The Liberal Ontario government is projecting that th deficit for next year will be $7.5 billion, with the deficit eliminated by 2017-18.
Speaking at Queens Park on Thursday, Finance Minister Charles Sousa announced that the deficit currently sits at $10.3 billion and in the spring budget, the government predicted the 2015-16 deficit would be $8.5 billion.
In the fall economic update, the government says non-tax revenue is projected to be about $1.1 billion higher than in the budget, including the net revenue from the recent Hydro One initial public offering.
Debt interest is now forecast to be $140 million below the estimate in the budget because of low interest rates.
Sousa also says the government will be establishing a committee to look at improving the representation of women on boards and in senior executive positions, as well as a committee on the sharing economy, encompassing ride-hailing services such as Uber.
Ontario’s net debt is still projected to nearly hit $300 billion by March 31, 2016, though the current projection is now slightly lower than the estimate in the budget.