Ford government’s first fiscal update shows Ontario cut deficit to $14.5 billion
Ontario’s way out of a deep “fiscal hole” won’t be easy, the Progressive Conservative government warned Thursday as it announced plans to eliminate three independent legislative watchdogs, end subsidies to political parties and halt the development of a French-language university, among other measures.
The cuts laid out in the government’s Fall Economic Statement for 2018-2019 — its first major fiscal update since taking power in June — helped the Tories shave $500 million off the province’s $15-billion deficit.
The government did not, however, have a timeline for when it would get back to balance, though it maintained its promise to do so.
“The fiscal hole is deep,” said Finance Minister Vic Fedeli. “The road ahead is not an easy one and will require difficult decisions. Everyone across the province will be required to make sacrifices.”