Financial Accountability Office Report

The following are the highlights copied from the Financial Accountability Office's "Expenditure Monitor 2024-25:Q4" report dated July 30, 2025.

Highlights

This report provides information on unaudited spending by the Government of Ontario (the Province) through the end of the 2024-25 fiscal year (March 31, 2025).

In the 2024 Ontario Budget, the Province started the 2024-25 fiscal year with a spending plan of $217.0 billion.[1]

The Province may change its spending plan throughout the year, either by requesting additional spending authority from the Legislature or by reallocating spending among different programs through Treasury Board Orders.

By the end of the fiscal year, March 31, 2025, the Province's revised spending plan was up $10.7 billion to $227.7 billion.

By sector, there were spending plan increases in health ($6.2 billion), 'other programs' ($2.1 billion), justice ($1.3 billion), children, community and social services ($1.0 billion), postsecondary education ($0.5 billion) and education ($0.5 billion). These spending plan increases were partially offset by a net $1.0 billion drawdown from the Contingency Fund.

Based on available information, the FAO estimates that unaudited spending by the Province in 2024-25 was $226.7 billion. Compared to the revised spending plan of $227.7 billion, unaudited spending was $1.0 billion (-0.5 per cent) less than planned.

By sector, lower-than-planned spending was led by interest on debt (-$1.2 billion, -7.5 per cent), followed by 'other programs' (-$0.6 billion, -1.6 per cent), children, community and social services ($0.2 billion, -1.1 per cent), justice (-$0.1 billion, -0.9 per cent) and education (-$0.1 billion, -0.1 per cent). Postsecondary education ($1.2 billion, 9.2 per cent) and health ($0.5 billion, 0.6 per cent) had higher-than-planned spending.

For information on spending by all of the Province's programs and ministries, visit the FAO's website at: https://fao-on.org/en/EM-2024-25-Q4-Spending.

This report also compares 2024-25 unaudited spending against 2023-24 audited spending to provide context for provincial spending trends and to identify significant year-over-year spending changes.

The FAO estimates that spending in the 2024-25 fiscal year was $17.0 billion (8.1 per cent) higher than in 2023-24.

The largest year-over-year spending increase was in health ($6.2 billion, 7.3 per cent), followed by 'other programs' ($6.1 billion, 19.0 per cent), children, community and social services ($1.2 billion, 6.3 per cent), justice ($1.1 billion, 17.5 per cent), education ($1.0 billion, 2.5 per cent), interest on debt ($0.8 billion, 5.3 per cent) and postsecondary education ($0.7 billion, 5.0 per cent).

The FAO's estimate that unaudited spending by the Province in 2024-25 was $226.7 billion is $0.9 billion less than the Province's interim spending projection in the 2025 Ontario Budget of $227.6 billion. The main differences between the FAO's and the Province's estimates are in health ($1.2 billion above the Province's projection), 'other programs' (-$1.5 billion below the Province's projection), postsecondary education (-$0.4 billion) and education (-$0.3 billion).

Final audited 2024-25 spending will be available in the 2024-25 Public Accounts of Ontario, which will be released in September 2025.

The Contingency Fund is used to address spending pressures or fund program changes during the fiscal year. The funds within the Contingency Fund cannot be spent directly by the Province but must be transferred to government programs through Treasury Board Orders.

The Province started the 2024-25 fiscal year with a total of $1.5 billion in the Contingency Fund.

In the first and second quarters, the Province transferred $0.1 billion and $0.7 billion, respectively, from the Contingency Fund to various programs.

In the third quarter, the Province topped up the Contingency Fund by $0.9 billion, transferred $0.6 billion from the Contingency Fund to various programs, and transferred $1.8 billion from various programs to the Contingency Fund.

In the fourth quarter, the Province transferred $4.5 billion from the Contingency Fund to various programs and transferred $2.2 billion from various programs to the Contingency Fund.