The Ontario government is projecting a deficit in the 2022-2023 fiscal year, although the newest figure is less drastic than a previous estimate. According t
Officials note Wednesday’s estimate is due to higher-than-expected revenues, driven by taxes. At $196.4-billion in 2022-2023, revenues will be $9.6-billion higher than projected in the fall fiscal update.
However, at $188.6-billion, overall program expenses are projected to be $3.4-billion higher than previous forecasts. Regarding the difference from the fall report, officials cite one-time costs relating to ongoing land and land-related claims with Indigenous communities. Other listed factors include COVID-19 pressures on the City of Toronto, the re-opening of college campuses and health measures in long-term care homes.
The interest on provincial debt is projected around $13.4-billion, which is slightly lower than previous estimates. Due to a rise of interest rates, Ontario’s cost of borrowing has risen to 4.0 per cent.“While today’s update is positive, Ontario and the rest of the world continue to face ongoing economic and geopolitical uncertainty,” said Finance Minister Peter Bethlenfalvy.
“Over the last few weeks, my colleagues and I have travelled across the province for pre-budget consultations, listening to what people and organizations need from this government,” continued Fife. “People and communities are suffering under immense pressure from a critical lack of support and resources.
The next financial update will be part of the 2023 budget, which will be released on or before March 31.Ctrl+Enter
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