The 2007-08 Public Accounts
The Public Accounts for each fiscal year are prepared under the direction of the Minister of Finance, as required by the Ministry of Treasury and Economics Act.
The Public Accounts include an Annual Report, Consolidated Financial Statements and summaries and analyses of Ontario's financial condition and fiscal results. The following figures highlight the changes between the government's projections for 2007-08 contained in the March 2007 Budget, the 2007-08 interim results reported in the 2008 Budget and the actual numbers released today:
|($ Billions)||2007 |
|Interim at |
* After our $1.1 billion investment in municipal infrastructure under the Investing in Ontario Act.
Note: Budget numbers may not add due to rounding.
2007-08 FINANCIAL HIGHLIGHTS
The province's financial results continued to improve, moving to a $600 million surplus position for the year ended March 31, 2008, from a $5.5 billion deficit in 2003-04.
Revenues exceeded the level projected in the original 2007-08 fiscal plan by $5.6 billion.
The additional revenues allowed the Ontario government to increase its in-year program expenditures on key priorities, particularly health care, education, social services and public transit and invest an additional $1.1 billion for municipal infrastructure under the Investing in Ontario Act.
Program expenses increased from the original plan by $5.6 billion while the expense for interest on debt was $0.2 billion lower, for a net increase of $5.4 billion in total expenses.
Because the increase in revenues was greater than the increase in expenses, the province is reporting a $600 million surplus after paying out $1.1 billion under the Investing in Ontario Act. This surplus is being used to reduce the accumulated deficit.
INVESTING IN ONTARIO ACT
Through the Investing in Ontario Act and regulation, a portion of the province's 2007-08 surplus is being directed to municipalities for infrastructure needs, such as improving roads and bridges, expanding transit and upgrading social housing. Previously, the government was required to use all year-end surpluses to help reduce the accumulated deficit.
The results in Ontario are similar to those reported by other Canadian jurisdictions. Four other provinces have reported for 2007-08 and achieved surpluses that went well beyond their budgetary plans.
The Public Accounts include three supplementary volumes:
- Volume 1: Consolidated revenue fund schedules and ministry statements on an accrual basis
- Volume 2: Financial statements of selected Crown corporations, boards, commissions, and other miscellaneous statements
- Volume 3: Detailed schedules of ministry payments
The Office of the Auditor General reviews the information in the annual report and the three supplementary volumes for consistency with the information presented in the financial statements.