Ontario trims 2013-14 deficit using $1-billion reserve

Ontario's deficit for fiscal 2013-14 came in at $10.5 billion, $800 million lower than forecast in last spring's provincial budget.

Finance Minister Charles Sousa used a $1-billion reserve to offset a decline in revenues, and he still projects a $12.5-billion budget shortfall for 2014-15.

Sousa says the public accounts the actual year-end numbers show the Liberal government beat its deficit target for the fifth year in a row.

He says the province is on track to balance its books by 2017-18 as promised, and has budgeted savings of $1.25 billion over the next three years to help achieve its goal.

Ontario's debt grew to $295.7 billion in 2014 from $281 billion in 2013.

The province's net debt-to-GDP ratio fell slightly to 38.6 per cent last year, and Sousa says the goal is to get that back to its pre-recession level of 27 per cent.

Sousa says Ontario will keep spending on infrastructure, public transit and corporate grants while cutting the deficit