The government is projecting that it will restore balance to the Province’s finances for the first time since the 2008–09 global recession. In addition, Ontario’s economy has fully recovered from the global recession and has outpaced the economic growth not just of Canada, but of all G7 countries over the last three years. In the 2010 Budget, the government committed to eliminating the deficit and returning to a balanced budget by 2017–18, a commitment that has been reiterated year after year.
Through targeted, measured and fiscally responsible decisions, Ontario has restored its fiscal and economic strength. Ontario has not only eliminated its deficit of more than $19 billion at the height of the recession; it has done so without cutting vital programs and services. The benefits of balanced budgets and a strengthening economy are already providing the government with the fiscal flexibility to do more to help Ontarians.
A balanced budget means that the government will no longer need to borrow to pay for its ongoing operating costs. The result: more money to invest in health care, education and other public services that matter most to Ontario families. A strong economy, together with a balanced budget, is positioning Ontario for long-term fiscal sustainability.