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UPDATE 1-Canada's Ontario forecasts smaller deficit, helped by Hydro IPO

Published 2015-11-26, 02:30 p/m
UPDATE 1-Canada's Ontario forecasts smaller deficit, helped by Hydro IPO
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(Adds details on forecasts)
OTTAWA, Nov 26 (Reuters) - The Ontario government said on
Thursday it expects a smaller budget deficit in the current
fiscal year than previously anticipated, helped by the initial
public offering of utility Hydro One Ltd H.TO .
Canada's most populous province expects to run a deficit of
C$7.52 billion ($5.66 billion) in the 2015-16 fiscal year, its
Liberal government said in a budget update, down from the C$8.5
billion deficit it had estimated in its April budget.
Ontario, which accounts for about 40 percent of Canada's
economy, is now forecasting a deficit of C$4.5 billion for
2016-2017, slightly smaller than what was forecast in April, and
promises to have a balanced budget in 2017-18.
Non-tax revenue for the current fiscal year, including the
net revenue from the initial public offering of Ontario power
distributor Hydro One, is projected to be about C$1.1 billion
higher than forecast in the 2015 Budget.
Ontario's net debt is expected to be C$298.3 billion at the
end of the current fiscal year, compared to April's forecast of
C$298.9 billion.
($1 = 1.3284 Canadian dollars)

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