Canada Global(Web News) Ontario has made it clear that the current fiscal year is going to end with a deficit of $4.5 billion.
Finance Minister Peter Bethlain-Felvey presented a report on the province’s third quarter financial situation on Monday. It was his last fiscal update before presenting the next budget at the end of March. The current deficit forecast for 2023–24 is $4·5 billion, 1·1 of Bethlenfelvy’s year-end economic statement. One billion dollars less.
Addressing the news conference, he said that he is happy that the burden of inflation on the heads of the people living in the province has reduced to some extent. This has provided long-needed relief to millions of Ontarians and their families. He also said higher interest rates from the Bank of Canada as well as fluctuations in consumer price inflation pose a threat to Ontario’s economy.
Since the fall economic statement, Ontario has also added some new spending. These include $1.7 billion for the health sector and $700 million for the City of Toronto.
