Ontario's 2012-13 deficit is $9.2 billion, $5.6 billion lower than projected in the 2012 Budget, including a further reduction of $0.6 billion since the 2013 Budget. For the first time in more than a decade, total government reported spending, due in part to one-time savings, fell from the previous year. At $122.6 billion, spending was $3.8 billion less than planned and 0.1 per cent lower than in 2011-12.
With this significant achievement, the government continues its strong track record of improving on the deficit projections through a balanced approach of fiscal discipline, responsible management, and strategic investments.
This fall, the Minister of Finance will continue to engage with people and business on the Path to Jobs and Growth Tour.
Ontario remains committed to controlling its spending but will also continue to invest in initiatives to create jobs and grow the economy while protecting health care and education. This approach will help achieve the government's goal of returning to a balanced budget by 2017-18.
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