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You are here: Home Canada Conservative Values No, Ontario's deficit isn't really down. In fact, current projections show it's grown by $400 million

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Conservative Values

No, Ontario's deficit isn't really down. In fact, current projections show it's grown by $400 million

Ontario's treasurer has some good news for the debt-burdened province: its deficit is down.

Well, the projected deficit for the fiscal year ending Monday is less than what they thought it might be, down about $1.6 billion to $10.9 billion, Finance Minister Charles Sousa announced Tuesday.

That's still an eye-popping figure compared to the province's total budgeted spending, about $130 billion a year. That's a shortfall of over 9%.

But the gap is smaller so that's good news, right? Yes and no.

Overall, Ontario's deficit is actually up over the 2013/14 fiscal year, which runs April 1 to March 31 of the following year. The 2013/14 final deficit figure was $10.5 billion.

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