Ontario wrapped up the 2024-25 fiscal year with a significantly lower deficit than initially projected in the budget.
Treasury Board President Caroline Mulroney and Finance Minister Peter Bethlenfalvy released public accounts today that show the province ended the year with a deficit of $1.1 billion.
The 2024 budget had forecast a deficit of $9.8 billion.
The province says the improved position is due to stronger tax revenues from higher-than-forecast economic growth and increased revenue from the broader public sector.
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Ontario brought in $226.2 billion in revenue, about $17.2 billion higher than the previous year.
Despite the fiscal improvement, Mulroney also announced a hiring freeze at provincial agencies and boards.
“Our government’s historic investments are helping protect Ontario’s economy and workers even as we continue to maintain a strong financial position in the face of tariffs and economic uncertainty,” Mulroney said in a statement.
Mulroney said the hiring freeze is due to significant growth in the size of provincial agencies and is similar to the freeze at Ontario Public Service.
“This freeze will support the government’s ongoing efforts to be disciplined and responsible with taxpayer money while putting more resources into front-line service delivery and back into the pockets of taxpayers,” Mulroney said.
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