Ontario’s deficit has shrunk even more, now down to $13 billion. The first projections of $16.3 billion were proved to be too pessimistic about the province’s financial status. In March, the projection dropped to $15.3 billion, and then to $14.8 billion in April.
This revised deficit takes into account the $190 million the Liberals paid to a gas-fired power plant. It was done to save four seats in the GTA during the election last fall. The treasurer said the deficit is still not slated to be eliminated until 2017 to 2018. Still, the province is two years ahead of schedule.
Revenues for last year were $109.8 billion. It was $500 million above what was expected since Chrysler Canada repaid its 2009 auto bailout loan.