PROVINCE PROJECTS NEXT YEAR`S DEFICIT $7.5B

Nov 26, 2015

By Bob Komsic

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The Wynne government says in its fall economic update that next year`s deficit will be $7.5-billion as it maintains it can still eliminate it by 2017-18.
Currently the deficit is at $10.3-billion and in the spring budget the Liberals predicted the 2015-16 deficit would be $8.5-billion.
The province`s net debt is still projected to hit nearly $300-billion by the end of next March, though the current projection`s slightly lower than the estimate in the budget.
Interest on debt is forecast to be $140-million below the estimate in the budget because of lower interest rates.
Charles Sousa
Finance Minister Charles Sousa also says non-tax revenue, including the net revenue from the Hydro One initial public offering, is projected to be about $1.1-billion higher than in the budget.
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