NEW: Ontario's budget watchdog says a look at the province's spending plan shows there will be $22.6 billion in 'excess funds' over the next few years.
Ontario's budget watchdog says a look at the province's spending plan shows there will be $22.6 billion in "excess funds" over the next few years.says through to 2025-26 the government's spending plan is $5.6 billion higher each year on average than the FAO's projections.
The $22.6 billion represents money that isn't needed to fund existing or announced programs, so it could go toward new programs, enhancing existing programs, offset any new financial pressures that materialize or pay down the province's net debt.If the government goes entirely for the latter option, the FAO says Ontario's debt burden would decline for an "unprecedented" seven consecutive years and result in a net debt-to-GDP ratio of 31.
The FAO estimates that the health sector represents about $4.4 billion in excess funds, but most of the rest are likely contingency funds. Finance Minister Peter Bethlenfalvy's office said in a statement that FAO reports show a "snapshot in time" that isn't reflective of actual government spending.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nine new forest fires in Northwestern OntarioThe largest of thee new fires discovered on Sunday is 37 hectares in size
Read more »
Ontario Teachers’ Pension Plan restructures real estate division, announces new head of Cadillac FairviewJohn Sullivan will step down from Cadillac Fairview, owned by Teachers’, after 25 years at the company
Read more »
Ford PCs ahead by 9 as Ontario Liberal leadership race kicks off: Abacus Data Poll - Abacus Data | Research + InsightFrom June 6 to 11, 2023, Abacus Data conducted a survey of 1,000 adults living in Ontario and asked several questions about Ontario politics. The full results can be found here: https://abacusdata.ca/wp-content/uploads/2023/06/Ontario-Politics-June-2023.pdf Here’s a quick summary of the results: METHODOLOGY The survey was conducted with 1,000 Ontario adults from June 6 to 11, 2023. A […]
Read more »
Tracing the tangled roots of a Northern Ontario canoeThis week Back Roads Bill traces back a canoe heritage name that is making a comeback
Read more »
Tracing the tangled roots of a Northern Ontario canoeThis week Back Roads Bill traces back a canoe heritage name that is making a comeback
Read more »
Corner store beer and wine back on the lobbying agendaA weekly roundup of lobbying registrations in Ontario
Read more »