Creating Jobs, Building Ontario
August 25, 2008 11:39 AM
Investing in Ontario Act Delivers $1.1 Billion for Municipal Infrastructure
The investment is expected to create as many as 11,000 construction jobs in the short term and make Ontario's economy more competitive in the long term.
The increase in infrastructure funding comes as a result of the government passing the Investing in Ontario Act, 2008. Because of that Act, the government's surplus above $600 million for the 2007-2008 fiscal year was able to flow to municipalities to fund infrastructure projects.
Today's announcement was triggered by the release of the 2007-08 Public Accounts, which show a $600 million surplus for the past fiscal year.
Investing in infrastructure is part of the McGuinty government's five-point economic plan to build a stronger economy.
QUICK FACTS
- This year, the Investing in Ontario Act, 2008 and regulation direct a portion of provincial surpluses to municipalities for infrastructure needs, such as improving roads and bridges, expanding transit and upgrading social housing.
- Every municipality in Ontario will benefit. $1.1 billion in capital grants will be paid to municipalities and $600 million will go towards reducing the province’s accumulated deficit.
- In 2007, the Ontario Chamber of Commerce did a survey of Ontario economic leaders and found “91% of those surveyed indicated that infrastructure was the most critical issue to be addressed today.”
- The 2007-08 Public Accounts were released today, and present the audited financial statements of the province, provide financial highlights of the past fiscal year, and report on performance against the goals set out in the 2007 Budget.
- With today’s announcement, in 2007-08 the McGuinty government invested a total of $9.9 billion in infrastructure to improve the province’s highways, public transit, municipal roads and bridges, hospitals, places to learn and other public assets. Of that, $3.5 billion has gone towards municipalities for infrastructure.
LEARN MORE
- See how the Investing in Ontario Act will be helping your community.
- Find out how Ontario’s five-point plan for the economy can help your family
- Find out how Ontario’s five-point plan for the economy can help your business
- Learn more about the Provincial-Municipal Fiscal and Service Delivery Review, the government’s commitment to working towards a sustainable, provincial-municipal relationship.
- See how Ontario is helping to build infrastructure across the province.
- Learn more about what's happening in Ontario's municipalities.
- The Investing In Ontario Act
- Ontario Supports Innovative Businesses In Commercializing Research By Post-Secondary Schools And Research Institutes
- The 2007-08 Public Accounts
ontario.ca/finance
"By investing in infrastructure in every Ontario community, we’re creating jobs for families and making our communities stronger."
– Dalton McGuinty
Premier of Ontario
"The Investing in Ontario Act is a balanced approach that will stimulate our economy by investing in municipal infrastructure while being prudent by paying down a portion of the accumulated deficit."
– Dwight Duncan
Minister of Finance
"Through this investment, the McGuinty government is taking another step forward in our relationship with our municipal partners. Municipal leaders now have the ability to choose their next infrastructure project, and to move that project forward."
– Jim Watson
Minister of Municipal Affairs and Housing
Communities
