The Ontario Liberals will table the province’s budget on May 2, the first one under Premier Kathleen Wynne.
In a speech to the Economic Club of Canada Monday, Finance Minister Charles Sousa said the provincial deficit is $9.8 billion, a $5 billion reduction from last year’s forecast.
He also said the government is on track to eliminate the deficit by 2017/18.
But he warned that growth would be slower than anticipated.
“Last year, we projected that Ontario’s economy would grow by 2.2 per cent in 2013. We’ve had to adjust those projections because of slower global growth,” he said.
“So now we’re projecting growth of 1.5 per cent.”
Sousa said the government would keep program spending growth under 1 per cent.
Wynne won the Liberal leadership bid in January, three months after then-premier Dalton McGuinty announced his resignation amid several scandals and teacher labour strife.