Northern Light
Superstar
Ontario 1st Quarter finances are out:
Headline number is that this year's deficit is on pace to be 38.5B
That's up from a projected 20B in March.
A few notes from me, ahead of the link.
1) This number, for now, is definitely inflated. There are several billion dollars set aside in unspent funds, on top of assorted contingencies and reserves.
I expect some of this may actually get spent; decisions pending. They have enormous wiggle room.
But as it stands I read the deficit somewhere closer to 28B and maybe even a tad lower, as they appear to have booked some deferred revenues as expenses.
2) Very interesting to see that notwithstanding the higher borrowing, debt-servicing costs (interest) is set to drop by 710M this year. That indicates large-scale refinancing of pre-existing debt at lower rates, quite possibly (not yet confirmed) through the BoC.
Here's your link: https://www.fin.gov.on.ca/en/budget/finances/2020/ofin20_1.html
Headline number is that this year's deficit is on pace to be 38.5B
That's up from a projected 20B in March.
A few notes from me, ahead of the link.
1) This number, for now, is definitely inflated. There are several billion dollars set aside in unspent funds, on top of assorted contingencies and reserves.
I expect some of this may actually get spent; decisions pending. They have enormous wiggle room.
But as it stands I read the deficit somewhere closer to 28B and maybe even a tad lower, as they appear to have booked some deferred revenues as expenses.
2) Very interesting to see that notwithstanding the higher borrowing, debt-servicing costs (interest) is set to drop by 710M this year. That indicates large-scale refinancing of pre-existing debt at lower rates, quite possibly (not yet confirmed) through the BoC.
Here's your link: https://www.fin.gov.on.ca/en/budget/finances/2020/ofin20_1.html