Ford Government Releases Fiscal Update

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Thursday, 12 August 2021 09:59

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The Ford Government now projecting a deficit of $32.4-billion in 2021-22.

ONTARIO - The Ford Government has released it's first fiscal update since the 2021 Budget.

Finance Minister Peter Bethlenfalvy released Ontario’s 2021-22 First Quarter Finances this morning.

He's projecting a deficit of $32.4-billion in 2021-22, a improvement of almost $700-million compared to outlook in the 2021 Budget.

Bethlenfalvy says this is all thanks to prudent financial management and a stronger growth forecast for 2021.

“We’ve always been clear that it would be growth that would fuel our return to a more sustainable fiscal position. The continued growth in employment and the modest deficit improvement projected in the 2021–22 First Quarter Finances are evidence that our plan is working. But we will maintain our focus on the plan outlined in the 2021 Budget to get us through this crisis.”

Due to the uncertainty of the pandemic, especially in regards to the variants of concern, Bethlenfalvy says the province is also going to set aside $2.2 billion of this revenue for the Time-Limited COVID-19 Fund.

“Our flexible approach has served Ontario well throughout the pandemic. It will continue to ensure a lack of resources is never an obstacle in the Province’s response to COVID-19.”

The Ford Government will deliver it's next fiscal update on November 15th, 2021.

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