Ontario records $5.9B deficit for the last fiscal year
Ontario ended the last fiscal year with a smaller deficit than projected in the 2022 budget, but it was several billion dollars higher than in a fiscal update from the province six weeks ago.
Treasury Board President Caroline Mulroney and Finance Minister Peter Bethlenfalvy released the province's public accounts for 2022-23 on Wednesday – which looks at the final numbers for the last fiscal year – and it showed the province ended the year with a $5.9 billion deficit.
That was lower than the $19.9 billion deficit projected in the government's 2022 budget for that fiscal year.
The ministers said the decrease was mainly due to higher taxation revenues, particularly in corporate taxes and sales tax, reflecting higher-than-expected inflation and strong economic growth.
In mid-August, however, Bethlenfalvy had released the province's first-quarter finances, which pegged the 2022-23 deficit at $2.2 billion.
He said Wednesday that the change in those figures was "reasonable."
"First off, that deficit is one of the smallest changes in deficits to what we forecasted over the last six years," he said.
"The last five years and certainly through COVID have been more challenging, if I can say, to forecast revenues and expenditures. So I think that small of a delta, a change, is pretty reasonable, frankly. Also, I've said many times, we've got to make sure that as we come out of COVID, that we continue to fortify our health-care system, that we continue to build infrastructure."
Ontario spent significantly more money in 2022-23 than in the previous year – $198.8 billion compared to $183 billion. The government said expenses are higher in children's and social services, and education due to higher demand.
Health spending was $1.4 billion lower than the plan in the budget, mainly due to lower public demand for COVID-19 vaccines and testing, the government said.
"The Public Accounts confirm that our government is delivering on its plan to build and providing services where they are needed most," Mulroney said.
"This includes affordable housing, transit, highways, hospitals, long-term care homes, schools and daycares."
In the last public accounts, the government showed it ended 2021-22 with a $2.1 billion surplus, a far cry from the $33-billion deficit projected in the 2021 budget.
This report by The Canadian Press was first published Sept. 27, 2023.
CTVNews.ca Top Stories
'No one has $70,000 dollars lying around': Toronto condo owners facing massive special assessment
The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage. '$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,' said Ligeng Guo.
Police ID mom, daughter killed in Old Montreal; video shows person break into building before fatal fire
Police released the identities of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
Tropical Storm Milton forms in Gulf of Mexico, could intensify as a hurricane threatening Florida
Tropical Storm Milton has formed in the Gulf of Mexico. It is located 220 miles (355 kilometres) north-northeast of Veracruz, Mexico.
'I screamed in shock and horror': Family faces deadly Vancouver hit-and-run driver during sentencing
The sentencing of the man who pleaded guilty in the deadly hit-and-run in Kitsilano two years ago began on Friday.
Inter Miami star Lionel Messi draws a crowd for arrival at Toronto's BMO Field
Argentine star Lionel Messi was on the bench to start Inter Miami CF's game in Toronto on Saturday.
Frequent drinking of fizzy beverages and fruit juice are linked to an increased risk of stroke: research
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton’s McMaster University.
Northwestern Ont. woman charged with arson with disregard for human life
A 30-year-old northwestern Ontario woman has been charged with arson following a structure fire Thursday night, police say.
Looking for cheap flights for the holidays? Here are some tips to remember
Travelling on a budget can be stressful, but there are ways you can ensure you're getting the best deal on flights as the holiday season approaches.
A French judge in a shocking rape case allows the public to see some of the video evidence
A French judge in the trial of dozens of men accused of raping an unconscious woman whose now former husband had repeatedly drugged her so that he and others could assault her decided on Friday to allow the public to see some of the video recordings of the alleged rapes.