Ontario Releases 2022-23 Public Accounts

Province delivers on Plan to Build through targeted investments in programs, services, and infrastructure

Caroline Mulroney, President of the Treasury Board and Peter Bethlenfalvy, Minister of Finance (photo @PBethlenfalvy)

TORONTO — Today, the Ontario government released the 2022-23 Public Accounts, which provide the final audited financial results of the province for the fiscal year ending March 31, 2023.

“As Ontario’s population continues to grow, the Public Accounts show that we are taking a targeted, responsible approach to the province’s fiscal plan, creating the conditions to attract jobs and investments, building critical infrastructure and, at the same time, providing Ontarians with the services they depend on,” said Caroline Mulroney, President of the Treasury Board. “We are committed to prudent management of taxpayer dollars, while making much needed investments to build a more resilient economy and a stronger Ontario.”

The 2022-23 Public Accounts illustrate that the government is delivering on its Plan to Build by investing $186.4 billion across all programs. This represents a $15.9 billion or 9.3 per cent increase over program spending in the previous fiscal year. Some key investments from the 2022-23 Public Accounts include:

  • Infrastructure spending increased by 8.5 per cent, to a total of $19.2 billion, to build highways, roads, schools, and other community infrastructure as part of the province’s Plan to Build.
  • Health sector base program spending increased by 8 per cent, to a total of $75.2 billion, to provide convenient and improved quality care to people in communities across the province.
  • Education sector base program spending increased by 16 per cent, to a total of $33.6 billion, supporting Ontario families. This increase includes the implementation of the Canada-wide Early Learning and Child Care Agreement, which reduces average out-of-pocket childcare fees for parents across the province.

“Despite the strong position Ontario is in today, we’re mindful that the province is not immune to any potential slowdown in economic growth,” said Peter Bethlenfalvy, Minister of Finance. “In the face of heightened economic and geopolitical challenges, including the Bank of Canada’s interest rate increases, we will continue to take a responsible and targeted approach to building a strong Ontario by supporting people and businesses today, while laying a strong fiscal foundation for future generations.”

The Public Accounts reports a 2022-23 deficit of $5.9 billion — $14.0 billion lower than the 2022 Budget projection, building on the government’s track record of strong fiscal management. This result mainly reflects higher taxation revenues due to strong economic growth and higher-than-expected inflation. Higher revenues were also reported by ministries and the broader public sector.

For the sixth year in a row the government has received a clean audit opinion from the Province’s Auditor General. The province is committed to providing regular reporting and to being open, honest and transparent about the state of Ontario’s finances.

Quick Facts

  • The Public Accounts note that since 2018-19, the government has increased spending in the health sector on average by 6.1 per cent per year from $61.9 billion to $78.5 billion, and 4.7 per cent per year in the education sector from $28.7 billion to $34.5 billion.
  • Ontario’s 2023-24 First Quarter Finances projects a deficit of $1.3 billion for 2023-24, which is unchanged from the outlook published in the 2023 Ontario Budget. The 2023 Ontario Economic Outlook and Fiscal Review will provide the next quarterly update on the province’s fiscal plan by November 15, 2023.
  • Following the 2023 Ontario Budget, Standard & Poor’s, Moody’s and DBRS Morningstar have all placed Ontario’s credit ratings on positive outlook, while Fitch confirmed Ontario’s credit rating with a stable outlook.

SOURCE Province of Ontario

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