Perth Wellington's MPP is concerned with the report from Ontario's Financial Accountability Officer [FAO] confirming another deficit next year despite repeated promises to balance the books.
Randy Pettapiece says the FAO's analysis of the current economic outlook and the government's fiscal position predicts Ontario's budget will remain in deficit over the next five years.
He says the net debt will rise to $370-billion by 2021
“Deficits today mean higher taxes tomorrow,” Pettapiece says. “They also mean we won’t have the funds we need to reduce healthcare wait times, or build the infrastructure we need, among many other priorities.”
Pettapiece points to millions of wasted dollars, including $308-million on an abandoned plan to modernize the OLG, and $12-million on consultants and advertising for the Ontario Electricity Support program.
He says Ontario has not had a balanced budget since 2007.
