On Air Now More FM with Mike Alan 4:00pm - 7:00pm
Now Playing Honeymoon Suite New Girl Now

Province Reports Surplus For 2021-22 Fiscal Year

Ontario's deficit temporarily eliminated.

The Ontario government has released details of the province's audited finances for the last fiscal year. 

Over the last year, the province has invested over $75 billion in the health sector, which included investments in the province's COVID-19 testing strategy and funding for hospitals and health care services. 

It also spent $17.7 billion on infrastructure, including public transit and provincial highways. 

According to the Public Accounts, the province was left with a surplus of $2.1 billion, temporarily eliminating Ontario's deficit. 

Revenues exceeded the 2021 budget forecast, due to Ontario's economic recovery and higher-than projected inflation. 

This surplus position is not indicative of the 2022-23 fiscal outlook, as the Public Accounts do not consider any forward-looking factors, such as the impact of changes in the economy or future spending decisions.

The government is expected to table Ontario's fall economic statement by November 15th. 

More from Local News