Provincial Budget to Confirm 2014-15 Deficit Target on Track to Be Beaten
Ontario Continues to Outperform Deficit Projections
Ontario continues to outperform deficit projections and is on track to a balanced budget by 2017-18.
At $10.9 billion, the projected deficit figure is $1.6 billion below the target of $12.5 billion. The lower deficit numbers confirm that the government is on track to implement its plan which is focused on prudent fiscal management, while continuing to invest in key areas like infrastructure.
Ontario is investing more than $130 billion in public infrastructure over 10 years and is looking at ways to unlock the value of provincial assets to help finance public infrastructure priorities across the province and help foster economic growth.
The province has now recovered all the jobs lost during the recession and added more than 500,000 net new jobs since the recessionary low in June 2009 -- the majority in industries paying above-average wages.
Strong fiscal management and unlocking the value of provincial assets are part of the government's economic plan for Ontario. The four-part plan is building Ontario up by investing in people's talents and skills, building new public infrastructure like roads and transit, creating a dynamic and supportive environment where business thrives and building a secure savings plan so everyone can afford to retire.
- By beating deficit targets, as established after the 2008-09 global recession, Ontario has reduced planned borrowing by $25 billion that would have otherwise been added to the province’s accumulated debt.
- The final 2014-15 fiscal numbers will appear in Public Accounts, which will be available by September 2015.
- Ontario has become a top destination in North America in attracting foreign direct investment projects.
- Investments in Ontario’s infrastructure raise GDP, boost productivity, increase the average Ontarians' annual income, and lower unemployment.
“Ontario will continue to invest in the priorities most important to Ontarians, like infrastructure, while continuing lowest per capita program spending among all Canadian provinces so we can promote growth and therefore jobs.”