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Province Releases First Quarter Finances

Web posted on August 16, 2017

August 15, 2017 the Ontario government released the 2017-18 First Quarter Finances , which confirm Ontario is on track to balance the budget this year while making investments in the programs and services people and families rely on most.

Ontario's quarterly finances contain updated information about Ontario's fiscal outlook for the current fiscal year, including updated information about the major components of the revenues and expenses as set out in the 2017 Budget. As required by the Fiscal Transparency and Accountability Act, the First Quarter Ontario Finances is released on or before August 15.

Key projections from the report include:

  • Total revenue of $141.8 billion, up $145 million from the 2017 Budget
  • Provincial program expense of $129.6 billion, up $145 million from the 2017 Budget
  • Interest on debt expense of $11.6 billion, unchanged from the 2017 Budget forecast

A balanced budget means better health care, including new hospitals and free prescription medications for everyone under 25 through OHIP+: Children and Youth Pharmacare. It means 100,000 more kids will have access to high quality, licensed child care. And it means seniors will benefit from new and improved facilities to stay active and engaged in their communities.

"Supporting ongoing economic growth is a top priority for our government. We are encouraged by the influx of many innovative and dynamic businesses that are investing across the province, bringing good jobs, higher wages and greater prosperity to our communities. We will continue to implement our balanced plan to build a healthy and sustainable economy for all of Ontario." Charles Sousa, Minister of Finance.

Responsibly managing the province's finances is part of our plan to create jobs, grow our economy and help people in their everyday lives.