Table of Contents
Foreword
Chapter I: Ontario’s Plan for Prosperity
Section A: Jobs and Growth
Highlights
- Investing in Knowledge and Skills
- Helping Job Creation and Economic Growth in Northern Ontario
- Job Opportunities through the Green Economy
- Short-Term Infrastructure Investments
- Ontario’s Tax Plan for Jobs and Growth
- Advancing the Poverty Reduction Agenda
Opening Ontario through Knowledge and Skills
Opening Ontario to Investment and Jobs
- Jobs and Growth for Northern Ontario
- Jobs in the Green Economy
- Expanding Opportunities through Clean Water Technologies
- Financial Services
- Opening International and Interprovincial Markets
Infrastructure Investments
Ontario’s Tax Plan for Jobs and Growth
Ontario’s Poverty Reduction Plan to Support Jobs and Growth
- Opportunities for Children
- Opportunities for Low-Income Working Adults
- Transforming Social Assistance
Section B: Managing Responsibly
Highlights
The Plan to Eliminate the Deficit
2009 Expenditure Management Review
Expenditure Management Measures
- Compensation Measures
- Base Operating Expense Frozen
- Slowing the Pace of Long-Term Infrastructure Investments
- Ongoing Comprehensive Expenditure Management Review
Transforming Public Services
- Transforming the Health Care System
- Transforming Ontario’s Benefit Programs
- Transforming Employment Ontario
Chapter II: Ontario’s Economic Outlook and Fiscal Plan
Section A: Overview
Highlights
Section B: 2009–10 Interim Fiscal Performance
Section C: Ontario’s Economic Outlook
Overview
- Signs of Economic Recovery in Ontario
- Ontario Was Hard Hit by the Global Recession
- Challenging Global Environment Affecting Ontario Outlook
- U.S. Economy Growing
- Oil Prices Rising
- Canadian Dollar Strengthening
- Interest Rates to Rise
- Impact on Ontario of Changes in Global Factors
- Outlook for Ontario’s Economic Recovery
- Details of the Ontario Economic Outlook
- Private-Sector Forecasts
- Comparison to the 2009 Ontario Budget
- Comparison to the 2009 Fall Economic Statement
Section D: Ontario’s Revenue Outlook
Introduction
Medium-Term Revenue Forecast
Changes since the Fall 2009 Ontario Economic Outlook and Fiscal Review
- Revised Presentation of 2009 Budget Forecast
- Revised Presentation of the Fall 2009 Ontario Economic and Fiscal Review Forecast
Risks to the Revenue Outlook
Section E: Ontario’s Fiscal Plan
Medium-Term Fiscal Outlook
- Key Changes since the Fall 2009 Ontario Economic Outlook and Fiscal Review
- Ontario’s Medium-Term Expense Outlook
- Risks to Expense Outlook
- Contingent Liabilities
- Fiscal Prudence
Section F: A Stronger Ontario for a Stronger Canada
Overview
- Federal Transfers and Support for a Stronger Ontario
- The Need for a Reliable Long-Term Funding Partner
- A Partnership for Results
Section G: Accountability, Transparency and Financial Management
Enhancing Public Understanding of Government Finances
Improved Transparency in Financial Reporting
Strengthening Accountability to the Public
Section H: Details of Ontario Finances
Support from Gaming for Health Care, the Ontario Trillium Foundation and Communities
Chapter III: Tax and Pension Systems for Ontario’s Future
Highlights
Ontario’s Tax Plan for Jobs and Growth
Details of Tax Measures
- Ontario Energy and Property Tax Credit
- Paralleling Federal Tax Measures
- Assisting Businesses with the Transition to the Harmonized Sales Tax
- Amendments to Sales Tax on Certain Types of Insurance
- Taxation of Corporate Groups
Technical Measures
- Supporting the Move to the Harmonized Sales Tax
- Land Transfer Tax Act: Reorganization of Charities
- Sustainable Funding for Tourism
Non-Tax Measures
Other Measures and Technical Amendments
Modernizing Pensions and the Retirement Income System
- Transforming the Pension System
- A Vision for Further Reform
- The Pension Benefits Guarantee Fund
- Tomorrow’s Retirement Income System
- Consultations
Chapter IV: Borrowing and Debt Management
Highlights
Long-Term Public Borrowing
Debt
Total Debt Composition
Debt-to-GDP Ratios
Cost of Debt
Risk Exposure
Consolidated Financial Tables
Glossary
List of Tables
Chapter I: Ontario’s Plan for Prosperity
- Table 1: Over 1,000,000 Ontarians Get Skills Training and Employment Assistance Annually
- Table 2: Northern Ontario Energy Credit
- Table 3: Ontario’s Fiscal Recovery Plan
Chapter II: Ontario’s Economic Outlook and Fiscal Plan
- Table 1: 2010 Budget — Numbers at a Glance
- Table 2: 2009–10 In-Year Fiscal Performance
- Table 3: Summary of Revenue Changes since the Fall 2009 Ontario Economic Outlook and Fiscal Review
- Table 4: Summary of Expense Changes since the Fall 2009 Ontario Economic Outlook and Fiscal Review
- Table 5: Ontario Economic Outlook
- Table 6: Economic Recovery Post-Recession
- Table 7: External Variables
- Table 8: Impacts of Sustained Changes in Key Assumptions on Ontario — Real GDP Growth
- Table 9: The Ontario Economy, 2008 to 2013
- Table 10: Private-Sector Forecasts for Ontario Real GDP Growth
- Table 11: Changes in Key Economic Forecast Assumptions,
2010 Budget Compared to 2009 Budget - Table 12: Changes in Key Economic Forecast Assumptions,
2010 Budget Compared to 2009 Fall Economic Statement - Table 13: Summary of Medium-Term Outlook
- Table 14: Personal Income Tax Revenue Outlook
- Table 15: Sales Tax Revenue Outlook
- Table 16: Corporations Tax Revenue Outlook
- Table 17: Summary of Medium-Term Revenue Changes since 2009 Ontario Economic Outlook and Fiscal Review
- Table 18: Summary of Medium-Term Outlook as of 2009 Budget
- Table 19: Summary of Medium-Term Outlook as of 2009 Ontario Economic Outlook and Fiscal Review
- Table 20: Selected Economic and Revenue Risks and Sensitivities
- Table 21: Medium-Term Fiscal Plan and Outlook
- Table 22: Fall 2009 Ontario Economic Outlook and Fiscal Review
Restated Medium-Term Fiscal Outlook - Table 23: Change in Fiscal Outlook since the Fall
2009 Ontario Economic Outlook and Fiscal Review - Table 24: Summary of Medium-Term Expense Outlook
- Table 25: Selected Expense Risks and Sensitivities
- Table 26: Medium-Term Fiscal Plan and Outlook
- Table 27: Revenue
- Table 28: Total Expense
- Table 29: Other Expense
- Table 30: 2010–11 Infrastructure Expenditures
- Table 31: Ten-Year Review of Selected Financial and Economic Statistics
- Table 32: Support for Health Care, Charities, and Problem Gambling and Related Programs
- Table 33: Support for Agricultural Sector and Municipalities
Chapter III: Tax and Pension Systems for Ontario’s Future
- Table 1: Supporting People and Public Service Bodies
- Table 2: Tax Plan for Jobs and Growth — Revenue Changes
- Table 3: 2010 Budget Impact Table
Chapter IV: Borrowing and Debt Management
- Table 1: 2009–10 Borrowing Program: Province and Ontario Electricity Financial Corporation
- Table 2: Medium-Term Borrowing Outlook: Province and Ontario Electricity Financial Corporation
- Table 3: Net Debt and Accumulated Deficit
- Table 4: Debt Maturity Schedule
- Table 5: Medium-Term Outlook
- Table 6: Derivative Portfolio Notional Value Interim 2010
List of Charts
Chapter I: Ontario’s Plan for Prosperity
- Chart 1: Increased Student Funding
- Chart 2: Increased Employment Ontario Investments
- Chart 3: Location of the Ring of Fire
- Chart 4: More Jobs in Ontario’s Financial Sector
- Chart 5: Infrastructure Stimulus Projects
- Chart 6: How Do the HST and Tax Cuts for Business Create Jobs?
- Chart 7: Supporting Families: Ontario Child Benefit and Social Assistance
- Chart 8: Ontario’s Plan to Eliminate the Deficit
- Chart 9: Improving Client Access for Ontario’s Benefit Programs
Chapter II: Ontario’s Economic Outlook and Fiscal Plan
- Chart 1: Ontario’s Medium-Term Fiscal Plan
- Chart 2: Ontario Employment Pre- and Post-Recession
- Chart 3: Real GDP to Recover Faster than Employment
- Chart 4: Employment Growth since May 2009
- Chart 5: Ontario Retail Sales
- Chart 6: Ontario Manufacturing Sales and International Merchandise Exports
- Chart 7: Ontario Home Sales
- Chart 8: Comparative Real GDP Declines, 2009
- Chart 9: Recession’s Impact on Employment, 2009
- Chart 10: U.S. Real GDP Growth
- Chart 11: Canadian Dollar
- Chart 12: Interest Rates
- Chart 13: Exports of Goods and Services Growing
- Chart 14: Recovery Supported by Strong Government Investment in 2010
- Chart 15: Over Half a Million Jobs Expected
- Chart 16: Ontario’s Growth Forecast for 2010 Improving since Fall 2009
- Chart 17: Lower Taxation Revenues due to Global Recession
- Chart 18: Ontario Corporations Tax Revenue Decline Largest
- Chart 19: Composition of Revenue, 2010–11
- Chart 20: Composition of Total Expense, 2010–11
- Chart 21: Composition of Program Expense, 2010–11
Chapter III: Tax and Pension Systems for Ontario’s Future
- Chart 1: Cutting Ontario’s METR on New Business Investment in Half
- Chart 2: Sales Tax Rebates, 2011–12
- Chart 3: Ontario Energy and Property Tax Relief
Chapter IV: Borrowing and Debt Management
- Chart 1: Borrowing — Domestic Market
- Chart 2: Total Debt Composition
- Chart 3: Net Debt-to-GDP
- Chart 4: Accumulated Deficit-to-GDP
- Chart 5: Net Debt-to-GDP, Provincial Comparison
- Chart 6: Net Debt-to-GDP, G7 Countries and Ontario
- Chart 7: Effective Interest Rate (Weighted Average) on Total Debt
- Chart 8: Net Interest Rate Resetting Exposure
- Chart 9: Foreign Exchange Exposure
