Aug 14, 2023
By Kathy Hyde
Ontario spent about $766 million more than planned in the first quarter of this fiscal year, but the province’s bottom line is the same since nearly all of that new spending came from contingency funds.
In the financial update released Monday by Finance Minister Peter Bethlenfalvy, the deficit projection for 2023-24 remains at the $1.3 billion set out in the spring budget.
Revenues and expenses are also largely unchanged from the budget forecast, though a detailed look at the expenses sets out $766.6 million in new program spending.
Ontario’s fiscal watchdog has been critical of what he called this government’s “unusually large” contingency funds, saying that type of accounting is not transparent.