First Quarter Finances Show Strong Action Plan Working
McGuinty Government On Track to Eliminate Deficit
Ontario is on track to meet the projected $14.8-billion deficit in 2012-13 as outlined in the fiscal update released on April 25, 2012.
Today, the 2012-13 First Quarter Finances were released showing:
- Revenue outlook, at $112,587 million -- $14.3 million above the amount forecast in the April update.
- Expense outlook, at $126,407 million -- $14.3 million higher than forecast in the April update.
The government will continue to monitor economic and revenue performance and will provide further details in future fiscal updates.
The McGuinty government remains committed to managing growth in spending and eliminating the deficit by 2017-18 in order to preserve the long-term sustainability of services that Ontarians rely on, such as health care and education.
- The Ontario Quarterly Finances contains updated information about Ontario's fiscal outlook for the current fiscal year, including updated information about the major components of the revenues and expenses as set out in the fiscal plan. As required by the Fiscal Transparency and Accountability Act, the First Quarter Ontario Finances is released on or before August 15.
- Further details on the province's fiscal plan, including final results for 2011-12, will be provided in future fiscal updates.
“Although the Ontario economy continues to see moderate growth following the global economic recession, significant risks to the economic growth outlook persist, including the sovereign debt crisis in Europe and slower global economic growth. Eliminating the deficit remains the single most important thing the government can do to support sustained, strong growth of Ontario's economy. That's why the McGuinty government remains committed to prudently managing the province's finances.”