Ontario Continues to Beat Its Fiscal Targets
Government Taking a Responsible and Balanced Approach
Ontario's new deficit for 2013-14 is estimated to be $11.3 billion -- a $400 million improvement compared with the 2013 budget. This marks the fifth year in a row that the province is on track for a deficit lower than forecast.
The province's performance against its fiscal targets to date is the result of a responsible and balanced approach to fiscal management, and the government's commitment to ensuring value for taxpayers' money by making every dollar count.
With the economy around the world growing at a much slower pace, Ontario must continue to invest to help spur growth. The province will also continue to invest in important public services like health care and education, build modern infrastructure and support a dynamic and innovative business climate.
A measured and moderate approach to balancing the budget is part of the government's economic plan that is creating jobs for today and tomorrow. The comprehensive plan and its six priorities focus on Ontario's greatest strengths - its people and strategic partnerships.
- In the 2013 Ontario Economic Outlook and Fiscal Review, the government made its priority clear – that it will continue to protect investments in jobs, growth and families ahead of short-term targets.
- Since 2003, the province has invested nearly $100 billion in public infrastructure to increase Ontarians’ quality of life and business productivity after decades of underinvestment by previous governments.
- Ontario has the lowest per-capita program spending among provinces and the lowest total government revenue per person among all Canadian provinces, including funding from federal transfers.
- The government continues to manage public sector compensation and benefits costs. It has introduced legislation to control compensation of senior executives in the broader public sector, and to continue to freeze the salaries of Members of Provincial Parliament until the budget is balanced.
- Further details regarding 2013-14 fiscal performance will be provided in the upcoming 2014 budget.
“We continue to beat our fiscal targets in a way that is both fiscally responsible and fair, while protecting critical investments and public services for all Ontarians. Notwithstanding slower economic growth around the world, the Ontario government is determined to eliminate the deficit by 2017-18 in a balanced and responsible way.”