Ontario 10 Year Financial Record

It is interesting to look at the 10 Year track record of the Ontario Provincial finances. I have charted the revenue vs. the program expenses, and compared it to the GDP. All currency figures are in $billion. The Surplus includes debt management charges. Program expenses have been averaging 5.93% annual growth rate, and between 2004 and 2008 the revenue exceeded that. In 2008 the GDP dropped significantly along with revenues, this created a significant deficit which also became an operating deficit in 2009. There was a increase in program expense rate growth in 2009-10 probably due in large part to the government bailout of the auto sector, that rate slowed but is still above the average trend.