Thread by @CBCQueensPark

BREAKING: Ontario's deficit for 2020-21 was less than half the $38.5 billion the Ford government was projecting as recently as March. Newly released Public Accounts (financial statements) show actual deficit was $16.4 billion. #onpoli #covid19ontario
news.ontario.ca/en/backgrounde…

Why was the government's math so far off? In part, tax revenues were much higher than projected. But also expenses were $5.6B below forecast "because the third wave of COVID-19 in Ontario peaked later than anticipated," says govt news release. #onpoli
news.ontario.ca/en/backgrounde…

New figures show the Ontario government spent $19.1 B specifically on COVID response in 2020-21.
Officials say federal govt provided $7.7 B of this.
(Note: the $10.2 B in "other programs" includes $3B to small businesses, $4.7B to municipalities.) #onpoli #COVID19Ontario

The Ford government's tax revenue forecasts for 2020-21 were dramatically off reality:

Revenue forecast in March:
Income tax $35.9B
Corporate tax $11.4B

Actual revenue reported in Ontario Public Accounts today:
Income tax $40.3B
Corporate tax $17.8B
#onpoli

Here's the Ford government's main explanation of why it actually spent $5.6 billion LESS on programs that it forecast in the 2020-21 budget:
"The third wave did not peak and recede in Ontario until late spring/early summer 2021, therefore spending was less than anticipated."

Finance Minister @PBethlenfalvy denies that these figures show the Ford government held back money that should have been spent on COVID19. "There were ample resources available," he told a news conference. #onpoli #COVID19Ontario