News

Published August 14, 2023

Ontario adds $766M in new program spending using contingency funds

The deficit projection for 2023-24 remains at the $1.3 billion set out in the spring budget

Ontario spent about $766 million more than planned in the first quarter of this fiscal year, but the province's bottom line is the same since nearly all of that new spending came from contingency funds.

In the financial update released today by Finance Minister Peter Bethlenfalvy, the deficit projection for 2023-24 remains at the $1.3 billion set out in the spring budget.

Revenues and expenses are largely unchanged from the budget forecast, though a detailed look at the expenses sets out $766.6 million in new program spending.

About half of that is to develop industrial land for large-scale manufacturing, with money also going toward policing, flood protection in Toronto, affordable housing in Ottawa and Ontario's wine sector.

The vast majority of the $766.6 million comes from the contingency fund, which the budget set at $4 billion.

Ontario's fiscal watchdog has been critical of what he called this government's unusually large contingency funds, saying that type of accounting is not transparent.

This report by The Canadian Press was first published Aug. 14, 2023.

What do you think of this article?
+1
0
+1
0
+1
0
+1
0
+1
0
Advertisement
Advertisement
Advertisement

Have a breaking story?

Share it with us!
Share Your Story

What’s Barrie talking about?

From breaking news to the best slice of pizza in town! Get everything Barrie’s talking about delivered right to your inbox. Don’t worry, we won’t spam you. We promise :)
Subscription Form
Consent Info

By submitting this form, you are consenting to receive marketing emails from: Central Ontario Broadcasting, 431 Huronia Rd, Barrie, Ontario, CA, https://www.cobroadcasting.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Related Stories

Advertisement
Advertisement