Ontario’s 2023-24 Public Accounts Reveal Deficit Reduction and Increased Investments

TORONTO — The Ontario government has released the 2023-24 Public Accounts, revealing a deficit of $0.6 billion for the fiscal year ending March 31, 2024. This marks a significant improvement from the $1.3 billion deficit forecasted in the 2023 Budget, with the $700 million reduction attributed to higher-than-expected revenues, increased program spending, and lower interest payments on provincial debt.

“Our government’s targeted and responsible fiscal approach is supporting our plan to rebuild Ontario’s economy, keep costs down, and attract jobs and investment back to our province,” said Caroline Mulroney, President of the Treasury Board.

This morning, I was proud to stand with Minister Bethlenfalvy to release Ontario’s 2023-2024 Public Accounts.

This year’s Public Accounts marks the 7th consecutive clean audit opinion from the Auditor General, underscoring our government’s responsible plan to build for the… pic.twitter.com/PxKErkugrr

— Caroline Mulroney (@C_Mulroney) September 19, 2024

The Public Accounts highlight the government’s commitment to its fiscal strategy outlined in the 2023 Budget, Building a Strong Ontario. The province saw annual revenues rise by $13 billion compared to the previous year, while total investments in public programs reached $195.2 billion—a 4.7% increase over the last fiscal year.

Key highlights from the 2023-24 Public Accounts include:

• Infrastructure investments surged by 22.9%, with a total of $23.6 billion allocated to projects such as roads, highways, public transit, hospitals, schools, and other essential infrastructure.
• Health sector program spending rose by 8.9%, reaching $85.5 billion to improve access to healthcare services across Ontario.
• Education sector program spending increased by 7.6%, totaling $37.2 billion. These investments supported enrolment growth, educator compensation, and the continued rollout of the Canada-wide Early Learning and Child Care system, aimed at reducing childcare costs for Ontario families.

“The 2023-24 Public Accounts show we are taking a responsible, targeted approach to the province’s fiscal plan, making significant investments in health care, education, and social services,” stated Peter Bethlenfalvy, Minister of Finance. “We remain committed to providing regular and transparent fiscal updates to the people of Ontario.”

The province’s next financial update will be delivered in the 2024 Ontario Economic Outlook and Fiscal Review, also known as the Fall Economic Statement, by November 15, 2024.

This report reflects the government’s focus on sustaining key public services while maintaining fiscal responsibility in a challenging economic environment.