The province’s agriculture ministry will see a 16% increase in funding this year, entirely due to the ongoing losses farmers are experiencing from extreme weather.
The provincial budget delivered February 22 allocates an additional $18.4 million to the BC Ministry of Agriculture and Food for the 2024-2025 fiscal year. The increase gives it a total of $130.1 million, up from $111.8 million last year.
However, overall ministry operations will see funding increase by less than 2%.
The entirety of the increase is destined for Production Insurance, which will receive a boost of $18.6 million to $41.7 million in the current year. (The difference is offset by a $200,000 transfer from ministry operations.)
However, the BC Agriculture Council was most thrilled with the announcement of an additional $83 million for the Agriculture Water Infrastructure Program, boosting funding for the three-year program to $113 million from the initial $30 million announced last year as part of a $200 million food security package initially announced March 7, 2023.
“We would like to thank the Government of BC for this investment as it comes at a critical time,” says BCAC president Jennifer Woike says. “This was a needed investment – one we hope will serve as a stepping stone to providing long-term, generational sustainability for the sector.”
The funding for water infrastructure, including water storage capacity such as dugouts, is part of $405 million designed to address climate emergencies. The allocation will also pay for a $76.6 million upgrade to the Barrowtown pump station announced February 14.
In addition to boosts to Production Insurance and infrastructure funding, the budget also announced that farmers and ranchers will be exempted from the province’s insurance premium tax when paying premiums for provincial agricultural insurance, making these programs more affordable.
The budget also doubled the threshold for paying the Employers Health Tax from $500,000 to $1 million, which means about 90% of businesses in BC will be exempt from paying what many considered a significant payroll expense.
All content on this website is copyrighted, and cannot be republished or reproduced without permission.
Land Act changes deferred