Ontario Fiscal Watchdog Projects Smaller Deficit Due to Lower-Than-Planned Spending

By The Canadian Press
The Canadian Press
The Canadian Press
July 19, 2022 Updated: July 19, 2022

Ontario’s fiscal watchdog is projecting a deficit $5.4 billion smaller than the most recent figure projected by the government.

The Financial Accountability Office said it arrived at its $8.1 billion deficit figure after reviewing government spending and finding that the province spent less than planned across all programs.

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

The watchdog report published today found the province spent $7.2 billion less than planned in the last fiscal year.

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

The FAO says the savings will go to reducing the province’s budget deficit and net debt.