FAO: BUDGET SURPLUSES FORECAST FOR NEAR FUTURE, OPPOSITION ALARMED OVER FUNDING SHORTFALLS

Oct 27, 2022

By Bob Komsic

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The provincial fiscal watchdog says strong revenue growth is projected to outpace spending up to the fiscal year 2027-28.

The Financial Accountability Office also foresees a $100-million surplus at the end of this fiscal year, and an $8.5-billion surplus in six years (2027-28).

Finance Minister Peter Bethlenfalvy announced last month that Ontario ended the last fiscal $2.1-billion in the black thanks to inflation and a strong economy.

What bothers the opposition parties is the FAO’s projected $40-billion shortfall in several areas; $23.4-billion in health, $6-billion in education, $4-billion in children, community and social services, $2.6-billion in post-secondary funding and $2.3-billion in justice.
NDP finance critic Catherine Fife says covering the projected shortfalls isn’t enough, adding New Democrats are calling on the government to invest more in health care, education, social services instead of racking up surpluses.
Liberal finance critic Stephanie Bowman says Doug Ford’s choosing to shortchange health care and education, denying residents the support they desperately need.
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