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But Finance Minister Peter Bethlenfalvy’s fall economic statement tabled Wednesday at Queen’s Park said the Tories are still running a $6.6-billion deficit.

While that’s lower than the聽surprise $9.8-billion shortfall for 2024-25聽Bethlenfalvy forecast in his March 26 budget, it’s far from the $200-million surplus he had projected last year.

With Ford expected to call a spring election 鈥� one year ahead of a scheduled June 2026 vote 鈥� Bethlenfalvy hinted to reporters that the books could be balanced as early as his March budget even though he is currently projecting a $1.5-billion deficit for 2025-26.

“I’m an optimist, I’m always hoping I can beat the numbers,” he said.

In a partisan speech in the legislature, where he twice attacked “the previous Liberal government” in power from 2003 until 2018, Bethlenfalvy painted a rosy picture of Ontario’s finances.

“Today we are in a position to do more,” the treasurer said, insisting “this government will balance the budget” in 2026-27.

Bethlenfalvy defended the Tories’ decision to mail out cheques, first revealed by the Star on Oct. 16, instead of further reducing the deficit to a more manageable $3.6 billion for 2024-25. (He said the government has not calculated the administrative cost of printing and mailing millions of them.)

“With our new stronger fiscal position, we can now afford to provide real relief to families to help them in this time of challenge. We know that people aren’t looking for some money back in time for next year’s taxes,” said the finance minister.

“They need real support, and they need it now. We are providing $200 per child under the age of 18 鈥� meaning a family of five will receive $1,000,” he said.

“I’m under no illusions that this will relieve all of the affordability pressures facing Ontario families, but it will help. It’s real support and, most importantly, it allows the people of Ontario to choose how this money can best help them.”

Questioning the wisdom of the one-time payments, NDP Leader Marit Stiles said “people in Ontario are tired of gimmicks.”

“Where are they not spending those dollars right now? Where people really need them,” said Stiles,聽referring to a severe shortage of housing and family doctors and growing homeless encampments.

“People deserve a government that puts their tax dollars to work and spends (them) responsibly to make life easier. With Doug Ford, you’re not getting what you paid for,” she said.

Liberal Leader Bonnie Crombie said Bethlenfalvy’s mini-budget fails to “address the issues that really matter to Ontario families.”

“Instead of making real investments to keep emergency rooms open, helping the over 2.5 million people without a family doctor, addressing the urgent need for long-term financial relief, or making housing more affordable, Doug Ford introduced yet another failed fall economic statement that puts Doug Ford’s rich friends first, and you and your family last,” said Crombie.

“People are dying on wait-lists and Doug Ford is spending billions on booze, foreign spas and the Greenbelt scandal,” she said, referring to the expansion of beer and wine sales, the Ontario Place redevelopment and the RCMP investigation into the $8.28-billion Greenbelt land swap debacle.

Green Leader Mike Schreiner said there are better ways to spend $3 billion of public money for the greater good of all Ontarians.

“Two hundred dollars isn’t going to buy them a home or pay the rent or boost somebody from a tent (encampment) to permanent supportive housing,” said Schreiner, who plans to donate his $200 cheque to charity.

On the growing problem of homelessness, the organization representing 29 of Ontario’s largest cities expressed disappointment that there was nothing new to address encampments, addictions and mental health issues.

“Municipalities have done everything we can, but we don’t have the resources or expertise to take this on alone,鈥� Ontario Big City Mayors said in a statement.

Bethlenfalvy bristled at that, noting the province has already raised annual funding for the Homelessness Prevention Program by $200 million.

He said that was a 40 per cent hike “in one year upfront (that) continues for the next five years, which is about a $1 billion increase to to help municipalities as we work together on the challenges of homelessness.”

The fall economic statement came against the backdrop of Ontario’s debt skyrocketing to a projected $439 billion this year since Ford took office in 2018.

That’s up $116 billion 鈥� or 36 per cent 鈥� from $323 billion left by the previous Liberal government six years ago.

However, interest on the provincial debt is expected to dip by $1.2 billion to $12.7 billion 鈥斅爉ore than the budget of every department except the Ministry of Health, the Ministry of Education and the Ministry of Children, Community and Social Services.

The annual cost of servicing the debt, which is the largest of any subnational jurisdiction in the world, is anticipated to increase to $14.5 billion in two years.

“Ontario now has the lowest borrowing costs of any province in Canada, saving taxpayers $1.2 billion that we are now able to reinvest back into people,” boasted Bethlenfalvy.

“In fact, our interest on debt relative to revenues is currently at its lowest level since the 1980s and our debt to GDP ratio, which is a measure of our fiscal health, remains at the best level it’s been in a decade. This is very good news for Ontario taxpayers. It means that when the province needs to borrow, we can do it at a lower cost.”

The costs of abiding by a court ruling that struck down the Bill 124 salary restraint legislation for public servants, which limited pay hikes to one per cent, has resulted in retroactive raises for workers totalling $6.7 billion.