This video presents “Budget 101: What Is It?”

  • “Budget 101: What Is It? | Le Budget 101: En Quoi Consiste-t-il? |
  • Tell Us What Matters To You./ Dites-nous ce qui est important pour vous.”

 Ontario’s Financial Cycle

Ontario’s Financial Cycle

The Ontario government in Canada is reaching out to individuals and organizations across the province to hear as many ideas and priorities as possible in advance of the 2014 provincial Budget.

Ontario government’s financial cycle begins April 1 and ends March 31.

  1. The Budget marks the start of the cycle.

    • It is an annual financial plan that sets the government’s priorities and outlines expected revenues and expenses.
      • Revenues are mainly made up of taxes — including the sales tax you pay at a store, your income tax and business taxes.
      • Government revenues also include transfers from the federal government, and money from the fees you pay, for a licence to drive a car or to fish, for example.
    • Over this time period, the government budgets for, monitors and reports back anticipated revenues and spending.
    • The plan is based on both current economic conditions and long-range assessments.
  2. Expenditure Estimates
    • Estimates are detailed spending plans that outline what each ministry expects to spend on operating expenses (mostly ongoing cost of running programs and services) and capital expenses (spending on infrastructure such as buildings and roads).
    • Ministry Estimates must be tabled in the Legislature within 12 sessional days after the Budget is presented.
    • Once reviewed and approved by the Legislature, the Estimates provide legal authority to spend public money.
  3. Quarterly Updates
    • The Ministry of Finance releases in the Ontario Quarterly Finances updated information about Ontario’s fiscal outlook for the current fiscal year, including updated information about the major components of the revenues and expenses as set out in the fiscal plan.
    • As required by the Fiscal Transparency and Accountability Act,
      • the First Quarter Ontario Finances is released on or before August 15;
      • the Second Quarter of the fiscal year is included in the Fall Economic Outlook and Fiscal Review, which is released on or before November 15;
      • and the Third Quarter Ontario Finances is released on or before February 15.
    • There is no Ontario Quarterly Finances for the Fourth Quarter of the fiscal year, as the consolidated financial statements are presented in the Public Accounts.
  4. Public Accounts (Year-end financial statements)
    • This is a major accountability document looking back at the previous fiscal year to:
      • feature the financial highlights of that year,
      • provide audited financial statements for that year, which are audited by the Auditor General,
      • compare Ontario’s actual financial performance with the goals set out in the Budget, and
      • be released within 180 days after the fiscal year ends (March 31).
  5. Fall Economic Statement
    • This is released by November 15.
    • It reports on the government’s progress in achieving its Budget goals, makes any adjustments, if necessary, provides an update on the state of the economy, and often outlines new government priorities or initiatives.
  6. Pre-Budget Consultations 2014
    • The consultations include in-person sessions and telephone town halls with Charles Sousa, Minister of Finance, as well as online conversations.
      • Please call 1-866-989-9002 to inquire about consultations in your community.
    • In addition, the Standing Committee on Finance and Economic Affairs conducts public pre-Budget consultations across the province every year.
    • Also, you can participate in the pre-Budget consultations via the following ways:
      • Tweet your ideas to @OntMinFinance or join the conversation using #BudgetTalks;
      • Contact them to tell them what you think;
      • Email: submissions@ontario.ca;
      • Phone them at 1-866-989-9002;
      • Mail your ideas to the Minister of Finance:
        The Honourable Charles Sousa
        Minister of Finance
        c/o Budget Secretariat
        Frost Building North, 3rd Floor
        95 Grosvenor Street
        Toronto, ON M7A 1Z1
      • Fax your ideas to: 416-325-0969.

Please click here for more info about Ontario’s Financial Cycle.

This video presents “Budget 101: The Process.”

  • “Budget 101: The Process | Le Budget 101: Processus |
  • Tell Us What Matters To You / Dites-nous ce qui est important pour vous.”

For more information:

Ontario, Canada

NEWS RELEASE

Help Develop the 2014 Budget

Ontario Government Asks the Public for Input and to Take Part

Ministry of Finance

The Ontario government is asking individuals and organizations across the province for their input in advance of the 2014 Ontario Budget.

Today, Charles Sousa, Minister of Finance, was in Ottawa to kick off a province-wide tour of pre-budget discussions. They will include in-person sessions, telephone town halls and online. Throughout the tour, the government is collecting ideas from the public on growing the economy, creating jobs and protecting public services.

Encouraging people to have their say in the budget process is part of the government’s plan to invest in people, one of the three pillars of the government’s economic plan to build modern infrastructure and support a dynamic and innovative business climate.

Quick Facts

  • This year again, people can join the online discussion by sharing what matters to them on the Budget Talks website, or by following @OntMinFinance on Twitter.
  • Pre-budget consultations began in December 2013 and will run until mid-February 2014.
  • People can also send their ideas by mail, email or fax or join the Twitter conversation at #BudgetTalks.

Quotes

I’m looking forward to visiting communities throughout Ontario, including Ottawa, to hear directly on how best to move forward with our plan for jobs and growth and ensure that our 2014 Budget includes the values and priorities of people across the province.

Charles Sousa
Minister of Finance

Learn More

Français

 Cycle financier de l’Ontario

Cycle financier de l’Ontario

Ontario, Canada

Communiqué

Contribuez à l’élaboration du budget de 2014

Le gouvernement de l’Ontario demande les commentaires et la participation du public

ministère des Finances

Le gouvernement de l’Ontario demande aux personnes et aux organisations de partout dans la province de faire part de leurs commentaires en vue de la préparation du budget provincial de 2014.

Aujourd’hui, Charles Sousa, ministre des Finances, était à Ottawa pour lancer une tournée provinciale visant à mener des consultations prébudgétaires. Celles-ci incluront des séances en personne ou par téléphone, ainsi que des conversations en ligne. Cette tournée permettra au gouvernement d’obtenir des idées de la part du public sur les façons de stimuler l’économie, de créer des emplois et de protéger les services publics.

Inciter les gens à contribuer au processus d’élaboration du budget fait partie du plan du gouvernement visant à investir dans les gens, un des trois piliers du plan économique du gouvernement pour édifier une infrastructure moderne et appuyer un climat d’affaires dynamique et propice à l’innovation.

Faits en bref

  • Cette année encore, les gens peuvent participer à la discussion en ligne en faisant part de ce qui est important pour eux sur le site Web Entretiens relatifs au budget, ou en suivant @OntMinFinance sur Twitter.
  • Les consultations prébudgétaires ont commencé en décembre 2013 et se poursuivront jusqu’à la mi-février 2014.
  • Les gens peuvent aussi transmettre leurs idées par la poste, par courriel ou par télécopieur ou prendre part à la conversation sur Twitter à #BudgetTalks.

Citations

J’ai hâte de me rendre dans des collectivités de tout l’Ontario, dont Ottawa, pour que les gens me disent directement quelle est la meilleure façon de donner suite à notre plan pour l’emploi et la croissance et pour nous assurer que notre budget 2014 tient compte des valeurs et des priorités de la population de la province.»

Charles Sousa
ministre des Finances

Pour en savoir davantage

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