Ontario Budget Forecasts Surpluses Within A Year
The Government of Ontario’s latest budget forecasts that the province will begin posting surpluses within a year as revenue growth outpaces increased spending on healthcare.
The Ontario government introduced a budget that includes $205 billion in spending, largely on hospitals, homecare and hiring medical workers.
In the fiscal year that begins April 1, Ontario expects to run a budget deficit of $1.3 billion.
In the next fiscal year, Canada’s most populous province forecasts a budget surplus of $200 million, and then a $4.4 billion surplus the following fiscal year.
Government officials said they expect revenues this coming fiscal year of $200 billion, more than $20 billion higher than previously forecast due to an ongoing economic recovery from the COVID-19 pandemic.
In terms of spending, Ontario plans to allocate $20 billion to highways and transit projects and an additional $75 million over three years to its Skills Development Fund.
Ontario’s government previously pledged $1 billion over three years in new healthcare spending, and announced in this latest budget that it is speeding up that funding, allocating $569 million in the 2023-24 fiscal year.
Read:
Global Lithium Supply Under Pressure as South American Nations Discuss "Lithium OPEC"
International Lithium Buyers Looking to South America to Fill Supply Gaps
Race to Secure Critical EV Battery Metals Ahead of Chinese Dominance Fully Underway
Help is on the Way as Rising Alzheimer’s Cases Highlight Urgency for New Treatments
FDA’s Wave of Fast Track Designations Pushing Momentum in Healthcare Sector in 2023
The budget also puts $72 million toward expanding publicly funded procedures at private clinics – a move the province has said will help reduce healthcare wait times.
Ontario is also spending an additional $425 million over three years for mental health and addictions services.
The Government of Ontario’s fiscal year runs from April 1 to March 31.