The Financial Accountability Office of Ontario says the province’s economic growth is expected to slow sharply this year with a modest recovery beginning next year.
TORONTO - Ontario’s economy will be “doom and gloom” before bouncing back next year, the province’s fiscal watchdog said Tuesday.
“We’re going to have a little bit more of the doom and gloom, but it’s not going to be as bad as I think people are afraid of,” said financial accountability officer Peter Weltman. “As a result, we’re now projecting that the province will record a budget deficit of $2.5 billion this fiscal year after a $2.1 billion budget surplus in the previous fiscal year,” Weltman said.But there is a $5-billion funding shortfall in the health-care sector and a $1.1 billion shortfall in education over that term, the report said.
“In this case, the government could claim rightly that overall there’s more than enough money in their spending plan to cover spending shortfalls that we’ve identified and still enhance programs or reduce the deficit,” Weltman said. “When the legislative assembly approves a spending plan, it has a certain amount of visibility into where that money’s going to go,” Weltman said. “But if a whole bunch of money is sitting in an unallocated fund, the assembly has absolutely no idea where that money’s going to go, and they won’t find out about it until they read one of our expenditure monitor reports.
The provinces and territories are seeking the share of health-care spending by the federal government increased to 35 per cent from 22 per cent.
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