Ontario’s fiscal oversight agency predicts lower deficits due to lower-than-planned spending


The main entrance to the Ontario Parliament in Queen’s Park will be seen in Toronto on June 18, 2021. (Canadian Press / Chris Young)

Ontario’s fiscal oversight agency predicts a deficit of $ 5.4 billion less than the latest government forecast.

The Treasury Accountability Department said it had reached a $ 8.1 billion deficit after reviewing government spending and discovering that the state was spending less than planned for all programs.

The government had predicted a $ 13.5 billion deficit in its most recent budget.

According to the Watchdog Report released today, state spending is $ 7.2 billion less than last year’s plan.

There was also a $ 1.8 billion balance left in the unallocated contingency.

FAO states that savings will lead to a reduction in the state’s budget deficit and net debt.

Canadian press