Ontario records surplus in last fiscal year and a drop in education spending
Allison Jones, The Canadian Press
Published Friday, September 23, 2022 4:45PM EDT
TORONTO – Ontario ended the last fiscal year with a $2.1-billion surplus – a far cry from the $33-billion deficit projected in the budget – thanks to inflation and stronger economic growth, officials said Friday.
The surplus is a result of revenues that were 20 per cent higher than the 2021 budget forecast, largely coming from taxes, due to higher-than-expected inflation and nominal GDP growth more than five points higher than the average private sector forecast at the time of