The Ford government recently released its public accounts for the 2023/24 fiscal year, which present the official revenue and spending numbers for Ontario that year. Once again, the data show that the self-styled “fiscally prudent” Ford government is anything but a responsible steward of provincial finances. Instead, the government squandered an opportunity to balance the budget in 2023/24 due to its inability to limit spending growth, and continued to accumulate debt.

For context, the Ford government’s 2023 budget planned for a $1.3 billion deficit in 2023/24 because, despite expecting to take in $204.4 billion in revenues, the government planned to spend $205.7 billion. Of this spending, $190.6 billion was earmarked for programs and services, $14.1 billion would go towards provincial debt interest, and the remaining $1.0 billion would be held in reserve.

The public accounts show the Ford government officially posted a $647.0 million deficit for 2023/24—down $666.0 million from the initial projections in last year’s budget. While a smaller than expected deficit is good news, this cannot be attributed to any responsible fiscal management by the Ford government. Indeed, the reduced deficit is entirely due to higher ($1.5 billion) than expected revenues combined with lower ($2.7 billion) than expected debt interest costs.

Had the Ford government stuck to its original plan to spend $190.6 billion on programs and services, these combined effects would have actually allowed the government to balance the budget and run a $3.9 billion surplus in 2023/24. Instead, the Ford government chose to increase program spending by $4.6 billion compared to its budget plan and squander this opportunity.

It’s no surprise the Ford government has once again demonstrated an inability be disciplined with its spending habits. Examining spending data from 1965 (the earliest year of comparable data) to 2022 reveals that Premier Doug Ford has overseen the second- and third-highest years of per-person (inflation-adjusted) program spending in Ontario. This is the case regardless of whether you include or exclude COVID-related spending. In other words, the Ford government is among the highest spenders in Ontario history.

The result?

The provincial debt burden continues to rise. In 2023/24 Ontario’s net debt (total debt minus financial assets) officially reached $408.0 billion—$8.2 billion higher than the year before. This debt accumulation will ultimately result in higher taxes on families.

In addition to squandering an opportunity to balance the budget in 2023/24, the Ford government has pushed off plans to balance the budget over the next two years. In its 2023 budget, the Ford government initially planned to balance the budget and run surpluses in both 2024/25 and 2025/26. However, the subsequent 2024 budget revealed that a balanced budget would instead be pushed off until 2026/27. In other words, the Ford government once again demonstrated an unwillingness to spend within its means and kicked the can down the road.

Alternatively, these surpluses might have been used to help finally deliver on the Ford government’s long-ago promise to reduce personal income taxes for Ontarians. First uttered by then-candidate Ford on the campaign trail in 2018, Ontarians have waited six years for the Ford government to follow through on that promise—ultimately to no avail. Instead, they still face some of the highest income tax rates in North America.

At every turn the Ford government has demonstrated that it’s an irresponsible steward of Ontario’s finances. The official 2023/24 spending numbers are simply the latest example.