This article was last updated on April 16, 2022
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Ontario’s budget watchdog, Financial Accountability Officer Stephen LeClair, has pointed out that the province’s Liberal government might not be able to balance the budget according to their plans. The report presented to the legislature alleged that Premier Kathleen Wynne’s government is anticipated to still be in a deficit of $3.5 billion in 2017-18, although Finance Minister Charles Sousa has promised to balance the books until then.
Addressing the audience at Queen’s Park on Wednesday, LeClair stated that “as a result of slower economic growth, I estimate that government revenue could be as much as $1 billion lower than planned in 2015-16.” LeClair pointed out that “the government’s 2015 budget includes ambitious plans to limit increases in program spending to 0.5 per cent got the next three years.” However, the legislative officer added that it “will not keep pace with population growth and inflation” and is about a third of the rate of actual spending increases over the past four years.
Furthermore, LeClair revealed that the overly optimistic assumptions could possibly result in a deficit of $5.2 billion in 2016-17. He stated that “at the time of the 2015 budget, private sector forecasters were projecting that nominal GDP (gross domestic product) — the broadest single measure of the tax base — would grow by an average of 4.3 per cent,” adding that “even with an economic rebound in the second half of 2015, we believe nominal GDP growth could be as low as 3 per cent this year.”
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