BACKGROUNDER — November 14, 2016
The government’s balanced path to a balanced budget means choosing to make investments that help people in their everyday lives, while keeping an eye on the bottom line.
By managing government finances in a responsible and fiscally sound way, including taking a cautious approach to estimating pension expense, Ontario forecasts a balanced budget in 2017–18 and in 2018–19.
This balanced approach is the foundation for long-term fiscal sustainability and key programs and services Ontarians rely on such as child care, education and health care.
This bar chart shows Ontario’s actual deficits versus deficit targets from 2009–10 through 2015–16. In the 2009 Ontario Economic Outlook and Fiscal Review, Ontario projected a $24.7 billion deficit for 2009–10. The actual result for 2009–10 was a deficit of $19.3 billion. The 2010 Budget projected deficits of $19.7 billion for 2010–11, $17.3 billion for 2011–12, $15.9 billion for 2012–13, and $13.3 billion for 2013–14. The actual deficits were $14.0 billion in 2010–11, $13.0 billion in 2011–12, $9.2 billion in 2012–13, and $10.5 billion in 2013–14. In the 2014 Budget, Ontario projected a $12.5 billion deficit for 2014–15. The actual result for 2014–15 was a deficit of $10.3 billion. In the 2015 Budget, Ontario projected an $8.5 billion deficit for 2015–16. The actual result for 2015–16 was a deficit of $5.0 billion.
The bar chart also depicts the fiscal outlook outlined in the 2016 Ontario Economic Outlook and Fiscal Review for 2016–17 to 2018–19. The government is projecting a deficit of $4.3 billion in 2016–17 and balanced budgets in 2017–18 and 2018–19, consistent with the 2016 Budget plan.