TORONTO, July 15, 2026 – Today, the Financial Accountability Office of Ontario (FAO) released its Expenditure Monitor 2025-26: Q4 report. This report provides information on unaudited spending by the Province through the end of the 2025-26 fiscal year (March 31, 2026).
As outlined in the 2025 Ontario Budget, the Province began the 2025-26 fiscal year with a spending plan of $232.5 billion. During the 2025-26 fiscal year, the Province increased its spending plan by $6.7 billion (2.9 per cent) through Supplementary Estimates, Treasury Board Orders and other adjustments. This resulted in a revised spending plan of $239.2 billion. By sector, there were spending plan increases in health ($4.9 billion, 5.4 per cent), postsecondary education ($1.4 billion, 10.9 per cent), children, community and social services ($1.1 billion, 5.2 per cent), justice ($0.6 billion, 8.4 per cent), and education ($0.3 billion, 0.6 per cent). These spending plan increases were partially offset by an ‘other programs’ spending plan decrease (-$0.5 billion, -1.3 per cent) and a net $1.0 billion drawdown from the Contingency Fund.
Although the Province’s revised spending plan was $239.2 billion, based on available information the FAO estimates that actual unaudited spending by the Province in 2025-26 was $236.5 billion. This was $2.7 billion (‑1.1 per cent) less than the revised spending plan. By sector, lower-than-planned spending was led by ‘other programs’ (-$0.6 billion, -1.4 per cent), followed by interest and other debt servicing charges (-$0.5 billion, -3.2 per cent), postsecondary education (-$0.4 billion, -2.7 per cent), education (‑$0.3 billion, -0.8 per cent), and justice (-$0.2 billion, -2.4 per cent). This was partially offset by higher-than-planned spending in health ($1.2 billion, 1.3 per cent) and children, community and social services ($3 million, 0.0 per cent). Additionally, the Contingency Fund had a remaining year-end balance of $2.0 billion, which contributes to lower-than-planned spending.
The report also compares 2025-26 unaudited spending against 2024-25 audited spending to provide context for provincial spending trends and to identify significant year-over-year spending changes. The FAO estimates that spending in the 2025-26 fiscal year was $9.2 billion (4.1 per cent) higher than in 2024-25. By sector, the largest year-over-year spending increase was in health ($5.6 billion, 6.1 per cent), followed by education ($2.6 billion, 6.5 per cent), children, community and social services ($0.7 billion, 3.3 per cent), and interest and other debt servicing charges ($0.6 billion, 3.7 per cent). These increases were partially offset by year-over-year spending decreases in postsecondary education (-$0.1 billion, -0.9 per cent), justice (-$0.1 billion, -1.2 per cent), and ‘other programs’ (-$21 million, -0.1 per cent).
For more information, including spending by all of the Province’s programs and ministries, read the full report here.
Quick Facts:
- Final audited 2025-26 spending will be available in the 2025-26 Public Accounts of Ontario, which will be released in September 2026.
About the FAO
Established by the Financial Accountability Officer Act, 2013, the Financial Accountability Office of Ontario (FAO) 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.
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For further information, please contact:
Victoria Coste l 647 519 5161 l VCoste@fao-on.org l fao-on.org