2017-18 Third Quarter Finances

February 2018

Contents

A. 2017–18 Fiscal Outlook

B. Ontario’s Economic Outlook

C. Economic Performance

D. Details of Ontario’s Finances

E. Ontario’s 2017–18 Borrowing Program

Introduction

The Ontario Quarterly Finances report contains updated information about Ontario’s 2017–18 fiscal outlook, including updated information about the major components of revenue and expense as set out in the 2017 Budget.

Section A: 2017–18 Fiscal Outlook

The government is continuing to project a balanced budget in 2017–18, unchanged from the 2017 Budget forecast.

New investments reported in the 2017–18 Third Quarter Finances — all accommodated within the fiscal plan — include additional funding for the Ontario Student Assistance Program (OSAP) to support higher than forecasted applications and awards, funding to make transit more affordable for commuters who use PRESTO to transfer between the Toronto Transit Commission (TTC) and GO Transit or the Union Pearson Express (UP Express), and disaster recovery support for Ontarians in Windsor and Essex County who experienced damages caused by flooding events.

Ontario’s economic outlook remains largely on track with that presented in the 2017 Ontario Economic Outlook and Fiscal Review. Private-sector forecasts, on average, estimate 2.9 per cent growth in Ontario real gross domestic product (GDP) in 2017, up from 2.4 per cent in the 2017 Budget. In 2017, 128,400 net new jobs were created, the highest number since 2003, and in recent months, the unemployment rate has declined to its lowest level since 2000.

Additional details on the Province’s fiscal performance for 2017–18 will be provided in the 2018 Budget.

2017–18 In-Year Fiscal Performance1
($ Millions)
  2017–18
Budget Plan
2017–18
Current Outlook
2017–18
In-Year Change
Revenue 150,019 150,134 115
Expense – Programs 137,173 137,388 215
Expense – Interest on Debt 12,246 12,246
Total Expense 149,419 149,634 215
Surplus/(Deficit) Before Reserve 600 500 (100)
Reserve 600 500 (100)
Surplus/(Deficit) 0 0
[1] Amounts reflect a presentation change for hospitals, school boards and colleges. This does not impact the Province’s annual surplus/deficit results, net debt or accumulated deficit. Please see the 2017 Ontario Economic Outlook and Fiscal Review for further information.
Note: Numbers may not add due to rounding.

Revenue

The revenue outlook is unchanged from the 2017 Ontario Economic Outlook and Fiscal Review. Total revenue is projected to be $150.1 billion, $115 million higher than the 2017 Budget plan. The increase is a result of higher Government of Canada revenues and net income from Government Business Enterprises, partially offset by lower taxation revenues. 

A broad range of risks could materially affect the 2017–18 revenue outlook. The government will continue to monitor economic and revenue developments and provide further details in future fiscal updates.

Expense

The 2017–18 total expense outlook is $149.6 billion, $215 million higher than the 2017 Budget forecast. Since the 2017 Ontario Economic Outlook and Fiscal Review, a number of program expense changes have been accommodated within the fiscal plan.

2017–18 Expense Changes since the 2017 Budget
($ Millions)
  2017–18
Net Changes in Program Expense Reported in the 2017 Ontario Economic Outlook and Fiscal Review 215
Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review – Additional OSAP Funding 118
Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review – Supporting Children with Autism 28
Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal ReviewOSAP Aid to Eligible College Students 20
Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review – Emergency Forest Firefighting 18
Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review – Disaster Recovery Assistance 13
Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review – Discounted Double Fare (DDF) between GO/UP and TTC 8
Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review – Correctional Services Transformation — Jahn Consent Order 2
Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review – Indigenous Youth and Community Wellness Secretariat 1
Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review – Pan-Canadian Public Awareness Campaign to End Violence against Indigenous Women and Girls 1
Total Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review 208
Less: Funds Existing in the Fiscal Framework  (208)
Net Program Expense Changes since the 2017 Ontario Economic Outlook and Fiscal Review
Interest on Debt 
Total Expense Changes since the 2017 Budget 215
Note: Numbers may not add due to rounding.

Key changes to program expense offset from the contingency funds include:

  • An additional investment of $118 million for OSAP to support a higher than forecast number of applications and awards;
  • An increase of $28 million to support children entering the Ontario Autism Program;
  • An additional investment of $20 million to provide OSAP aid to eligible college students whose study period was extended past the normal end date due to the strike;
  • An increase of $18 million to support emergency forest firefighting activities until the end of the 2017 fire season;
  • An increase of $13 million through the Disaster Recovery Assistance for Ontarians program and the Municipal Disaster Recovery Assistance program to support municipalities and Ontarians for damages caused by flooding events in spring 2017;
  • Funding of up to $8 million related to a fare discount for PRESTO card users who transfer between GO Transit or UP Express and the TTC;
  • An increase of $2 million under Correctional Services Transformation to comply with the Jahn consent order;
  • Funding of $1 million to operationalize a new temporary Indigenous Youth and Community Wellness Secretariat mandated to better coordinate the government’s response to ongoing crises in First Nation communities; and
  • Funding of $1 million to support the Indigenous-led pan-Canadian public awareness campaign to end violence against Indigenous women and girls.

Other changes to program expense include the following transfers between ministries:

  • A transfer of $2 million from the Ministry of Agriculture, Food and Rural Affairs to the Ministry of Energy for energy efficiency initiatives as part of the Main Street Enhancement Fund;
  • A transfer of $1 million from the Ministry of the Attorney General to the Ministry of Community Safety and Correctional Services to establish an Ontario Serious Fraud Office; and
  • A transfer of $1 million from the Ministry of Finance to the Ministry of Health and Long-Term Care to develop a proof-of-concept digital registration and authentication service for immunization records, which was one of the top three ideas selected for Budget Talks during consultations for the 2017 Budget.

The Province’s interest on debt expense forecast at $12.2 billion is unchanged from the 2017 Budget forecast.

Fiscal Prudence

The 2017–18 outlook maintains a $500 million reserve, $100 million lower than in the 2017 Budget. Maintaining the reserve at this level protects the fiscal outlook against adverse changes in the Province’s revenue and expense, including those resulting from changes in Ontario’s economic performance.

The current outlook also maintains contingency funds to help mitigate expense risks — particularly in cases where health and safety may be compromised or services to the most vulnerable are jeopardized — that may otherwise adversely affect Ontario’s fiscal performance.

Section B: Ontario’s Economic Outlook

Ontario’s economic growth outlook remains largely consistent with the 2017 Ontario Economic Outlook and Fiscal Review. As of January 29, 2018, private-sector forecasters, on average, project Ontario’s real GDP to increase by 2.9 per cent in 2017 and 2.3 per cent in 2018, similar to projections made at the time of the 2017 Ontario Economic Outlook and Fiscal Review.

In January, the International Monetary Fund’s World Economic Outlook Update projected growth for the world economy of 3.7 per cent in 2017, slightly stronger than the forecast at the time of the 2017 Ontario Economic Outlook and Fiscal Review. The improved outlook reflects slightly stronger growth estimates for both advanced and emerging market economies. The global growth forecast for 2018 was also revised higher to 3.9 per cent.

Downside Risks Impacting the Economic Outlook

There are a number of risks that could affect Ontario’s economic outlook. Rising interest rates and tighter mortgage borrowing requirements could cause a greater than expected slowdown in household spending and housing market activity. Potential changes to the North American Free Trade Agreement (NAFTA) could disrupt trade patterns and affect Ontario exporters. Recent tax reform in the U.S. may lessen Ontario’s competitiveness and weaken business investment.

Section C: Economic Performance

Ontario’s economy continues to grow in an uncertain global environment. Real GDP advanced by 0.3 per cent in the third quarter (July to September) of 2017, following solid gains in the first (+1.1 per cent) and second (+0.8 per cent) quarters of 2017.

The strength of Ontario’s economy has supported steady employment gains. Employment in Ontario advanced by 128,400 net new jobs (+1.8 per cent) in 2017, following a gain of 76,400 (+1.1 per cent) in 2016. The unemployment rate continues to steadily decline, reaching a 17-year low in late 2017 and remaining below the national average for 32 consecutive months.

Most key economic indicators, including retail sales, wholesale trade and manufacturing sales, posted solid gains in 2017, while housing market activity moderated following strong gains early in the year.

Ontario Key Economic Indicators
(Seasonally adjusted per cent change from previous period, unless indicated otherwise)
  Monthly 2017
October
Monthly 2017
November
Monthly 2017
December
Quarterly
2017Q3
Quarterly
2017Q4
Annual
2016
Annual
20171
Gross Domestic Product – Real GDP N/A N/A N/A 0.3 N/A 2.6 N/A
Gross Domestic Product – Nominal GDP N/A N/A N/A 0.3 N/A 4.3 N/A
Labour Market – Labour Force (Change in 000s) 15.5 13.3 9.7 30.4 52.5 63.4 90.3
Labour Market – Employment (Change in 000s) 2.5 37.0 6.1 66.8 58.4 76.4 128.4
Labour Market – Unemployment Rate (%) 5.8 5.5 5.6 5.7 5.6 6.5 6.0
Other Key Economic Indicators – Retail Sales 1.0 0.3 N/A 0.7 N/A 7.1 6.9
Other Key Economic Indicators – Housing Starts (23.9) 63.3 (32.3) 22.4 (11.7) 6.8 5.6
Other Key Economic Indicators – MLS Home Resales 3.1 7.8 3.3 (11.5) 13.6 9.7 (9.5)
Other Key Economic Indicators – Manufacturing Sales (2.5) 5.8 N/A (5.0) N/A 4.0 2.0
Other Key Economic Indicators – Wholesale Trade 0.9 1.7 N/A 1.4 N/A 6.4 9.5
Other Key Economic Indicators – Consumer Price Index2 1.3 1.9 1.5 1.5 1.6 1.8 1.7
[1] Data for retail sales, manufacturing sales and wholesale trade is calculated on a year-to-date basis up to November 2017.
[2] Per cent change from a year earlier, data not seasonally adjusted.
N/A = Data not available.
Sources: Statistics Canada, Ontario Ministry of Finance, Canada Mortgage and Housing Corporation and Canadian Real Estate Association.

Section D: Details of Ontario’s Finances

Revenue1
($ Millions)
  2017–18
Budget Plan
2017–18
Current Outlook
2017–18
In-Year Change
Taxation Revenue – Personal Income Tax 35,032 33,289 (1,743)
Taxation Revenue – Sales Tax2 26,011 26,308 297
Taxation Revenue – Corporations Tax 13,817 15,396 1,579
Taxation Revenue – Education Property Tax3 6,002 5,970 (32)
Taxation Revenue – Employer Health Tax 6,117 6,174 57
Taxation Revenue – Ontario Health Premium 3,789 3,700 (89)
Taxation Revenue – Gasoline Tax 2,663 2,693 30
Taxation Revenue – Land Transfer Tax 3,139 2,869 (270)
Taxation Revenue – Tobacco Tax 1,291 1,230 (61)
Taxation Revenue – Fuel Tax 746 755 9
Taxation Revenue – Beer and Wine Tax 619 606 (13)
Taxation Revenue – Electricity Payments In Lieu of Taxes 405 405
Taxation Revenue – Other Taxes 466 472 6
Total Taxation Revenue 100,097 99,867 (230)
Government of Canada – Canada Health Transfer 14,340 14,340
Government of Canada – Canada Social Transfer 5,307 5,307
Government of Canada – Equalization 1,424 1,424
Government of Canada – Infrastructure Programs 2,328 2,328
Government of Canada – Labour Market Programs 977 977
Government of Canada – Social Housing 412 412
Government of Canada – Other Federal Payments 893 1,038 145
Government of Canada – Direct Transfer to Broader Public Sector Organizations 399 399 -
Total Government of Canada 26,080 26,225 145
Government Business Enterprises – Ontario Lottery and Gaming Corporation 2,134 2,334 200
Government Business Enterprises – Liquor Control Board of Ontario 2,137 2,137
Government Business Enterprises – Ontario Power Generation Inc./Hydro One Ltd. 617 617
Total Government Business Enterprises 4,888 5,088 200
Other Non-Tax Revenue – Reimbursements 984 984
Other Non-Tax Revenue – Vehicle and Driver Registration Fees 1,934 1,934
Other Non-Tax Revenue – Electricity Debt Retirement Charge 623 623
Other Non-Tax Revenue – Power Supply Contract Recoveries 292 292
Other Non-Tax Revenue – Sales and Rentals 3,006 3,006
Other Non-Tax Revenue – Carbon Allowance Proceeds 1,778 1,778
Other Non-Tax Revenue – Other Fees and Licences 984 984
Other Non-Tax Revenue – Net Reduction of Power Purchase Contract Liability 74 74
Other Non-Tax Revenue – Royalties 265 265
Other Non-Tax Revenue – Fees, Donations and Other Revenues from Hospitals, School Boards and Colleges 7,975 7,975
Other Non-Tax Revenue – Miscellaneous Other Non-Tax Revenue 1,039 1,039
Total Other Non-Tax Revenue 18,954 18,954
Total Revenue 150,019 150,134 115
[1] Amounts reflect a presentation change for hospitals, school boards and colleges. This does not impact the Province’s annual surplus/deficit results, net debt or accumulated deficit. Please see the 2017 Ontario Economic Outlook and Fiscal Review for further information.
[2] Sales Tax revenue is net of the Ontario Sales Tax Credit and the energy component of the Ontario Energy and Property Tax Credit.
[3] Education Property Tax revenue is net of the property tax credit component of the Ontario Energy and Property Tax Credit and the Ontario Senior Homeowners’ Property Tax Grant.
Note: Numbers may not add due to rounding.
Total Expense1
($ Millions)
Ministry Expense 2017–18
Budget Plan
2017–18
Current Outlook
2017–18
In-Year Change
Accessibility Directorate of Ontario (Total) 20.1 20.2 0.1
Advanced Education and Skills Development (Total) 10,933.3 11,071.7 138.5
Agriculture, Food and Rural Affairs – Agriculture, Food and Rural Affairs (Base) 949.1 987.3 38.2
Agriculture, Food and Rural Affairs – Time-Limited Investments in Infrastructure 77.4 77.4
Agriculture, Food and Rural Affairs (Total) 1,026.5 1,064.7 38.2
Attorney General (Total) 1,937.5 1,936.2 (1.3)
Board of Internal Economy (Total) 225.8 225.8
Children and Youth Services (Total) 4,443.8 4,473.1 29.3
Citizenship and Immigration (Total) 112.5 112.3 (0.2)
Community and Social Services – Community and Social Services (Base) 12,409.6 12,389.3 (20.3)
Community and Social Services – Time-Limited Investments in Affordable and Supportive Housing 9.3 9.3
Community and Social Services (Total) 12,418.9 12,398.6 (20.3)
Community Safety and Correctional Services (Total) 2,776.8 2,780.1 3.3
Economic Development and Growth/Research, Innovation and Science (Total) 971.0 978.9 7.9
Education – Education (Base) 27,537.9 27,691.1 153.2
Education – Teachers’ Pension Plan (531.0) (531.0)
Education (Total) 27,006.9 27,160.1 153.2
Energy – Energy (Base) 511.9 513.9 2.0
Energy – Electricity Cost Relief Programs 1,438.0 1,435.8 (2.2)
Energy – Strategic Asset Management and Transformation Related to Hydro One 100.0 100.0
Energy (Total) 2,049.9 2,049.7 (0.2)
Environment and Climate Change (Total) 1,023.3 1,114.6 91.3
Executive Offices – Executive Offices (Base) 56.1 58.5 2.4
Executive Offices – Time-Limited Assistance 4.0 4.0
Executive Offices (Total) 56.1 62.5 6.4
Finance – Finance (Base) 932.9 929.3 (3.6)
Finance – Ontario Municipal Partnership Fund 505.0 506.3 1.3
Finance – Power Supply Contract Costs 292.0 292.0
Finance (Total) 1,729.9 1,727.6 (2.3)
Francophone Affairs (Total) 5.3 6.8 1.4
Government and Consumer Services (Total) 593.3 593.3
Health and Long-Term Care (Total)  57,924.5 57,953.8 29.3
Indigenous Relations and Reconciliation – Indigenous Relations and Reconciliation (Base) 85.8 88.7 3.0
Indigenous Relations and Reconciliation – One-Time Investments, Including Settlements 5.0 21.6 16.6
Indigenous Relations and Reconciliation (Total) 90.8 110.3 19.6
Infrastructure – Infrastructure (Base) 173.0 216.7 43.7
Infrastructure – Federal–Provincial Infrastructure Programs 689.4 684.4 (5.0)
Infrastructure (Total) 862.4 901.1 38.7
International Trade (Total) 61.6 62.2 0.6
Labour (Total) 311.8 316.5 4.7
Municipal Affairs/Housing – Municipal Affairs/Housing (Base) 955.0 956.2 1.3
Municipal Affairs/Housing – Time-Limited Investments 10.0 22.9 12.9
Municipal Affairs/Housing – Time-Limited Investments in Municipal, Social and Affordable Housing 297.0 297.0
Municipal Affairs/Housing (Total) 1,262.0 1,276.1 14.1
Natural Resources and Forestry – Natural Resources and Forestry (Base) 754.6 775.0 20.5
Natural Resources and Forestry – Emergency Forest Firefighting 69.8 117.3 47.5
Natural Resources and Forestry (Total) 824.4 892.3 68.0
Northern Development and Mines (Total) 767.1 777.9 10.7
Seniors Affairs (Total) 35.3 35.9 0.6
Status of Women (Total) 25.8 25.8
Tourism, Culture and Sport (Total) 1,390.5 1,388.9 (1.6)
Transportation – Transportation (Base) 4,213.7 4,224.7 11.0
Transportation – Time-Limited Investments in Infrastructure 1,112.6 1,112.6
Transportation (Total) 5,326.2 5,337.3 11.0
Treasury Board Secretariat – Treasury Board Secretariat (Base) 336.8 335.7 (1.1)
Treasury Board Secretariat – Employee and Pensioner Benefits  1,208.0 1,208.0
Treasury Board Secretariat – Operating Contingency Fund  515.0 139.7 (375.3)
Treasury Board Secretariat – Capital Contingency Fund  100.0 49.9 (50.1)
Treasury Board Secretariat (Total) 2,159.8 1,733.4 (426.4)
Interest on Debt2 12,245.6 12,245.6
Year-End Savings3 (1,200.0) (1,200.0)
Total Expense 149,418.8 149,633.5 214.7
[1] Amounts reflect a presentation change for hospitals, school boards and colleges. This does not impact the Province’s annual surplus/deficit results, net debt or accumulated deficit. Please see the 2017 Ontario Economic Outlook and Fiscal Review for further information.
[2] Interest on debt is net of interest capitalized during construction of tangible capital assets of $292 million in 2017–18.
[3] As in past years, the Year-End Savings provision reflects efficiencies through in-year expenditure management and underspending due to factors such as program management and changes in project startups and implementation plans.
Note: Numbers may not add due to rounding.
2017–18 Infrastructure Expenditures
($ Millions)
Sector 2017–18
Current Outlook
Investment in Capital Assets1
2017–18
Current Outlook
Transfers and Other Infrastructure Expenditures2
2017–18
Current Outlook
Total Infrastructure Expenditures3
Transportation – Transit 5,440 1,736 7,176
Transportation – Provincial Highways 2,900 120 3,020
Transportation – Other Transportation, Property and Planning 172 183 355
Health – Hospitals 2,588 295 2,883
Health – Other Health 81 261 342
Education 2,636 53 2,689
Postsecondary – Colleges and Other 977 13 990
Postsecondary – Universities 399 399
Social 20 462 481
Justice 107 227 334
Other Sectors4 651 960 1,610
Total 15,572 4,708 20,280
[1] Includes $292 million in interest capitalized during construction.
[2] Includes transfers to municipalities, universities and non-consolidated agencies.
[3] Includes third-party investments in hospitals, colleges and schools; and provisional federal contributions to Provincial infrastructure investments.
[4] Includes government administration, natural resources, culture and tourism sectors.
Note: Numbers may not add due to rounding.
Review of Selected Financial and Economic Statistics
($ Millions)
  2013–14 2014–15 2015–16 Actual
2016–17
Current Outlook 2017–18
Revenue 122,955 126,152 136,148 140,734 150,134
Expense – Programs 122,253 125,246 128,074 130,016 137,388
Expense – Interest on Debt1 11,155 11,221 11,589 11,709 12,246
Total Expense 133,408 136,467 139,663 141,725 149,634
Reserve 500
Surplus/(Deficit) (10,453) (10,315) (3,515) (991) 0
Net Debt 267,968 285,403 295,372 301,648 311,653
Accumulated Deficit 176,634 187,511 192,029 193,510 193,510
Gross Domestic Product (GDP) at Market Prices 695,354 726,053 762,029 794,835 829,808
Primary Household Income 472,921 489,436 512,566 528,419 550,810
Population – July (000s) 13,556 13,680 13,790 13,976 14,193
Net Debt per Capita (dollars) 19,767 20,863 21,419 21,583 21,958
Household Income per Capita (dollars) 34,887 35,776 37,170 37,808 38,809
Interest on Debt as a Per Cent of Revenue 9.1% 8.9% 8.5% 8.3% 8.2%
Net Debt as a Per Cent of GDP 38.5% 39.3% 38.8% 38.0% 37.6%
Accumulated Deficit as a Per Cent of GDP 25.4% 25.8% 25.2% 24.3% 23.3%
[1] Interest on debt is net of interest capitalized during construction of tangible capital assets of $134 million in 2013–14, $202 million in 2014–15, $165 million in 2015–16, $158 million in 2016–17, and $292 million in 2017–18.
Note: Numbers may not add due to rounding.
Sources: Ontario Ministry of Finance and Statistics Canada.

Section E: Ontario’s 2017–18 Borrowing Program

Borrowing Program
($ Billions)
  2017–18
Budget Plan
2017–18
Current Outlook
2017–18
In-Year Change
Deficit/(Surplus) 0.0 0.0
Investment in Capital Assets 13.1 13.1
Non-Cash Adjustments (6.7) (6.7)
Loans to Infrastructure Ontario 0.4 0.4
Other Net Loans/Investments (0.8) (0.7) 0.0
Debt Maturities 17.5 17.4 (0.1)
Debt Redemptions 0.1 0.1
Total Funding Requirement 23.7 23.6 (0.1)
Canada Pension Plan Borrowing
Decrease/(Increase) in Short-Term Borrowing
Increase/(Decrease) in Cash and Cash Equivalents 6.0 6.0
Pre-Borrowing from 2016–17 (3.2) (3.8) (0.5)
Pre-Borrowing in 2017–18 for 2018–19 8.1 8.1
Total Long-Term Public Borrowing Requirement 26.4 33.9 7.4
Note: Numbers may not add due to rounding.

As of February 6, 2018, the Province had pre-borrowed $8.1 billion for 2018–19. Subject to market conditions, the Province may continue to pre-borrow over the remainder of the 2017–18 fiscal year.

Approximately 62 per cent of this year’s borrowing has been completed in Canadian dollars, with the remainder issued in U.S. dollars, euros, pound sterling, Swiss francs and Australian dollars.

($ Billions)
Canadian Dollar Issues 21.1
Foreign Currency Issues 12.8
Total 33.9

Ministry of Finance: www.fin.gov.on.ca

For general inquiries regarding the 2017–18 Third Quarter Finances, please call:

Toll-Free English and French inquiries: 1-800-337-7222
Teletypewriter (TTY): 1-800-263-7776

© Queen’s Printer for Ontario, 2018

Chart: Ontario Real GDP Growth

This bar chart shows the 2017 Ontario Economic Outlook and Fiscal Review forecast and private-sector average forecast for Ontario real GDP growth in 2017 and 2018. The 2017 Ontario Economic Outlook and Fiscal Review projected Ontario real GDP to rise by 2.8 per cent in 2017 and 2.1 per cent in 2018. As of January 29, 2018, private-sector forecasters, on average, estimated that Ontario real GDP increased by 2.9 per cent in 2017, unchanged from the increase expected at the time of the 2017 Ontario Economic Outlook and Fiscal Review. The private-sector forecast average for Ontario real GDP growth in 2018 is 2.3 per cent, up from the 2.2 per cent increase expected at the time of the 2017 Ontario Economic Outlook and Fiscal Review.

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