Finance Minister Bethlenfalvy to release Ontario’s 1st quarter finances

TORONTO — Ontario’s Finance Minister is set to release the province’s first quarter finances today.

Peter Bethlenfalvy is expected to present his fiscal update in the legislature at 10 a.m.

Ontario’s budget for the 2023-24 fiscal year, released in March, suggested the province expects to run a $1.3-billion deficit before eking out a small surplus of $200 million in 2024-25, followed by a $4.4-billion surplus the following fiscal year.

The projected budget surpluses leaned heavily on higher-than-expected revenues to outweigh increased spending on health care, including boosts to hospitals, home care and the medical workforce.

Bethlenfalvy said at the time his plan showed it is possible to balance the budget while still investing in areas such as health care, housing and highways.

Ontario’s budget watchdog said in June the province’s spending plan shows there will be $22.6 billion in “excess funds” through to 2025-26 fiscal year which could pay for new programs, enhance existing ones, offset any new financial pressures or pay down the province’s net debt.