Ontario’s budget watchdog predicts lower deficit due to lower-than-expected spending

Ontario’s budget watchdog projects a deficit of $5.4 billion lower than the most recent figure projected by the government.

The Office of Financial Accountability said it arrived at its $8.1 billion deficit figure after reviewing government spending and finding the province was spending less than planned across all programs.

The government forecast a deficit of $13.5 billion in its last budget.

Today’s monitoring report shows the province spent $7.2 billion less than planned in the past fiscal year.

There also remained a balance of $1.8 billion in unallocated contingency funds.

The FAO says the savings will be used to reduce the province’s budget deficit and net debt.

This report from The Canadian Press was first published on July 19, 2022.


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