October 2020
Fall Budget Date will be November 5th

2020-10-26 1:21:05 PM

CATEGORIES: Finance

On Monday, October 26th, the Government announced that the Ontario Budget will be released on Thursday, November 5th 2020. This budget will have a three year outlook and include possible scenarios for what the Province might face going forward.

The focus of the budget will be on supporting families, workers and employers.

During the press conference announcing the Budget Date, the Premier emphasized that he did not believe in raising taxes to deal with problems being faced.

The fact that there is a Budget in the Fall is odd, in line with an odd year. Typically at this time the Government would release a Fall Economic Statement which would provide a financial snapshot of where the Province stood several months after releasing a Budget in the Spring. 

Given the pandemic, the Government instead provided an Economic and Fiscal Update in March.  A traditional multi-year budget wil be released back in the normal cycle by March 2021. 

Rod Phillips, Minister of Finance, emphasized that the budget would be informed by consultation including 8,000 submissions from various groups, not-for-profits, municipalities, and organizations. These groups had a two-week period in which to submit their thoughts on the Budget.

AMCTO was one of those organizations and the submission we made was prinicples-based:

  • Promote municipal fiscal sustainability – Maintain or increase funding envelopes and cost-sharing programs including Ontario Community Infrastructure Fund (OCIF), the Federal Gas Tax Allocation and Ontario Municipal Partnership Fund (OMPF) beyond 2022; extend provincial regulatory deadlines such as asset management planning to manage reduced municipal revenue and to align with future infrastructure investments.
  • Accelerate digitization of provincial tools and modernization of provincial processes – Modernize vital events and accelerate investment in broadband.
  • Promote the application of 'future-ready', agile lens for legislative and regulatory development and review – Ensure that legislation and regulations are flexible and responsive to the current environment, are understandable, less prescriptive and contradictory. Identified as an example was the Municipal Freedom of Information and Protection of Privacy Act (MFIPPA), 1990.
We will review and analyze the Budget on November 5th for implications and impacts to our members and the wider sector - stay tuned for further details.

Understanding Ontario's Budget Cycle


 


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