The Ford government says Ontario is on track to having a provincial surplus by the year 2023-2024.
In the provincial budget dropped on Thursday afternoon, the province says it is forecasting a deficit of of $11.7 billion in 2018-19. The figure represents a $3.3 billion improvement from the $15 billion that was left behind by the previous government, according to its “Big Fiscal” predictions outlined in the document.
“Halting unnecessary spending, ensuring value for taxpayer dollars and directing public funds to those who need it the most” is behind the cost savings.
“Ontario has developed a responsible debt burden reduction strategy that will restore fiscal health, preserve critical services and help hard-working individuals and families make ends meet. It will do this in a reasonable way to protect public services for future generations.”
The budget document says balancing the province’s purse strings within the next four years will not come at the expense of health care, education and other critical public services.
That’s despite a recent report that the Conservatives plan to cut 3,475 teaching jobs in Ontario.