Ontario Lowers 2013-14 Deficit Forecast by C$400 Million

Ontario, Canada’s most populous province, decreased its deficit forecast by C$400 million ($362 million) for the last fiscal year while projecting lower revenue for the current year.

Ontario’s budget shortfall will be C$11.3 billion for the 2013-14 fiscal year that ended March 31, down from a previous estimate of C$11.7 billion, Finance Minister Charles Sousa said today in a speech in Toronto.

Revenue for the 2014-15 fiscal year will be C$3.5 billion less than forecast in the last budget because of slower-than-expected economic growth worldwide, Sousa said.

He reiterated a promise to balance the books by the 2017-18 fiscal year.

“Notwithstanding slower economic growth around the world, the Ontario government is determined to eliminate the deficit,” Sousa said in the speech.

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

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net Jacqueline Thorpe, Steven Frank

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.