Ontario deficit drops to $9.2 billion in 2012-13, spending down 0.1 per cent
Ontario's deficit has dropped to $9.2 billion and the Liberals say it's due to government spending cuts.
The government spent less in the 2012-13 fiscal year than it did the previous year for the first time in a decade of Liberal rule.
Finance Minister Charles Sousa says total government spending of $122.6 billion was $3.8 billion less than planned, and 0.1 per cent lower than in 2011-12.
Ontario's deficit for the year came in at $9.2 billion, down more than half a billion since the spring budget.
Sousa says Ontario is the only government in Canada to beat its deficit forecast for the past four years.
He says the government will continue to cut spending, but not in health care or education, and will invest in initiatives that ``create jobs and grow the economy.''
The province remains on track to eliminate its deficit by 2017-18.