 Those of us in Victoria are gathered here in the Kuangun People's Territory, the Songhees and the Squimalt First Nations, and I welcome those joining us in Vancouver at the lockup on the territories of the Musqueam Squamish and Slewa-tooth Nations. BC is a great place to live, where people want to put down roots and want to raise a family. Our economy is strong and growing, yet we are and we will continue to be affected by the slowing global economy. At the same time, costs have risen across the country and many people are struggling to get ahead. Some people say we should respond to these challenges by leaving people to fend for themselves and making deep cuts. This would make things harder for people. Weakening the services we all rely on and driving up costs with added fees and fares. The last few years have taught us that going it alone doesn't work. By working together and supporting the people who build our province, we build a stronger BC for everyone. We have delivered support to people with everyday costs, including more affordable childcare, skills training, car insurance and healthcare premiums and making more services free. Things like free transit on youth for children under 12 and making prescription contraception free in BC. We have heard from a lot of parents that together these actions we've taken, these choices that we have made to put people first have given families some much more breathing room. Rachel Tuttle, a mother of two, is seeing it and feeling it. She told us she is part of a mom's Facebook group. While she has seen a jump in parents needing help for things like buying groceries, she says it is great to see government responding with actions like the ones I mentioned. Budget 2024 builds on this foundation by continuing to invest in things that matter most, helping people with costs, delivering more homes, protecting and strengthening our services and building a stronger cleaner economy where everyone has a place. Now before we get into the upcoming budget and fiscal plan, I'm going to briefly discuss the updated forecasts for the current fiscal year. The third quarter forecast shows a deficit of 5.9 billion for 2324, higher than the 5.6 billion which was forecasted in the second quarter. There are several changes. Income tax assessment data from the Canada Revenue Agency shows higher personal income tax revenue but lower corporate income tax revenue and these largely offset each other. Natural resource revenues have shown some further decline, continuing the story we've seen throughout the year. The forecast is lower by 288 million from Q2, mainly from lower natural gas prices. The overall natural gas revenue forecast is down by 1.3 billion since budget, which shows how volatile prices have been. Commercial crown net income is lower overall by 282 million which includes costs related to the BC electricity affordability credit and I'll talk about more of that shortly. The ICBC net income is higher due to stronger investment earnings. On the spending side, there is a higher spending for emergencies. And now that we're three quarters through the year, we have released the forecast allowance which was $700 million. A full year report will come out this summer as part of the public accounts. Now let's talk about the economy. We have a diverse economy, providing strength to help us weather current challenges. One of those challenges is the slowing global economy that like other jurisdictions is affecting our province. BC's economic momentum slowed in 2023 with strength observed in some sectors while others saw declines. Strong population growth is supporting BC's economy and labor market. Employment was up 1.6% in 2023. While BC's unemployment rate remains one of the lowest in the country, the rate has risen as more people are looking for work. The unemployment rate was 5.4% in January 2024, lower than the 5.7% observed across Canada. BC's population increased by 3% last year, the highest growth rate since 1994. This growth was due to high international migration. Consumer spending has softened with retail sales just 0.8% higher year to date. This is because high interest rates and prices have reduced demand and purchasing power. While costs continue to be high for people, total inflation has come down from the peak of 8.1% of May of 2022 to 3.4% in December 2023. And more recently, BC inflation was 3% in January 2024. But we know high prices for food and housing continues to affect the cost of living for households. And while the Bank of Canada has held interest rates steady since last summer, excuse me, they are high. Many private sector economists expect rates to start coming down this year in response to a slowing economy and inflation getting closer to the bank's target of 2%. Moving next to the housing market, home sales slowed in the second half of last year in response to the interest rate hikes in the summer. Overall, home sales were down 9.2% in 2023 and the average home sale price was down 2.6%. On the construction front, home building activity has been strong with housing starts reaching over 50,000 units in 2023. This was the highest annual average on record and the housing starts forecast has increased since the second quarterly report. Similar to the private sector, the ministry expects housing starts to decline in 2024, reflecting higher interest rates, elevated construction costs and labor constraints. However, within the challenging context of high interest rates, we are still expecting strong construction activity with levels higher than previously forecast and above the historical average. The higher outlook for the medium term is supported by public sector investment and recent government housing legislation to encourage more home building in the province. As always, housing remains a priority for this government. We're tackling the housing crisis on all fronts, fighting speculation and building more homes for people faster. Regarding trade, the value of goods export was down 13.1% in 2023. As discussed at Q2, this is mainly due to a significant drop in global commodity prices last year, which has impacted our natural resources revenue. Near-term projections for some of BC's major training partners have worsened over the course of the last year, including Canada, China, Japan and the Eurozone. Meanwhile, the U.S. is doing better than expected. A global risk we are watching closely is supply chain disruptions associated with geopolitical events. Turning to the outlook for BC, our province is well positioned to face uncertainties and whether ongoing economic challenges. We have a diverse economy and we are tackling the big challenges facing British Columbians, investing and making life better for everyone. It is estimated that BC's economy posted modest growth of 1% in 2023. This softening was due to high interest rates, slowing domestic and global economic activity and geopolitical and climate-related disruptions. The ministry expects modest growth in 2024 due to similar factors, with real GDP expanding by 0.8%. These projections are similar to what the ministry was forecasting in the second quarterly report. Economic growth is expected to rise to 2.3% in 2025, supported by steady employment and wage growth, gains in consumer spending, solid investment activity and higher exports as global economies recover from the slowdown. And over the medium term, the 2026 to 2028 period, real GDP growth is expected to range between 2.3% and 2.4% annually. These real GDP growth projections presented in budget 2024 are within the range of forecasts provided by the 13 members of the Independent Economic Forecast Council, whom I met with in December. The 13 member council offered a wide range of opinions this year and I thank them for their work. BC has a long history of exceeding economic forecast expectations, especially with the surpluses we saw in the last two years. The ministry's forecast is cautious and reflects BC's economic trends. With all of this context in mind, let's now move to the details of the budget and fiscal plan. First the numbers and then the highlights. So BC's population is growing faster than ever before and our population is aging. Budget 2024 makes significant investments to meet growing needs and secure a stronger, more secure BC for everyone. Government revenues are forecast to grow from 77.3 billion this year to 86.4 billion in 26, 27. An average annual growth rate of 3.8%. Taxation revenue projections reflect the province's growing population and economy. Natural resource revenue projections reflect an expectation of higher natural gas prices and production volumes. The budget provides an additional 13 billion in new operating spending for priority investments and to support a growing demand for government programs and services. This includes allocations in the contingencies vote for potential climate related emergencies, future priority initiatives and caseload pressures. Overall the contingencies amount to 10.6 billion over the fiscal plan period. Well deficits are higher compared to those in budget 2023. We continue to prioritize affordability and services during this period of slower economic growth. In a minute I'll provide more details on the funding provided in this budget for the cost of living, healthcare and clean economy initiatives. Next is our capital plan projection with 43.3 billion funding over the next three years for taxpayer supported projects and also 13.2 billion for self-supported projects which are mainly BC hydro projects. I'll provide more details later on that in the presentation. The province's taxpayer supported debt is estimated at 71.9 billion this year and projected to reach 126.5 billion at the end of the fiscal plan period. Other key metrics, the taxpayer debt to GDP ratio is 17.6% this year, which is expected to grow as you can see in this table. Though expected to remain lower than many other provinces. This debt will finance the operating and capital investments we need now and our debt burden remains manageable. We are on solid financial ground. BC continues to have the third lowest debt to GDP ratios of all Canadian provinces. Operating deficits and capital investments will increase BC debt but our debt remains affordable for a province of our size. BC's interest bite is 3.2 cents for every dollar of revenue we receive which is less than half of Ontario and Quebec's. That means our debt remains affordable and we continue to support British Columbians with the services they depend on. We continue to be able to afford these costs and ensure British Columbians have access to those services. Government has been steadily increasing investments to help people with everyday costs. Budget 2024 builds on this by providing new targeted costs of living measures to help people, families and businesses with these pressures. We know it's tough for families right now. The BC Family Benefit is one way we're helping families pay for groceries, clothes and opportunities our kids need to have the best start possible. As part of Budget 2024, we're adding a one-year bonus to the BC Family Benefit that will mean more help for more people. Over the course of the year, the bonus is estimated to provide families on average with $445 more. It also expands eligibility to 66,000 more families so a total of 340,000 families will receive the bonus. A new BC Electricity Affordability Credit starting in April will save people and businesses around 4.6% off their electricity consumption. On average, households are anticipated to save a total of $100 over the year while businesses could save hundreds to thousands depending on their consumption. We are also helping small and growing businesses by increasing the exemption threshold for employer health tax from $500,000 to $1 million. Over 90% of businesses will be exempt and those with payrolls between $1 million and $1.5 million will also be partially exempt and see more savings. This will help employees to recruit and access the talent they need to grow their businesses and support their local economies. I want to mention at least one way we are working right now to help people through tough times. We know big issues like affordability are still top of mind this year for parents and families, especially those with school-aged children who are already finding it hard to make ends meet. We have to ensure students are supported to succeed building on a $60 million student and family affordability fund last year and the largest investment in school meal programs in BC, history for the, in BC's history, for the Feeding Futures Program. We are taking action again to support students in BC. We are replenishing the student and family affordability fund this year to help school districts and students get the supports they need to succeed. We are going to do this through current year funding, not within budget 2024. We know families can't afford to wait and I know the education minister will have more to say on this in the coming weeks. Budget 2024 introduces a new tax targeting home flipping activity to discourage short-term speculation that inflates housing costs. This will be a tax on profit made from selling a residential property within two years of buying it. Just like the speculation and vacancy tax, the revenues from this tax will go directly into building homes in BC. Government is taking action to build and deliver more homes for people faster. BC Builds, as announced by our government last week, is part of that work. Budget 2024 provides 198 million in new funding to support this program. BC Builds aims to deliver rental homes that are affordable to middle income households. The program uses lower cost financing and grants to lower construction costs and speed up timelines helping to move projects from concept to construction within 12 to 18 months compared to the current average of three to five years. There are also new tax measures to encourage development of rentals and support affordability. First time home buyers and people buying a newly built home are estimated to save over $100 million a year based on changes to the exemption thresholds for property transfer tax. We are also encouraging development of rental buildings by enhancing the property tax exemption for new eligible purpose built rentals. These new measures are all part of the provinces homes for people plan launched last year. Government continues to take action in healthcare to support an aging and growing population. Budget 2024 provides $6 billion more over the next three years for health and mental healthcare. New funding provides additional supports across a full range of health services. This includes ongoing funding to support measures first put in during the pandemic. Things like immunization programs, improved rural and remote access to emergency care through ground and air ambulances and virtual services. There are also new targeted measures to improve the quality of health service for British Columbians. Delivering better cancer care is a key root of the key focus of this year's budget. Work continues on BC's cancer action plan. This includes more cancer care teams, support for research and help for patients who need to travel for rural communities. BC has made big advances on screening with Canada's first province wide lung screening program and at home HPV tests. New funding will support more cancer prevention, screening and treatment services. This includes expanding specialized cancer services for treatments that are difficult to access or currently unavailable in our province. We are also expanding home and community care services for seniors. Funding will help seniors and people experience short or long-term disabilities to manage their health care needs while living at home. It also provides supports for day-to-day tasks such as grocery shopping and transportation to medical appointments. This helps seniors to live safely in their own homes longer while also reducing demands in other parts of the health care system. Government continues to implement programs to combat the toxic drug health emergency in BC. Budget 2024 provides more funding for addictions treatment and recovery programs that are implemented or underway. This funding supports continued services for 2,200 treatment beds, harm reduction initiatives at 49 overdose prevention sites throughout BC and crisis response teams. Everyone who wants to have a child should have the opportunity to do so. However, many people can't conceive without help. They may look at in vitro fertilization or IVF but it can be expensive. No one should be denied the opportunity to have a child because of how much money they make, who they love and whether they have a partner. Starting in April 2025, one round of IVF will be available for free in British Columbia. The Ministry of Health will be working with experts to help establish the program. I know this will be welcome news to many people who want to start a family. BC is growing and our priority is to make sure the services that people rely on are there when people need them. This means more teachers and support staff for the growing number of school-aged children and more funding to help children, families and individuals who may need supports. Budget 2024 includes new funding to better support children with dyslexia and related learning differences at school, early literacy screening, intervention and outreach and targeted professional development for teachers will help more school-aged children to achieve their full potential and achieve better learning outcomes. We are also taking action to keep people safe and communities strong by investing more in justice and public safety services. This includes new investments to better support individuals and families with access to the justice system through expansions to the early resolution model and legal aid services including a new family law clinic dedicated to clients experiencing family violence. These important services improve access and speed up resolution to family law cases to help more families build safer lives. The provinces continues to invest in building a stronger, cleaner economy. Our future action plan is creating more opportunities to get people the skills they need to succeed in the changing economy. And this helps businesses recruit and access the talent they need. We are seeing the impacts of climate change in BC through the increase in frequency and severity of climate-related emergencies from record flooding in November 2021 to last year's devastating drought and wildfire season. Government is investing to build our capacity as a province to better prepare for and respond to future climate emergencies. This includes on-the-ground projects that will reduce flood risk and improve water management during times of water scarcity and more year-round capacity to mitigate wildfire risks. The Ministry of Forests and the Ministry of Emergency Management and Climate Readiness continue to work directly with the Premier's Expert Task Force on emergencies to incorporate real-time feedback into practice as they prepare for the 2024 season. There are new investments that support BC's Claim BC Roadmap to 2030, BC's plan to lower climate-changing emissions. This includes getting people out of their cars with more active transportation grants to communities, rebates to help low and middle-income households with the cost of heat pumps and expanding the province's electrical vehicle charging infrastructure. We are advancing BC's critical mineral strategy in partnership with First Nations, communities, industry, and the public, including ongoing resources for mine permitting. Budget 2024 also supports the economy by investing in critical transportation networks and community infrastructure. This includes enhancing key forest service roads that serve as a primary community access routes for remote First Nations. This will improve road safety and reliability and strengthen the local communities by supporting the movement of people and goods. Likewise, we are investing in public transportation networks like BC Transit, coastal ferries, and inland ferries to help reduce greenhouse gas emissions while supporting people with affordable and reliable public transit options. Budget 2024 will introduce new tools to support First Nations seeking equity participation in priority projects within and across their respective territories in BC. We want to see this program grow over time and support a wide range of projects where First Nations are equity partners, owners of projects in the resource sector and in other areas that serve their communities too. Building a stronger economy together means that everyone, people, communities, First Nations, businesses, and industry has access to opportunity. By working together, we can build on BC's strong foundation and create good, well-paying jobs for our kids and grandkids. Capital spending over the three-year plan is increasing to $43.3 billion in budget 2024. Our capital plan will deliver more schools, healthcare facilities, housing, and the transportation infrastructure that people rely on to support a growing British Columbia. We continue to build, renovate, and seismically upgrade schools across the province as we continue to see higher enrollment of school-age students. This includes targeted new investments to deliver more school bases in fast-growing communities. We are also supporting more post-secondary students through student housing and investments and by preparing students for the jobs of the future, like the Vancouver Community College Center for Clean Energy and Automated Innovation. New funding also supports more British Columbians to safely and reliably move throughout the province with continued investment in transit and highway improvements through the Fraser Valley. And our capital plan includes funding for acute care, cancer care, and long-term care facilities so British Columbians can get the care they need. These investments strengthen our economy by directly and indirectly creating 185,000 jobs over the next three years while addressing infrastructure needs now and for the future. At a time when people are facing global threats like climate change and inflation, they need government to have their back, not abandon them. If there's anything the last few years have taught us, it's that going it alone doesn't work. We're stronger when we work together. The choices we've made since 2017 and in our budget will help protect us through a slower global economy and help build a cleaner one that works better for people by tackling the big challenges we face right now. By working together and putting people at the center of all our choices, we built a strong foundation through some tough years. Now through budget 2024, we are taking action to strengthen healthcare, to deliver more housing, to keep costs down for people, leaving more money in people's pockets. I've heard how much our choices as a government have helped people, people like Tamara Herman, who is saving $2,100 a month on childcare. She said this has allowed her to go back to work full-time and be able to put money away for her kids' futures, helping her feel better off now than she did in years past. We will keep taking action for people so they can build a good life for themselves and their families here in British Columbia. Thank you.