Media Release: FAO releases Expenditure Monitor 2023-24: Q1

[La version française suit le texte anglais.]


TORONTO, October 4, 2023  Today, the Financial Accountability Office of Ontario (FAO) released its Expenditure Monitor 2023-24: Q1 report. This report identifies changes to the Province’s 2023-24 spending plan and reviews actual unaudited spending by the Province through the first quarter of the 2023-24 fiscal year (April 1, 2023 to June 30, 2023).

The Province made a number of changes to its 2023-24 spending plan in the first quarter of the fiscal year. By sector, the largest spending plan increase was in ‘other programs’, at $604 million, followed by justice ($190 million), children, community and social services ($33 million), education ($2 million) and postsecondary education ($1 million). This was more than offset by a $14 million reduction in the health sector and an $849 million drawdown from the Contingency Fund. Overall, as of the end of the first quarter, June 30, 2023, the Province’s spending plan was down $32 million to $197.3 billion.

During the first quarter of 2023-24, actual unaudited spending was $40.2 billion. Based on information provided to the FAO, this was $2.6 billion (6.1 per cent) less than the Province had planned to spend. By sector, lower-than-planned spending was led by health (-$1,194 million, partially due to a delay in posting June 2023 payments for drug programs), ‘other programs’ (-$1,008 million), interest on debt (‑$244 million), postsecondary education (-$160 million) and children, community and social services (‑$108 million). Two sectors spent more than planned: justice ($95 million) and education ($25 million).

Actual unaudited spending of $40.2 billion in the first quarter of 2023-24 was $296 million (0.7 per cent) more than was spent in the first quarter of the previous fiscal year (2022-23). The largest year-over-year spending increase was in ‘other programs’ ($720 million), followed by education ($428 million), children, community and social services ($274 million), justice ($80 million) and postsecondary education ($3 million). Two sectors had first quarter year-over-year spending decreases: health (-$1,056 million) and interest on debt (-$153 million).

To learn more, read the full report here.

Quick Facts:

  • The program with the largest spending plan increase was $358 million for investments in the electric vehicle battery manufacturing sector.
  • The remaining balance in the Contingency Fund, as of June 30, 2023, was $3.2 billion.
  • Key programs with less-than-planned actual unaudited spending in the first quarter of 2023-24 include drug programs (-$875 million), electricity subsidy programs (‑$658 million), the operation of long-term care homes (-$326 million), and health capital funding for hospitals and other health care facilities (-$203 million).
  • Programs with the largest first quarter year-over-year spending increases include Metrolinx infrastructure projects ($673 million), school board operating grants ($239 million), child care ($138 million) and Metrolinx operating subsidies ($131 million).

About the FAO

Under the Financial Accountability Officer Act, 2013, the Officer provides independent analysis on the state of the Province's finances, trends in the provincial economy, and related matters important to the Legislative Assembly of Ontario. Visit our website and follow us on Twitter and LinkedIn.


For further information, please contact:
Jessica Martin l 647.527.2385 l l