The return to surplus is not expected until 2026.
ONTARIO - The Ford Government has unveiled the provincial budget and it includes a deficit of $3.0 billion for the 2023-2024 fiscal year.
It also includes a $9.8 billion deficit for 2024-2025, a $4.6 billion deficit for 2025–2026, and a surplus of $0.5 billion for 2026–2027.
Finance Minister Peter Bethlenfalvy released the budget in Queens Park yesterday.
"In the face of global economic uncertainty and high-interest rates that continue to put pressure on Ontario families, our government is taking a responsible approach by investing to rebuild Ontario’s economy without raising taxes. As we invest in key public services and infrastructure, including new roads, highways, and the largest public transit expansion in North America, we refuse to offload the costs onto hardworking Ontario families or municipalities at a time when they’re counting on us to keep costs down."
The items in yesterday's budget include an additional $2 billion for home and community care over three years, a $200 million community sport and recreation infrastructure fund, a $100 million investment for the Skills Development Fund Training Stream this year, and an investment of $152 million over the next three years to support various housing initiatives for vulnerable people.
The province is also extending the 5.7 per litre cut to the gas tax until the end of 2024. It was due to expire in June.
Our government has released the 2024 Ontario Budget: Building a Better Ontario, a plan to rebuild Ontario’s economy and keep costs down while taking a responsible approach to the province’s finances.
— Peter Bethlenfalvy (@PBethlenfalvy) March 26, 2024
Learn more about what’s in #ONBudget2024: https://t.co/lm6u8eKWki pic.twitter.com/v6TMiUZatr
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