Ontario's budget is set to be tabled Thursday amid both surging revenues and a potential economic slowdown, and while the finance minister has been signalling “restraint,” he says that doesn't mean program cuts.
Finance Minister Peter Bethlenfalvy says the vision he will set out Thursday afternoon will be a plan to attract jobs and build - keeping on a favourite theme of Premier Doug Ford's infrastructure-focused government.
In the third-quarter finances released last month, the province cut its deficit projection for this year in half from that fall update - down to 6.5-billion dollars. Those booming revenues - due to higher-than-expected inflation and nominal GDP growth - were also responsible for Ontario ending 2021-22 with a surprise 2.1-billion-dollar surplus, which was a far cry from the 33-billion-dollar deficit projected in the 2021 budget.
The Ontario Chamber of Commerce, in its pre-budget submission, urged the government to not put too much focus on quickly balancing the budget.
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