Ontario says 2016 deficit was $991 million, beating target by $3.3 billion

By The Canadian Press

The Ontario government posted a $991-million deficit last year — beating its 2016 projections by $3.3 billion.

Ontario Finance Minister Charles Sousa and Treasury Board President Liz Sandals made the announcement on Thursday as they released the province’s 2016-2017 public accounts.

The government attributes the results to billions of increased revenue, a cut in program spending, and smaller interest costs to service the province’s debt.

Ontario’s auditor general has questioned the province’s decision to include a pair of public pensions as assets.

But the government maintains it is following established accounting practices by doing so.

Sousa says the province will balance its budget in 2018-2019 ahead of next spring’s provincial election.

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