Ontario to report smaller budget deficit: report

Sun Mar 27, 2011 11:09pm EDT
 
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TORONTO (Reuters) - Canada's most populous province of Ontario will report a smaller-than-expected budget deficit in the 2010-11 fiscal year, the Windsor Star reported on Sunday, citing an unnamed senior source.

Ontario's government is due to unveil its budget on Tuesday and is under pressure to provide a convincing plan to get rid of its record-high deficit.

The newspaper, part of the PostMedia chain, said the province would report a shortfall of C$16.7 billion ($17.04 billion) in the year ending March 31, down from the C$18.7 billion it forecast in November. The government also sees slightly smaller deficits over the next three years but will uphold its plan of returning to surplus by 2017-18.

($1=$0.98 Canadian)

(Reporting by Louise Egan; Editing by Eric Walsh)