Ontario Spent More than Expected, but Thanks to Reserves, Remains On-Track with 1.3B Deficit

Minister Bethlenfalvy (File photo - ON Govt. Youtube)

The Ontario government says the deficit projection for 2023-24 remains at the 1.3 billion mark set out in the spring budget.

A financial update from Finance Minister Peter Bethlenfalvy shows Ontario spent about 766 million dollars more than planned in the first quarter of this fiscal year.

He says outside factors are being felt by residents and the province alike.

He also says revenues and expenses are largely unchanged from the budget forecast, because the vast majority of the new spending comes from a contingency fund.