Table 19
Medium-Term Fiscal Plan and Outlook
($ Billions)

	Actual 2006–07	Current Outlook
		2007–08	2008–09	2009–10
Revenue Expense	90.4	94.1	95.7	99.0
Programs	79.3	84.3	85.6	88.8
Interest on Debt	8.8	9.1	9.2	9.4
Total Expense	88.1	93.4	94.8	98.2
Reserve	–	0.8	0.9	0.9
Surplus/(Deficit)	2.3	0.0	0.0	0.0
Investment in Capital Assets	2.1	3.5	3.5	4.0
Net Debt1	141.1	143.1	145.1	147.6
Accumulated Deficit1	106.8	106.8	106.8	106.8
Gross Domestic Product (GDP) at Market Prices	557.8	585.7	607.9	632.2
Net Debt as a per cent of GDP	25.3	24.4	23.9	23.3
Accumulated Deficit as a per cent of GDP	19.1	18.2	17.6	16.9

¹ Net Debt is calculated as the difference between liabilities and financial assets. The annual change in Net Debt is equal to the surplus/deficit of the Province plus the change in tangible capital assets and the change in net assets of hospitals, school boards and colleges. Accumulated Deficit is calculated as the difference between liabilities and total assets including tangible capital assets and net assets of hospitals, school boards and colleges. The annual change in the Accumulated Deficit is equal to the surplus/deficit. For fiscal 2006–07, the change in the Accumulated Deficit includes an adjustment to the unfunded liability of the Ontario Electricity Financial Corporation made at the beginning of the year.

Note: Numbers may not add due to rounding.

Table 20
2007–08 Fiscal Outlook — In-Year Change
($ Millions)

	Budget Plan 2007–08	Current Outlook 2007–08	In-Year Change
Revenue Expense	91,503	94,100	2,597
Programs	82,030	84,283	2,253
Interest on Debt	9,123	9,067	(56)
Total Expense	91,153	93,350	2,197
Reserve	750	750	–
Surplus/(Deficit)	(400)	0	400

 

Table 21
Revenue
($ Millions)

	2003–04			2004–05		2005–06			Actual 2006–07		Current Outlook 2007–08
Taxation Revenue
Personal Income Tax	18,301			19,320		21,041			23,655		24,318
Retail Sales Tax	14,258			14,855		15,554			16,228		16,711
Corporations Tax	6,658			9,883		9,984			10,845		11,421
Employer Health Tax	3,753			3,886		4,197			4,371		4,598
Ontario Health Premium	–			1,737		2,350			2,589		2,730
Gasoline Tax	2,264			2,277		2,281			2,310		2,348
Fuel Tax	681			727		729			723		748
Tobacco Tax	1,350			1,453		1,379			1,236		1,139
Land Transfer Tax	909			1,043		1,159			1,197		1,370
Electricity Payments-In-Lieu of Taxes	627			511		951			757		664
Other Taxes	347			283		292			399		396
	49,148			55,975		59,917			64,310		66,443
Government of Canada
Canada Health and Social Transfer (CHST)	7,345			–		–			–		–
Canada Health Transfer (CHT)	–			5,640		7,148			7,702		8,439
Canada Social Transfer (CST)	–			2,912		3,324			3,478		3,869
CHST Supplements	577			775		584			–		–
Social Housing	528			522		520			532		528
Infrastructure Programs	150			209		285			191		161
Wait Times Reduction Fund	–			242		243			467		468
Medical Equipment Funds	192			387		194			–		–
Other Government of Canada	1,101			1,195		953			1,666		3,245
	9,893			11,882		13,251			14,036		16,710
Income from Investment in Government Business Enterprises
Ontario Lottery and Gaming Corporation	2,106		1,992			2,027		1,945			1,786
Liquor Control Board of Ontario	1,045		1,147			1,197		1,307			1,343
Ontario Power Generation Inc. and Hydro One Inc.	(17)		444			1,107		947			756
Other Government Enterprises	(64)		(5)			(23)		(3)			2
	3,070		3,578			4,308		4,196			3,887
Other Non-Tax Revenue
Reimbursements	1,206		1,241			1,295		1,415			1,448
Electricity Debt Retirement Charge	1,000		997			1,021		991			1,013
Vehicle and Driver Registration Fees	985		976			763		970			1,032
Power Sales	510		610			779		863			831
Other Fees and Licences	594		506			550		624			585
Liquor Licence Revenue	488		489			516		467			455
Net Reduction of Power Purchase Contract Liability	104		236			396		412			398
Sales and Rentals	532		352			465		1,108			430
Royalties	248		278			191		215			217
Miscellaneous Other Non-Tax Revenue	622		721			773		790			651
	6,289		6,406			6,749		7,855			7,060
Total Revenue	68,400		77,841			84,225		90,397			94,100

 

Table 22
Total Expense
($ Millions)

	2003–04	2004–05	2005–061	Actual 2006–07	Current Outlook 2007–08
Ministry Expense
Aboriginal Affairs	15	21	50	25	38
Agriculture, Food and Rural Affairs	843	799	865	800	880
Attorney General	1,225	1,204	1,287	1,347	1,409
Board of Internal Economy	196	145	150	163	245
Children and Youth Services	2,597	2,788	3,267	3,260	3,669
Citizenship and Immigration	55	64	92	116	86
Community and Social Services	5,972	6,361	6,718	7,182	7,373
Community Safety and Correctional Services	1,690	1,732	1,750	1,877	1,931
Culture	327	344	475	410	350
Democratic Renewal Secretariat	–	2	2	6	8
Economic Development and Trade	76	70	176	199	332
Education	350	361	440	423	451
School Boards’ Net Expense	9,423	10,274	10,886	11,290	12,102
Energy	169	194	207	229	312
Environment	263	305	274	314	327
Executive Offices	24	19	19	19	18
Finance	691	539	583	569	445
Ontario Municipal Partnership Fund/Community Reinvestment Fund	651	626	714	758	917
Francophone Affairs, Office of	3	3	4	4	5
Government and Consumer Services	530	962	625	856	885
Health and Long-Term Care2	16,218	17,555	17,841	19,162	20,207
Hospitals’ Net Expense2	12,946	13,877	14,816	16,145	17,384
Health Promotion	202	236	290	391	373
Intergovernmental Affairs	6	13	10	11	9
Labour	117	129	141	147	161
Municipal Affairs and Housing	634	770	926	843	760
Natural Resources	623	559	628	734	782
Northern Development and Mines	189	320	337	318	356
Public Infrastructure Renewa3	(35)	41	107	426	444
Research and Innovation	160	236	332	316	328
Revenue	533	523	442	563	598
Small Business and Entrepreneurship	15	20	26	25	26
Tourism	212	167	210	204	209
Training, Colleges and Universities	2,811	3,293	3,504	4,110	4,452
Colleges’ Net Expense	1,090	1,289	1,185	1,273	1,454
Transportation	1,800	1,815	2,188	2,733	2,056
Other Expense
Capital Contingency Fund	–	–	–	–	1,115
Community Reinvestment Fund One-Time Transition Funding	–	233	–	–	–
Electricity Consumer Price Protection Fund	253	–	–	–	–
Interest on Debt	9,604	9,368	9,019	8,831	9,067
Move Ontario	–	–	1,232	6	–
One-Time and Extraordinary Assistance to Agricultural Sector	64	601	282	278	359
Operating Contingency Fund	–	–	–	–	614
Pension and Other Employee Future Benefits	309	458	729	557	533
Power Purchases	797	840	803	863	831
Teachers’ Pension Plan	235	240	295	345	349
Year-End Savings	–	–	–	–	(900)
Total Expense	73,883	79,396	83,927	88,128	93,350

¹ Starting in 2005–06, the Province’s financial reporting was expanded to include hospitals, school boards and colleges using one-line consolidation. Prior to 2005–06, historical figures reflect grants to these entities for comparison purposes.

² The 2003–04 expenses for Health and Long-Term Care and Hospitals include $824 million of SARS-related and major one-time health costs. The 2007–08 figures reflect a change in the presentation of expense in the Health Sector to be consistent with the 2006–07 Public Accounts. This change in presentation does not affect total expense.

³ Credit expense amount relates to consolidation adjustments between Ontario Realty Corporation and ministry to reflect net spending for the year.

Table 23
2007–08 Infrastructure Expenditures
($ Millions)

Sector	Total Infrastructure Expenditures 2006–07 Actual	2007–08 Current Outlook
		Investment in Capital Assets	Transfers and Other Expenditures in Infrastructure1	Total Infrastructure Expenditures
Transportation
Transit	1,624	598	493	1,091
Highways	1,426	1,549	154	1,703
Other Transportation	76	5	28	33
Health
Hospitals	375	623	5	628
Other Health	183	50	176	226
Education
School Boards	1,000	–	1,016	1,016
Colleges	73	184	0	184
Universities	52	–	77	77
Water/Environment	360	32	230	262
Municipal and Local Infrastructure2	473	2	549	551
Justice	102	89	47	136
Other	682	287	1,164	1,451
Total3	6,426	3,419	3,939	7,358

¹ Mainly consists of transfers for capital purposes to municipalities and universities, expenditures for servicing capital-related debt of schools, and expenditures for the repair and rehabilitation of schools. These expenditures are included in the Province’s Total Expenses in Table 22.

² Municipal and local water and wastewater infrastructure investments are included in the Water/Environment sector.

³ Total expenditures include $86 million in flow-throughs in Investment in Capital Assets (for provincial highways) and $160 million in flow-throughs in Transfers and Other Expenditures in Infrastructure ($28 million in Transportation, $45 million in Water/Environment, $87 million in Municipal and Local Infrastructure).

Table 24
Ten-Year Review of Selected Financial and Economic Statistics
($ Millions)

	1998-99	1999-00	2000–01
Financial Transactions
Revenue	56,050	65,042	66,294
Expense
Programs	49,036	53,347	53,519
Interest on Debt	9,016	11,027	10,873
Total Expense	58,052	64,374	64,392
Reserve	–	–	–
Surplus/(Deficit)	(2,002)	668	1,902
Net Debt3, 4	114,737	134,398	132,496
Accumulated Deficit3	114,737	134,398	132,496
Gross Domestic Product (GDP) at Market Prices	377,897	409,020	440,759
Personal Income	304,652	321,702	347,653
Population (000s)	11,367	11,506	11,685
Net Debt per Capita (dollars)	10,094	11,681	11,339
Personal Income per Capita (dollars)	26,801	27,959	29,752
Total Expense as a per cent of GDP	15.4	15.7	14.6
Interest on Debt as a per cent of Revenue	16.1	17.0	16.4
Net Debt as a per cent of GDP	30.4	32.9	30.1
Accumulated Deficit as a per cent of GDP	30.4	32.9	30.1

¹ Starting in 2002–03, major tangible capital assets owned by Provincial ministries (land, buildings and transportation infrastructure) are accounted for on a full accrual accounting basis. Other tangible capital assets owned by Provincial ministries will continue to be accounted for as expense in the year of acquisition or construction. All capital assets owned by consolidated organizations are accounted for on a full accrual basis.

² Starting in 2005–06, the Province’s financial reporting was expanded to include hospitals, school boards and colleges using one-line consolidation. Total expense prior to 2005–06 has not been restated to reflect expanded reporting.

³ Net Debt is calculated as the difference between liabilities and financial assets. The annual change in Net Debt is equal to the surplus/deficit of the Province plus the change in tangible capital assets and the change in net assets of hospitals, school boards and colleges. Accumulated Deficit is calculated as the difference between liabilities and total assets including tangible capital assets and net assets of hospitals, school boards and colleges. The annual change in the Accumulated Deficit is equal to the surplus/deficit. For fiscal 2005–06, the change in the Accumulated Deficit includes the opening combined net assets of hospitals, school boards and colleges that were recognized upon consolidation of these Broader Public Sector entities. For fiscal 2006–07, the change in the Accumulated Deficit includes an adjustment to the unfunded liability of the Ontario Electricity Financial Corporation made at the beginning of the year.

⁴ Net Debt is restated in 2003–04, 2004–05 and 2005–06 to reflect the value of hydro corridor lands transferred to the Province from Hydro One Inc.

Sources: Ontario Ministry of Finance and Statistics Canada.

Table 24

2001–02	2002–031	2003–04	2004–05	2005–062	Actual 2006–07	Current Outlook 2007–08
66,534	68,891	68,400	77,841	84,225	90,397	94,100
55,822	59,080	64,279	70,028	74,908	79,297	84,283
10,337	9,694	9,604	9,368	9,019	8,831	9,067
66,159	68,774	73,883	79,396	83,927	88,128	93,350
–	–	–	–	–	–	750