The financial picture in Ontario has improved significantly since the fall update. Finance Minister Peter Bethlenfalvy is now predicting a deficit of $13.1 billion in 2021-22 –$8.4 billion from the deficit forecast in the Fall Economic Statement. The report shows the government will spend an additional $2.3 billion in response to the Omicron variant, including additional funding to support hospitals, workers and business supports such as the Ontario Business Costs Rebate Program and the Ontario COVID-19 Small Business Relief Grant.
Said Bethlenfalvy, “our government’s plan for recovery will build Ontario with investments in new highways and hospitals, supports for workers and employers, and measures to put more money into the pockets of families and seniors.”
Revenues in 2021–22 are projected to be $176.7 billion — $22.6 billion higher than forecast in the 2021 Budget and $8.0 billion higher than projected in the 2021 Ontario Economic Outlook and Fiscal Review issued last fall.
Program expense is projected to be $175.8 billion — $2.8 billion higher than the 2021 Budget outlook. This includes a $1 Billion contingency cushion against unforeseen COVID related events,