This article was last updated on April 16, 2022
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Finance Minister of Ontario, Dwight Duncan, has announced Ontario’s projected deficit for 2012-13 to have decreased from $14.8 billion to $11.9 billion, resulting in a drop of almost $3-billion. The reduction of the projected deficit from last spring is attributed to higher than expected revenues and lower expenses. The revenue collected from corporate taxes was almost $1 billion more than expected, while revenues were also increased by sales tax and the land transfer tax.
The government has indented to spend $1.2 billion less than its initially set budget, primarily due to the lower than expected interest on debt, and savings incurred by reducing the ability of teachers to bank sick days and cash them out at retirement. Duncan shared that the government will hopefully do not feel the need of spending $1-billion reserve in the budget, hence it will only use half of it to reduce the deficit, while keeping the rest for any unforeseen events in coming future.
In a speech to the Canadian Club in Toronto, Duncan said, said that “Ontario continues to beat its deficit targets, a direct result of managing expenses while also protecting health care and education.” He added that “Ontarians don’t want deep, across-the-board cuts that would hurt their valued public services.” This announcement is perhaps going to be the last announcement of Duncan as he plans to resign from the position of finance minister at the end of this weekend. He has already offered to give up his Windsor-Tecumseh seat.
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