THUNDER BAY (ONTARIO September 23, 2022) “This surplus places Ontario in a stronger financial position in the short term,” the Ontario government stated in the statement.
Ontario was expected to return in fiscal 2027-2028 to a balanced budget.
This is great news for families who work hard to provide food for their families and to pay the increasing Federal Climate Change Taxes
Today, the Ontario government published the 2021-22 Public Accounting, which outlines the final audited financial results for the fiscal year ending March 31, 20,22.
Prabmeet Sarkar, President of The Treasury Board, stated that “our government made unprecedented investments into the people of Ontario in order to provide families and health care workers, educators, and businesses with a plan which will keep Ontario safe, open, and prepared.” These are the other.
Peter Bethlenfalvy Minister for Finance
“Despite the financial planning difficulties that jurisdictions experienced as a result, we made the prudent investments necessary for us to quickly and effectively respond to the ever-changing virus. We will continue to build Ontario’s Future.”
To build on Ontario’s historical spending in 2020-21, the government invested $170.5 million in 2021-22. This includes $9.6 billion in base funding for infrastructure, health care, and other initiatives that will help to make Ontario stronger.
The Public Accounts outline Ontario’s fiscal picture at the end of 2021-22, demonstrating that revenues exceeded the 2021 budget forecast, mainly due to Ontario’s resilient economy and higher-than-projected inflation. Ontario was left with a surplus of $2.1 billion, temporarily eliminating its deficit. This isn’t the only province in this situation. Other provinces, such as British Columbia, Saskatchewan, Alberta, and Quebec, have also released updated deficit figures for 2021-22.
The surplus position does not reflect the fiscal outlook for 2022-23, since the Public Accounts don’t consider forward-looking factors such as changes in the economy and future spending decisions.
This surplus is a positive for Ontario’s fiscal situation in the short-term, despite global economic uncertainty and rising costs of living. This allows the province to help people and businesses in times of economic uncertainty. The government will keep its fiscal flexibility and continue to invest in the infrastructure that Ontarians depend on, such as highways, public transportation, schools, hospitals, long-term care homes, and schools. This is especially important given the rising cost of labor and supplies.
The government will not only eliminate the cost of renewing license plates but also temporarily reduce the gas tax and remove road tolls from highways 412 & 418. It will also put its short-term stronger fiscal position to work by investing more money in the pockets of people.
In response to preliminary testing data showing that roughly half of grade 9 students struggle with math following two years of pandemic disruptions to their education, the government has increased funding for parents to help them catch up. This will increase direct payments to parents to $140 million. The total investment to parents this year is over $365 million.
Direct payments can be used by parents to pay for tutoring support or equipment and supplies that aid learning. In the coming weeks, the province will give details about when and how parents should expect to receive their direct payment.
Stephen Lecce (Minister of Education) stated that Ontario’s Plan to Catch up is designed to keep students in stable, normal classrooms and enjoy learning. It focuses on math and writing and teaches critical skills. We are providing an increased direct payment to parents as their children catch up in the face of rising living costs.
According to the Public Accounts, the government continues to invest in transportation, hospitals, and other critical infrastructure. The province spent $17.7B on infrastructure in 2021-22. This included $6.1B on public transit and $2.6B on provincial highways. It also invested $2.3B more in infrastructure than the prior year. There was an increase in spending on transit, schools and health care, as well as community infrastructure.
In 2021-22 Ontario spent $75.7 billion on the health sector. This is an increase of $6.2B from 2020-21, which includes a $5.2B increase in funding for base programmes. This represents the largest annual increase in health sector spending.
$1.8 billion to support the COVID-19 vaccine rollout and testing strategy in Ontario;
Additional hospital funding of $1.6 billion
$1.2 billion will be used to increase the use of health care services. This includes more visits by doctors and practitioners, higher spending on drugs programs to assist Ontario’s aging population, and the addition of new therapies.
$900 million to stabilize long-term and health care workforce. This includes support for the temporary retention incentive to Ontario’s nurses, the accelerated program and wage enhancement for personal and direct support workers, as well as the Long-Term Caring Staffing Plan, which will increase residents’ daily direct care.
The government of Ontario will present its fall economic statement by November 15. This will outline the next steps in the government’s plan to support people, businesses, and build on its record investments.
Minister of Finance Peter Bethlenfalvy stated that “The 2021-22 Public Accounts show that the government continues to make record investments in support of people and businesses while upholding our promise to bring regular, transparent fiscal updates to people of Ontario.” “With our approach, the province is well prepared for any economic uncertainty that may arise. We also continue to invest in infrastructure, health, education, and infrastructure.
The government plans to introduce legislation to stop the automatic pay rise MPPs receive when a province has a surplus. While many are experiencing financial difficulties due to rising costs, politicians shouldn’t be receiving raises.