Ontario says 2016 deficit was $991 million, beating target by $3.3 billion
Posted September 7, 2017 3:42 pm.
This article is more than 5 years old.
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.