TORONTO — The Ontario government recently released the 2023-24 Public Accounts, which provide the final audited financial results of the province for the fiscal year ending March 31, 2024.
The Ontario government recorded a $0.6 billion deficit for the fiscal year ended March 31, 2024, compared to a forecasted deficit of $1.3 billion in the 2023 Budget. This nearly $700 million improvement resulted from a combination of higher revenues, increased program spending and lower-than-planned interest on debt expense.
“Our government’s targeted and responsible fiscal approach is supporting our plan to rebuild Ontario’s economy, keep costs down and attract jobs and investment back to our province,” said Caroline Mulroney, President of the Treasury Board. “As we continue to face global economic uncertainty, we remain focused on implementing this plan, including through historic infrastructure investments in the schools, hospitals, roads and highways the people of Ontario depend on.”
Public Accounts show that the government is delivering on its commitment set out in the 2023 Budget: Building a Strong Ontario with annual revenues climbing by $13 billion from the previous year, and total investments of $195.2 billion across all programs. This represents a 4.7 per cent or $8.8 billion increase in program spending over the previous fiscal year. Notable investments highlighted in the 2023-24 Public Accounts include:
- Infrastructure investments increased by 22.9 per cent, to a total of $23.6 billion, to build more roads, highways, public transit, hospitals, schools, and other community infrastructure.
- Health sector program spending increased by 8.9 per cent, to a total of $85.5 billion, to continue to connect people to the care they need, closer to home.
- Education sector program spending increased by 7.6 per cent, to a total of $37.2 billion, supporting Ontario families. This increase includes support for enrolment growth, educator compensation, and the continued implementation of the Canada-wide Early Learning and Child Care system, which reduces average out-of-pocket child care fees for parents across the province.
“The 2023-24 Public Accounts show we are taking a responsible, targeted approach to the province’s fiscal plan, making significant investments in health care, education and social services,” said Peter Bethlenfalvy, Minister of Finance. “The Public Accounts demonstrate that the government has continued to make investments to support people and businesses, while upholding our commitment to bring regular and transparent fiscal updates to the people of Ontario.”
The government will provide its next financial update as part of the 2024 Ontario Economic Outlook and Fiscal Review, also referred to as the Fall Economic Statement, on or before November 15, 2024.