Despite the headlines, the Ontario deficit is not truly up $3.1 billion -- or at least not yet. What is true is that, despite slower growth in the economy than planned, government revenue is up $2 billion more than planned in the spring Budget and spending is up much more modestly ($702 million on a total planned spend of $247 billion -- or about a quarter of one percent). So, for designated spending, the deficit is actually down almost $1.3 billion. Instead the government has nominally put larger amounts into its line items for its so-called reserve and contingency funds. Money that it often does not spend in whole, with the government often using significant parts of these funds to draw down the deficit at the end of the fiscal year. The government added $4.5 billion to these vague funds in this past week's Fall Economic Statement, bringing their current balance to a very large $7.1 billion. The increase on paper in these funds represents 150% of the increase ...
Defend Public Healthcare
Notes from Leftwords -- Doug Allan