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Ontario not expected to balance the budget until 2028-29: FAO

The latest report from Ontario's fiscal watchdog also outlined the province's stagnating economic growth over the past 24 months, which FAO chief economist Paul Lewis called the "slowest non-recession growth over a two-year period going back to the 1980s."

Published May 15, 2024 at 3:36pm

Davis Legree
Davis Legree
Ontario not expected to balance the budget until 2028-29: FAO
Ontario Premier Doug Ford speaks to journalists at the Queens Park Legislature in Toronto on Tuesday, September 5, 2023. (Chris Young/The Canadian Press)

Ontario's budgetary watchdog is anticipating a smaller deficit than what the provincial budget projected for the last fiscal year, but found the province isn't scheduled to balance the books until 2028-29.

In its economic and budget outlook report, the Financial Accountability Office (FAO) calculated a $0.9 billion deficit for the province during the 2023-24 fiscal year, smaller than the government's forecast of $3.0 billion.

Despite lower than expected revenue, the FAO found the deficit was reduced because projected governmental spending was $3 billion lower than originally predicted.

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