FAO report shows government underspending in all sectors

Ontario’s most recent financial report reveals that all sectors spent less than previously planned by the government, with a rise in expenditures linked to Bill 124 compensations instead of allocation of investments.

The FAO’s projection for total consolidated spending of $203.9 billion for 2023-24 is $3.4 billion less than what was tabled in the province’s projection of $207.3 billion in the 2024 Ontario budget. Also, a $1.9 billion end-of-year balance remained unspent in the Contingency Fund.

The report also compares spending in the 2023-24 fiscal year with spending in 2022-23. This year’s was $7.8 billion (4.1 per cent) higher than in 2022-23, with the largest year-over-year spending increase being in health, followed by education.