Ontario's budgetary watchdog is anticipating a smaller deficit than what the provincial budget projected for the last fiscal year, but found the province isn't scheduled to balance the books until 2028-29.
In its economic and budget outlook report, the Financial Accountability Office (FAO) calculated a $0.9 billion deficit for the province during the 2023-24 fiscal year, smaller than the government's forecast of $3.0 billion.
Despite lower than expected revenue, the FAO found the deficit was reduced because projected governmental spending was $3 billion lower than originally predicted.