The Financial Accountability Office of Ontario has released a report with an update on the province’s 2023-24 spending plan. 

It also reviews actual unaudited spending by the government over the first two quarters of the 2023-24 fiscal year.

The Province may change its spending plan throughout the year, either by requesting additional spending authority from the Legislature or by reallocating spending among different programs. As of the end of the second quarter in September, the Province’s total spending plan was down $32 million to $197.3 billion. By sector, the largest spending plan increase during the second quarter was in health, at $180 million.

Over the first two quarters of 2023-24, the Province spent $83.6-million – $-2 billion less than intended.

Compared to the previous year, spending in the first half of the 2023-24 fiscal year was $3.1 billion (3.8 per cent) higher than during the same period in 2022-23. The largest year-over-year spending increase was in health ($1,625 million), followed by education ($611 million), children, community and social services ($495 million), other programs ($462 million), justice ($146 million) and postsecondary education ($39 million). Conversely, interest on debt spending was $302 million less than during the same period in 2022-23.