Ontario’s financial watchdog says the province spent $6.4B less in the first three quarters of fiscal year. Here's the breakdown:
The Ontario government spent $6.4 billion less than expected in the first three quarters of the 2022-2023 fiscal year, according to the province’s financial watchdog, with less funding being directed to health, education and municipal infrastructure projects., the Financial Accountability Office said the province expected to spend about $129.2 billion in the first three quarters of the fiscal year, but the actual unaudited spending was about $122.8 billion – roughly five per cent less.
The province spent nearly $1.2 billion less, or about 2.3 per cent less, in the health sector. A significant part of this is due to lower-than-expected spending—about $605 million less—for the COVID-19 response program, according to the FAO. About $3.5 billion of underspending can be found in “other programs,” which includes money tied to the operation of Metrolinx as well as municipal transit and infrastructure. Weltman said that underspending on infrastructure is a “perpetual thing” as it’s “hard to predict how projects will go.”
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