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.