The McGuinty government is investing an additional $1.1 billion in municipal infrastructure to improve roads and bridges, expand public transit and build other municipal projects.
The investment is expected to create as many as 11,000 construction jobs in the short-term and make Ontario’s economy more competitive in the long-term.
The increase in infrastructure funding comes as a result of the government passing the Investing in Ontario Act, 2008. Because of that act, the government’s surplus above $600 million for the 2007-2008 fiscal year was able to flow to municipalities to fund infrastructure projects.
Today’s announcement was triggered by the release of the 2007-08 Public Accounts, which show a $600 million surplus for the past fiscal year.
Investing in infrastructure is part of the McGuinty government’s five-point economic plan to build a stronger economy.
“By investing in infrastructure in every Ontario community, we’re creating jobs for families and making our communities stronger,” said Premier Dalton McGuinty.
“The Investing in Ontario Act is a balanced approach that will stimulate our economy by investing in municipal infrastructure while being prudent by paying down a portion of the accumulated deficit,” said Dwight Duncan, Ontario Minister of Finance.
“Through this investment, the McGuinty government is taking another step forward in our relationship with our municipal partners. Municipal leaders now have the ability to choose their next infrastructure project, and to move that project forward,” said Minister of Municipal Affairs and Housing Jim Watson.
This year, the Investing in Ontario Act, 2008 and regulation direct a portion of provincial surpluses to municipalities for infrastructure needs.
Every municipality in Ontario will benefit. $1.1 billion in capital grants will be paid to municipalities and $600 million will go towards reducing the province’s accumulated deficit.
In 2007, the Ontario Chamber of Commerce did a survey of Ontario economic leaders and found “91 per cent of those surveyed indicated that infrastructure was the most critical issue to be addressed today.”
The 2007-08 Public Accounts (http://www.fin.gov.on.ca/english/budget/paccts/) were released today, and present the audited financial statements of the province, provide financial highlights of the past fiscal year, and report on performance against the goals set out in the 2007 Budget.
With today’s announcement, in 2007-08 the McGuinty government invested a total of $9.9 billion in infrastructure to improve the province’s highways, public transit, municipal roads and bridges, hospitals, places to learn and other public assets. Of that, $3.5 billion has gone towards municipalities for infrastructure.
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