This year the government plans to run a $9.8 billion deficit followed by a $4.6 billion deficit next year.
ontario budget
For the 2024/25 fiscal year, the budget projects a $6.1 billion increase in program spending.
Municipal government spending in the province has grown 2.5 times faster than general inflation and two times faster than population.
The government will increase program spending by $4.2 billion in 2024/25 and $3.5 billion in 2025/26.
By the end of this fiscal year, deficits under the Ford government will total a projected $41.7 billion over six years.
The province plans to spend $14.1 billion on debt interest in 2023/24.
The budget projects a deficit of $1.3 billion this year.
At 53.53 per cent, the province has the third-highest top personal income tax rate in Canada and the United States.
Under the Ford government, inflation-adjusted per-person spending has increased by 2.4 per cent annually.
The province holds $380.4 billion in debt—or nearly $26,000 per Ontarian.