The B.C. government ended the 2019-20 fiscal year with a deficit of $321 million, because of the economic impacts of the COVID-19 pandemic.

The fiscal year ended on March 31, and before the pandemic the province had projected a surplus of $275 million. That means the initial losses when the pandemic began were $595 million.

Finance Minister Carole James says some of the biggest losses were in ICBC investments, which dropped by $298 million.

Fortunately, all four major credit agencies have maintained the B.C. government’s AAA credit rating, meaning it can borrow money with the lowest interest rate possible.

The province shows the taxpayer-supported debt-to-GDP ratio rose to 15.1%, which the province says remains a very low rate of indebtedness.

A look on the first quarter of the 2020-21 fiscal year, which will show the finances from April, May and June, is due out next month.

More to come.