Ontario’s 2024-25 Public Accounts Show Record Investments and Smaller Deficit
Province reports $1.1B deficit, far below forecast, while boosting spending on health, education, and infrastructure
TORONTO — Ontario has released its 2024-25 Public Accounts, revealing a smaller-than-expected $1.1 billion deficit alongside record spending to strengthen health care, education, and infrastructure.
The audited results, covering the fiscal year ending March 31, 2025, highlight an improved financial picture compared to the $9.8 billion deficit projected in the 2024 Budget. Higher-than-anticipated tax revenues and stronger public sector results drove the improvement.
Our government is making historic investments to protect Ontario.
Today, @PBethlenfalvy joined me to announce the 2024-2025 Public Accounts, which for the eighth time in a row have received a clean audit opinion from the Auditor General.
Learn more: https://t.co/slNkUUsig9 pic.twitter.com/AiTxD50xJl
— Caroline Mulroney (@C_Mulroney) September 26, 2025
Caroline Mulroney, President of the Treasury Board, said the province’s fiscal management is protecting both workers and Ontario’s long-term competitiveness.
“Our government’s historic investments are helping protect Ontario’s economy and workers even as we continue to maintain a strong financial position in the face of tariffs and economic uncertainty,” Mulroney said. “These investments, including highways, public transit, schools and homes, will build the infrastructure our province needs to support strong and safe communities, keep workers on the job and drive economic growth.”
Spending Highlights
Ontario spent $212.1 billion across programs in 2024-25, an increase of 8.7% from the prior year. Infrastructure spending grew by nearly 24%, marking the second straight year of 20%+ growth.
Key investments included:
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Health care: Spending rose 7.2% to $91.6 billion, aimed at expanding services, improving access, and strengthening the workforce.
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Education: Funding increased 3.3% to $38.4 billion, supporting new schools, expansions, and upgrades.
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Postsecondary education: Spending grew 6.9% to $14.1 billion, bolstering training for in-demand careers.
Peter Bethlenfalvy, Minister of Finance, said the Public Accounts underscore Ontario’s focus on balancing investment with fiscal responsibility.
“By making strategic investments we are transforming Ontario into the most competitive place to invest in the G7, while building a more self-reliant and resilient economy in this time of economic uncertainty,” Bethlenfalvy said.
Revenues and Debt Costs
The province reported $226.2 billion in revenues, an 8.2% increase over the previous year. Debt servicing costs were $1.3 billion lower than forecast, thanks to reduced borrowing costs.
Broader Context
The 2024-25 Public Accounts arrive as Ontario continues to confront economic uncertainty stemming from U.S. tariffs and global market challenges. Officials stressed the importance of maintaining flexibility to support households and businesses if conditions worsen.
The report also notes Ontario’s strong credit standing, with ratings of AA- from S&P and AA from Morningstar DBRS, reflecting investor confidence in the province’s fiscal direction.
What’s Next
As part of its regular financial updates, the government confirmed it will release the 2025 Ontario Economic Outlook and Fiscal Review—also known as the Fall Economic Statement—on or before November 15, 2025.
The Public Accounts received a clean audit opinion from Ontario’s Auditor General, the eighth consecutive year for such an approval.
Ontario leaders framed the results as evidence of both economic resilience and commitment to long-term growth. With billions flowing into infrastructure, healthcare, and education, officials say the province is positioning itself to remain competitive while shielding workers and communities from external shocks.
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