Ontario lowers its deficit from $11.7B to $7.4B

Ontario’s deficit now stands at $7.4 billion, down from the $11.7 billion stated in the spring budget.

The government says the 2018-19 deficit improved due to higher-than-expected tax revenues and lower spending. The deficit is still projected to be $10.3 billion in 2019-20.

Expenses last year were lower than anticipated in education, children’s and social services and justice. Today’s public accounts financial update also says household disposable income increased by 5.4%. The government says that’s due to a number of factors, including
the previous Liberal government’s minimum wage increase.