Sousa Sees Ontario 2012-13 Budget Gap at C$9.8 Billion

Ontario’s deficit in the fiscal year that ended on March 31 will be C$9.8 billion ($9.6 billion), Finance Minister Charles Sousa said.

That’s narrower than an October forecast of C$14.4 billion. Sousa, speaking in Toronto, lowered the province’s 2013 growth forecast to 1.5 percent, from 2.2 percent, and said he’s ‘fully committed’ to balancing the budget by the 2017-18 fiscal period.

Sousa said he will deliver the 2013-14 budget on May 2 at 4 p.m.

Asked about the impact of the lower deficit on Ontario’s debt-issuance plans, Sousa told reporters at a press conference, “Our borrowing is what it was in the last year,” adding “the market has been viewing Ontario very positively.”

Sousa’s Liberal Party government holds a minority of seats in the Ontario legislature and must win support from opposition lawmakers to pass budgets or face a fresh election.

“Our party will not be supporting this budget no matter what it says,” said Peter Shurman, a lawmaker from the opposition Progressive Conservative party.

To contact the reporter on this story: Ari Altstedter in Toronto at aaltstedter@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.