On April 27th, 2017 Finance Minister Charles Sousa delivered the Wynne Government’s budget for the fiscal year 2017/2018. The $141 billion spending plan is the first balanced budget since 2008 and is expected to remain balanced for the next two years. The budget plan will add $10 billon to the province’s net debt bringing the total debt to $312 billion, which is higher than $302 billion projected in the 2016 Fall Economic Statement. By 2019-2020 the Province’s debt is projected to increase to $336 billion.
The budget projects $141.7 billion in revenue, with $100.1 billion from tax revenue, $25.7 billion from Federal transfers, $4.9 billion from government enterprises (OLG, LCBO) and $11.0 billion from other non-tax revenue. Corporate and personal income tax revenue is up from projections in the last budget. The $141 billion spending plan includes $53.8 for the health care sector, $26.5 billion for the education sector, $16.9 billion on Children & Social Services and $11.6 billion on debt service.