Ontario deficit sits at $7.4-billion, half of what Premier Doug Ford originally claimed - 2019-09-13
Ontario's budget deficit now stands at $7.4-billion, nearly half of the $15-billion Premier Doug Ford claimed he inherited last year from the previous Liberal government – a figure critics have said was vastly inflated.
Treasury Board President Peter Bethlenfalvy and Finance Minister Rod Phillips gave a financial update Friday with the government's public accounts, saying the 2018-19 deficit improved over the $11.7-billion projection in the spring budget due to higher-than-expected tax revenues and lower spending.
In their last budget before the election last year, the Liberals projected a $6.7-billion deficit, but when the Progressive Conservatives came to power they said the province was $15-billion in the red. About $5-billion of that was the result of adopting different accounting methods.