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TORONTO \u2014 Ontario\u2019s provincial budget will be tabled on March 26, Finance Minister Peter Bethlenfalvy announced Tuesday, signalling a focus on mitigating economic risks by spending on innovation, competitiveness and infrastructure.<\/p>\n
The budget, which will be introduced during the first week the legislature is back in session after an extended winter break, will take a prudent approach that allows the province to weather economic shocks, Bethlenfalvy said during a speech to the Empire Club of Canada.<\/p>\n
\u201cAs a government, we cannot eliminate uncertainty, but we can mitigate risks with a responsible, balanced fiscal approach that supports public services and infrastructure while maintaining flexibility,\u201d he said.<\/p>\n
He pointed to six key themes of the budget: productivity and innovation, a competitive business environment, infrastructure and housing, trade, talent and workforce, and reliable, affordable, clean energy.<\/p>\n
His comments suggest a business-focused budget, and he highlighted a need to turn ideas into investments and jobs.<\/p>\n
\u201cOntario\u2019s long-term prosperity depends on increasing our output per worker and per dollar of capital,\u201d Bethlenfalvy said. \u201cThat means accelerating technology adoption, attracting private investment and commercializing Ontario-made research.\u201d<\/p>\n
On talent and workforce, Bethlenfalvy touted a recently announced $6.4 billion over four years for colleges and universities. That announcement, however, also came with a reduction in the amount of grants students can receive. There will now be a much greater emphasis on loans.<\/p>\n
Students say that will saddle them with unmanageable levels of debt after they graduate, but the government has said it was a necessary change in the name of sustainability, as Ontario Student Assistance Program expenses have been growing rapidly.<\/p>\n
Bethlenfalvy mentioned sustainability a couple of times in his speech, stressing that the government will continue delivering programs \u201cefficiently and sustainably.\u201d<\/p>\n
Premier Doug Ford has said a few times in recent days that Bethlenfalvy is constantly worried about health spending.<\/p>\n
\u201cOur whole team has to listen to the finance minister every single day tell us, \u2018Do you know how much we\u2019re spending in health care?’\u201d Ford recounted Monday.<\/p>\n
But Ford said Tuesday that does not mean there will be health cuts.<\/p>\n
Health care represents the largest spending area in Ontario\u2019s budget, and last year\u2019s fiscal plan set aside $91.1 billion.<\/p>\n
Hospitals alone need an additional $2.7 billion to meet their full operating needs, their association says, but urgently require $1 billion to address a structural deficit.\u00a0<\/p>\n
The Ministry of Health asked hospitals last year to come up with a three-year plan to balance their budgets, with an assumption of getting two per cent annual funding increases. That is half of the increase they received the previous year.<\/p>\n
Hospitals were told to immediately implement any low-risk cost-saving moves they come up with and their association says that has already been happening.<\/p>\n
As of the province\u2019s third-quarter finances update, delivered last month, Ontario\u2019s deficit for the current year was projected to be $13.4 billion.<\/p>\n
\u00a92025 The Canadian Press<\/strong><\/p>\n<\/p><\/div>\n