Ontario Government Releases 2023-24 Public Accounts
The Ontario government has released the 2023-24 Public Accounts, detailing the province's financial performance for the fiscal year ending March 31, 2024. The report shows a deficit of $0.6 billion, an improvement from the forecasted $1.3 billion deficit in the 2023 Budget. This improvement is attributed to higher revenues, increased program spending, and lower-than-expected interest on debt expenses.
Key financial highlights from the Public Accounts include:
- Annual revenues increased by $13 billion from the previous year.
- Total investments across all programs amounted to $195.2 billion, marking a 4.7% increase in program spending compared to the previous fiscal year.
Significant investments noted in the report are:
- Infrastructure investments rose by 22.9% to $23.6 billion, covering projects such as roads, highways, public transit, hospitals, and schools.
- Health sector program spending increased by 8.9% to $85.5 billion.
- Education sector program spending grew by 7.6% to $37.2 billion, which includes support for enrolment growth, educator compensation, and the implementation of the Canada-wide Early Learning and Child Care system.
The government has received a clean audit opinion from the Province’s Auditor General for the seventh consecutive year. Ontario maintains a double-A credit rating with three of the four credit rating agencies, with Morningstar DBRS upgrading the province's credit rating in June 2024, the first upgrade since 2006.
The next financial update will be provided in the 2024 Ontario Economic Outlook and Fiscal Review, also known as the Fall Economic Statement, expected on or before November 15, 2024.
