facilities, mines and BC Hydro clean-energy projects, with eight projects approved and under construction.
The Province celebrated its first shipments of LNG from LNG Canada in Kitimat to Asia, a milestone in diversifying trade relationships in a changing global economic environment.
In 2025-26, government continued to fund more affordable housing and invested more than $11 billion on transportation, education and health-care infrastructure throughout the province.
“We have ambitious goals for B.C.’s future,” Bailey said. “We’re developing major resource projects responsibly and building the hospitals, roads and schools British Columbians need. Whether its fighting wildfires or supporting families and businesses in the face of the continued fracturing of global trade, we are committed to ensuring we have the financial power to respond to changing threats and become an even stronger, more resilient B.C.”
Learn More:
* To access Public Accounts, visit: https://www2.gov.bc.ca/gov/content/governments/finances/public-accounts
BACKGROUNDER
What to know about Public Accounts
* Public Accounts 2025-26:
The B.C. government releases public accounts every summer to provide people with an accounting of provincial revenues and expenses from the previous fiscal year.
Budget 2025 invested in helping people through uncertain economic times, while continuing to invest in front-line services.
A deficit of $10.9 billion was estimated at Budget 2025. The actual operating result at year-end was a deficit of $7.7 billion.
Fiscal year-end revenues were $2.9 billion higher than budgeted and $1.8 billion higher than the third-quarter forecast, largely due to a tobacco settlement and higher commercial Crown earnings at ICBC.
Expenses were $344 million lower than budgeted, largely due to unspent contingencies.
* Capital investments:
The Province invested $11 billion in taxpayer-supported capital projects to build hospitals, schools, roads, public transit and housing, $1 billion more than the previous fiscal year.
It includes $3.1 billion on health-care facilities, $4.1 billion on B.C.’s transportation network and $2.8 billion to upgrade K-12 schools and build housing at post-secondary institutions.
* Economic and fiscal highlights:
Provincial real GDP grew by 2% in 2025, above the 1.8% forecast in Budget 2025.
B.C.’s unemployment rate for 2025 was 6.2%, below the national average.
Employment grew by 1.1%, above the 0.8% forecast in Budget 2025.
Taxpayer-supported debt increased by $18.4 billion, with a debt-to-GDP ratio at 26.3%, among the lowest in the country.
* Public-sector executive compensation for 2025-26:
Every year, the B.C. government discloses total compensation paid to senior-management employees working to deliver the public services people depend on. The disclosure reflects the compensation decisions made prior to March 31 for the fiscal year 2025-26.
Public-sector executives are responsible for delivering on government’s commitments to improving services people rely on and building a strong, inclusive and sustainable economy for the people in B.C.
Executives lead in the innovation and delivery of services that support communities in every part of the province, and total compensation paid reflects their responsibilities in delivering public services on which people in B.C. depend.
B.C. is a national leader in its reporting standards for executive compensation, which includes base pay, pensions, benefits and sometimes, merit-based performance pay or holdbacks, as well as an explanation of the compensation paid.
Disclosure statements can be found on the websites of the employers, as well as the Public Sector Employers’ Council Secretariat: https://www2.gov.bc.ca/gov/content/governments/services-for-government/public-sector-management/compensation/executive-compensation-disclosures
