We’re going to get details about the province’s fiscal health moving forward in a COVID-19 world when the government presents the 2020 budget on Nov 5.
The announcement was made at Premier Doug Ford’s media briefing on Monday.
The government says the budget will focus on providing supports to families, workers, and employers, and laying the foundation for future growth, renewal and economic recovery.
“To start us down the road to recovery, we need a healthy workforce. That’s why we have put the health and safety of every Ontarian first during this pandemic,” said Premier Ford. “Getting people back to work, creating more jobs and attracting investment are also important priorities for our government. The upcoming Budget will strike a balance that will focus on continuing to protect everyone’s health and safety, while creating the right conditions for our economic recovery.”
The province said the budget will build on the government’s action plan to COVID-19, which the premier said was updated this summer to make available a projected $30 billion in response to the global pandemic.
COVID-19 has taken a heavy toll on the provincial piggy bank.
In August, Finance Minister Rod PhillipS said the deficit would reach $38.5 billion by the end of 2020-21. At the time, he said the pandemic created an “unprecedented health crisis” and the province had to spend billions to support the healthcare sector and help businesses and residents weather the storm.
“The budget I will be introducing on Thursday, November 5 will provide a three-year outlook that will build our government’s $30 billion response to COVID-19,” Phillips told Monday’s media briefing. “We will get back on the traditional budget calendar with another multi-year update by the end of March 2021 that will outline a plan to return Ontario to a fiscally sustainable path.”