The Yukon government says the territory recorded an unconsolidated deficit of more than $42 million, a deviation of almost $91 million from the initial surplus estimate of $48 million.

In a statement from the government, it was stated that Yukon’s financial situation as of March 31, 2024 was exposed due to increased expenses such as remediation of the Minto Mine and response to floods and wildfires.

The statement also notes that the shortfall is due in part to two other main reasons: support costs for health care delivery and increased funding due to a new collective agreement between Yukon and the employee union.

Yukon’s public accounts now show the territory’s unconsolidated deficit for the 2023-2024 fiscal year is $42.7 million; Net unconsolidated debt was $495.5 million, almost $121 million above the original baseline estimate.

Finance Minister Sandy Silver said in a statement that the territory “prioritizes environmental stewardship and maintains a disciplined approach to fiscal management.”

Silver said the deficit reflects “a commitment to meeting the needs of Yukoners through necessary and strategic spending.”