Ontario should see a “modest” rebound from the slowing economy next year with growing revenues and budget surpluses that raise questions about the Ford government’s deficit projections, Ontario’s independent Financial Accountability Office says.
In its latest report on government finances, the watchdog agency forecasts a provincial deficit of $2.5 billion this fiscal year — dramatically lower than the $12.9 billion of red ink projected in Finance Minister Peter Bethlenfalvy’s fall economic statement last November.
The analysis released Tuesday finds Premier Doug Ford’s government will have $12.5 billion in “excess funds” over the next three years, with projected shortfalls of $5 billion in health spending and $1.1 billion on education.