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Ontario deficit down to 1.9 billion higher revenue, use of reserve

A pile of Canadian $100 (hundred,) $50 (fifty,) and $20 (twenty) bills.
A pile of Canadian $100 (hundred,) $50 (fifty,) and $20 (twenty) bills.iStock / sam_wong
Ontarios finance minister says the provinces deficit for this fiscal year will be 1.9 billion.

Ontario's finance minister says the province's deficit for this fiscal year will be $1.9 billion.

The government had projected $4.3 billion in last year's budget, and the lower deficit puts the government closer to presenting a balanced budget this spring.

Finance Minister Charles Sousa released the province's third-quarter finances today and says revenue was $2.5 billion higher than projected and the net-debt-to-GDP ratio has fallen to 38.3 per cent from 39.6 per cent.

The finances show the government also used $600 million of the previously $1-billion reserve.

Expenses increased by $1.1 billion, spending that includes health care and an eight-per-cent rebate on electricity bills.

Spending on interest on the province's more than $300-billion debt was also lower than projected.
 

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